Michael Jackson's hair is being turned into diamonds. A company called LifeGem is using the hair to make a limited number of the gems. The hair was collected by Jacko's former pal Ralph Cohen after the accident in 1984 on the set of a Pepsi commercial, when the star's hair was set on fire after a stunt went horribly wrong. The advert's executive producer Cohen threw his Armani jacket over Jackson's head to help smother the flames. But after aiding his pal, Cohen later gathered up some of Jackson's charred tresses. Cohen then auctioned off the hair recently and the winning bid was made by coll