Now, this closest connection to Jackson himself is being preserved by John Reznikoff one of America's most highly respected collectors, and being used by LifeGem the world's first purveyor of diamond memorials to create high quality diamonds.

Cohen, executive producer for the Pepsi commercial, was among the first to reach Jackson when he was set on fire.

As seen on the now famous video, Cohen threw his jacket over Jackson's head to help extinguish the flames. As Jackson was being rushed off the set and to the hospital, Cohen instinctively, picked up the charred lock of hair and put it in his pocket- where it remained undisturbed for 25 years until Jackson's death last month.

"The provenance and authenticity of this lock of hair is impeccable, including the highly publicized video showing the original owner of the hair using his Armani jacket to extinguish Jackson's hair, said John Reznikoff. "This jacket was included with the purchase of the hair."

A portion will remain in Reznikoff's collection. Another portion is being used by Chicago-based LifeGem to create a small number of certified, high quality laboratory diamonds.

Back in 2007 LifeGem & Reznikoff collaborated to successfully create diamonds from Beethoven's hair.

"LifeGem specializes in creating diamonds from locks of hair, our plan is to give people an opportunity to own a diamond made from Michael Jackson's DNA," said Dean VandenBiesen founder of LifeGem. "We are currently evaluating the hair sample to determine how many diamonds can be created. This will be a limited collection and we anticipate great interest."

Reznikoff has assembled the most extensive collection of hair from history's most famous figures, including Lincoln, Kennedy, Einstein and Marilyn Monroe.