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Oct 25, 2023

Why Princess Diana’s pearl and diamond necklace is about to make history

Discover the significance of the royal’s Swan Lake Suite jewels, which are

Discover the significance of the royal's Swan Lake Suite jewels, which are going under the hammer this June

Like much of her life, Princess Diana and her penchant for pearls was well documented. One of her finest jewellery moments happened on June 3, 1997: the princess attended a ballet performance of Swan Lake at the Royal Albert Hall in London wearing a pearl and diamond necklace that, together with her crystal-beaded blue minidress, made her a sparkling sensation.

The event marked one of Diana's final public appearances before her accident less than three months later. In light of the tragedy, the "Swan Lake" necklace only glittered with even more intrigue.

The piece was created by Garrard, the official British Crown Jeweller at the time that was responsible for a treasure trove of the royal family's jewels, including Diana and Prince Charles's wedding rings. Unlike those jewels, however, the Swan Lake necklace was designed by Diana herself, in collaboration with Garrard president David Thomas. The custom necklace featured 178 diamonds—51 carats of them in total—and five perfect South Sea pearls. The princess also requested for a matching pair of earrings, which was only completed after her death. Together, the jewellery pieces were christened as the Swan Lake Suite.

Read more: A closer look at Princess Diana's favourite jewellery

The jewels now sit high on the wish lists of collectors with a royal obsession. After all, the Swan Lake Suite was part of Princess Diana's personal collection. It wasn't just another heirloom created for one of Britain's monarchs and loaned to Diana by her former mother-in-law, Queen Elizabeth II.

Like Diana's famous revenge dress, the Swan Lake Suite was also a symbol of her empowerment following her very messy separation from Prince Charles. In the public eye, the once demure Diana transformed into a bold, confident woman who was taking charge of her life, unfazed by her ex's affair. In fact, the Swan Lake Suite also marked a new romantic chapter for her: they were supposed to be a gift from Harrods's billionaire heir, Dodi Fayed, who was Diana's boyfriend at the time.

Unfortunately, Diana never got to wear the entire Swan Lake Suite, and Dodi never got to pay for it before they both met their untimely deaths in a car crash.

In a first for royal jewels, Garrard was made to sell the set in 1997. It passed through many hands: first to an anonymous British lord, whose wife rejected the jewels as a gift after discovering that they had belonged to her deceased childhood schoolmate; and then back to Garrard, who sold it to the New York-based auction house Guernsey's. In 1999, the Swan Lake Suite went under the hammer and was snapped up for US$1 million by the Texan magnate Jim McIngvale, who displayed the jewellery at his furniture store for a decade—except for when his daughter Laura wore the prized pieces on her wedding day.

Following the global financial crisis, McIngvale sold the jewels in 2010—through Guernsey's—to Mark Ginzburg, a Ukrainian real estate developer. This year, Ginzburg has tapped on Guernsey's to sell the Swan Lake Suite once again, and for a good cause.

In honour of Princess Diana's philanthropic legacy, Ginzburg is auctioning off the Swan Lake Suite to fund rebuilding efforts in his war-torn home country, which was invaded by Russia in 2022. It's a cause he believes that Diana, a champion of humanitarian causes, would have supported herself.

The sale, held by Guernsey's, will take place on June 27 at the American Ballet Theatre in New York (which, significantly, is staging a production of Swan Lake this year). The timing of the auction is special too: it will be just a little over 26 years since Diana first wore her Swan Lake necklace in public. At the upcoming auction, where the Swan Lake Suite is expected to fetch beyond US$3 million, Diana's dazzling jewels will once again leave its mark on history.

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