The Elizabeth Taylor Diamond (also known as the Burton-Taylor Diamond).
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Burton and Taylor were married first from 1964 to 1974 and then again from 1975 to 1976.
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Speaking at the unveiling, Sheen recalled the awe he felt when Burton and Taylor visited the village where he grew up.
And sure enough, as with Burton and Taylor, the union fell apart again, this time in 18 months, after they disagreed on how to grow the company.
The press likened their reunion to the ill-fated remarriage of Richard Burton and Elizabeth Taylor.
Mounted on a ring, it was a gift from Richard Burton to Elizabeth Taylor.
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On the outskirts of the city, the villa was a popular getaway in the 1960s--attracting guests like Richard Burton and Elizabeth Taylor--and was restored in 2002.
Artefacts displayed at the screening included letters written by Richard Burton and Elizabeth Taylor, photographs, original scripts signed by Victor Spinetti and other members of the cast.
"The same beach that I built my boyhood sand castles and learned to flailingly swim, it was that same beach, that one legendary day, Richard Burton and Elizabeth Taylor descended from the heavens, like gods from Olympus, in a helicopter ... and landed on those sands, " Sheen said.
The wife chose the emerald, and the diamond went on to be acquired by Elizabeth Taylor and subsequently known as Taylor-Burton Diamond.
She also somehow got her husbands to buy her some of the rarest and most expensive jewelry in the world, including the 33 karat Krupp Diamond, the 69 karat Taylor-Burton Diamond, and the La Peregrina Pearl, once owned by Queen Mary I.
Elizabeth Taylor divorced Richard Burton in 1974 after ten years of marriage, only to remarry him a year later.
Burton married screen icon Elizabeth Taylor and their turbulent relationship is laid bare in the diaries to be published next month.
While America remains captivated by the sleaze and glamour of Hollywood, honouring an age-old tradition since the days of Elizabeth Taylor and Richard Burton, there will always remain an industry of people who can provide the goods.
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Richard Burton gave it to Ms. Taylor in 1972 for her 40th birthday.
FORBES: The World's Largest Diamond And Other Record-Breaking Jewelry Moments
In 1925, Welsh stage and screen actor Richard Burton, twice married to and divorced from Elizabeth Taylor, born.
Dominic West will play Burton, while Helena Bonham-Carter is to portray Taylor, who died in 2011.
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La Peregrina remained in American hands until 1969, when Richard Burton bought it at auction in New York for Elizabeth Taylor.
Taylor was angling for yet another reconciliation with Burton when he ran off with his make-up artist, Sally, and married her instead.
Taylor's romance with her Cleopatra co-star Richard Burton generated huge interest in the media, not only because their romance had transitioned from on-screen to off, but because they were both married to other people at the time.
Burton, the Oxford-educated son of a miner, was a distinguished Shakespearean actor when he met Taylor, who was already a Hollywood star.
BBC: Richard Burton: St David's Day Hollywood Walk of Fame star
What I saw was Ms. Taylor completely relaxed in this family gathering, joking, showing off an enormous new sapphire Mr. Burton had given her, leaning over so he could tease her about flashing her bum, laughing, happy.
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