Divers searching for treasure off the coast of Florida have found an antique gold ring worth $500,000 from a 17th century sunken spanish ship.

The ring is believed to be from the Nuestra Senora de Atocha that sank off the Florida Keys during a 1622 hurricane.  The treasure piece has a rectangular cut emerald estimated at 10 karats.

Divers from Mel Fisher's Treasures were seeking the sterncastle of the Atocha when they found the ring Thursday 35 miles from Key West.

A spokesperson said the ring's estimated value is based on the stone's 2.7- by 2.5-centimeter size and the value of other emeralds from Atocha.

Also found were two silver spoons and other artifacts. A 40-inch gold rosary was found in March and a gold bar in April.

Based on reporting by the Associated Press.

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