The 74-year-old ordered the specially made 1,193-pound rings and they were given to female politicians as part of his annual Christmas gift, reports the Telegraph.
The rings were designed by jewellers Recarlo, who are based at Valenza near Alessandria in northern Italy, an area known for its upmarket gem dealerships.
In all, 24 women MPs from the lower house and 13 senators from the upper house were given the Italian "tricolour" rings which were made of three bands of white, yellow and pink gold studded with tiny diamonds.
On its website Recarlo says of itself: "Pure passion - Recarlo has always chosen the best quality diamonds.''
The firm's chairman Carlo Re, who has run the family business for 40 years, was unavailable for comment on Friday but a member of staff said: "This was a special gift chosen by the prime minister of Italy. We are not making any comment on it as it was a private purchase."
