James Packer looking happy and in love with Kylie Lim in Italy

Casino billionaire James Packer is not averse to splashing the cash for love and while his wealth has risen and more recently waned so, too, has his taste on quality sparklers.

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Casino billionaire James Packer is not averse to splashing the cash for love and while his wealth has risen and more recently waned so, too, has his taste on quality sparklers.

The gaming magnate — worth an estimated $4.9 billion and ranking 13th in the Financial Review Rich List after selling a 20 per cent interest in Crown Resorts — doled out $87,000 for a fine Bvlgari diamond, pearl and amethyst encrusted ring, bracelet and necklace set in a move that cements his love for girlfriend Kylie Lim and sent the marriage rumour mill into overdrive.

Ms Limn and Mr Packer head to the jetty to be ferried to their superyacht on Wednesday in Capri. Picture: Backgrid

Sources close to the Australian businessman reveal Packer, 51, is smitten with the Canadian-born socialite, whom he credits for helping him draw a line under an exceedingly acrimonious split from singer Mariah Carey in 2016 when he was in a “bad, bad way”.

But, for now, the fine Italian luxury 18 kt rose gold set is simply a show of a very wealthy man’s intentions.

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“Alas, they’re not engaged, well, at least not for now,” a spokesman for the twice-married former media tycoon told The Daily Telegraph after the pair were spotted stealing gentle kisses while holidaying under the Italian sun — Ms Lim gamely flourishing her new bling.

Ms Lim was sporting a blonder look than when the pair met in Aspen as well as some serious bling. Picture: Backgrid

The amorous couple were yesterday seen holding hands and affectionately embracing as they were ferried across the turquoise waters of the Bay of Naples to their hired 52.4 metre superyacht Mischief.

While officials for Packer have played down the burgeoning romance, friends espouse a very different story.

“Kylie has had it for a few months, it is not an engagement ring as such, but there has been talk of one … there’s definitely nothing immediate planned,” a source close to the couple said.

“He bought the watch first but fell in instantly in love with the ring when he saw it and bought it at the same time.”

Despite the stunning jewel-encrusted ring on Ms Lim’s ring finger, a spokesman denied the couple were engaged. Picture: Backgrid

Kate Fischer’s engagement ring was valued at about $250,000.

When Packer proposed to Jodhi Meares in 1999 it was with a $300,000 ring.

Erica Baxter, was presented with an engagement ring reportedly purchased for around $250,000.

Mariah Carey’s 35-carat diamond ring was worth an estimated worth of $7.5 million.

Indeed the ring is a far cry from the 35-carat diamond sparkler the entrepreneur bought for pop diva Mariah Carey when he was worth an estimated $5 billion and ranked seven, in the BRW Rich List 2016.

Designed by Mariah’s close friend Wilfredo Rosado and worth upwards of $7.5 million, the former couple’s short-lived engagement of nine months may have put Packer off from whirlwind romances and offering dramatic gestures of bling.

Mr Packer and Ms Lim get up close and personal in Capri, Italy. Picture: Backgrid

As one of Australia’s richest men, Packer has successfully been married twice, to swimwear model Jodhi Meares and singer Erica Baxter, while his two-year engagement to actor Kate Fischer ended without a trip down the aisle.

His taste for more permanent dazzlers was more modest to say the least, when he was carving his reputation as a serious entrepreneur.

When Packer proposed to Jodhi Meares in 1999 it was with a $300,000 ring. The Packer family fortune was worth $6.5 billion.

The couple have been sailing around Italy’s stunning Bay of Naples on the superyacht Mischief. Picture: Backgrid

His love for her still lasts and in 2017 he secretly sent her $500,000 Cartier diamond earrings for Christmas and made his fleet of super yachts and private jets available to her.

His second marriage to Erica Baxter in 2007, when he was worth $7.2 billion and ranked number one in Australia’s rich list, lasted longer than the two years he spent wed to Jodhi and was sealed with an engagement ring reportedly purchased for around $250,000 from LK Jewellery at Crown Casino. Erica fell in love with the sparkler that featured a couple of pear side stones. It was significantly larger than the one he gave Jodhi.

The couple divorced in 2013 after six years of marriage.

Australian television actor Kate Fischer and James were together for five years, and ended their two-year engagement in 1998.

US singer Mariah Carey and James Packer. Picture: AFP

Getting down on one knee, the casino mogul proposed with a simple square-cut diamond in a platinum setting created by Nic Cerrone.

It is believed the ring, which she sold after their split, was valued at about $250,000. Packer proposed in 1996 when the family fortune was worth $3.3 billion.

Kate was rumoured to have been left with a $10 million settlement when the couple eventually parted ways.

The women who have dated James Packer

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