The History Behind Princess Margaret’s Million-Dollar Diamond Necklace

The story of Princess Margaret’s diamond necklace, often referred to as the “Lady Mount Stephen Necklace,” weaves together centuries of royal heritage, timeless elegance, and personal significance. It is a tale that transcends mere adornment, capturing the essence of the monarchy’s grandeur and Princess Margaret’s own unique style.

This exquisite diamond rivière necklace originally belonged to Queen Mary, the grandmother of Princess Margaret. Queen Mary was legendary for her love of diamonds and her ability to amass one of the most iconic jewelry collections in royal history. Known for her extravagant taste, she often wore multiple diamond necklaces at once, layering them to create breathtaking displays of opulence. Among her treasured pieces was this necklace, made of 34 impeccably cut diamonds, radiating a brilliance befitting royalty.

Queen Mary notably wore the necklace during pivotal moments, including the coronation of her son, King George VI, in May 1937. On this historic occasion, she layered several diamond rivières, showcasing a dazzling tableau of royal splendor. When Queen Mary passed away in 1953, her beloved granddaughter, Princess Margaret, inherited the necklace, breathing new life into the heirloom.

Unlike her grandmother’s bold and extravagant style, Princess Margaret brought a modern and understated touch to the necklace. Known for her chic fashion sense and youthful elegance, Margaret wore the piece in a way that perfectly complemented her sophisticated yet approachable demeanor. The necklace, resting delicately above her collarbones, became a hallmark of her public appearances during the 1950s, a period when she emerged as a global style icon.

One of the necklace’s most memorable appearances came during the coronation of her sister, Queen Elizabeth II, in 1953. Margaret paired the necklace with the Cartier Halo Tiara, creating a look that exuded regal grace. Photographs from that event capture Margaret’s radiant smile as the diamonds gleamed against her elegant gown, solidifying her reputation as a royal trendsetter.

The necklace also played a significant role in Margaret’s personal milestones. On her wedding day in 1960, she chose to wear it as part of her bridal ensemble, pairing it with the grand Poltimore Tiara. This combination of jewels added a personal and regal touch to her wedding look, symbolizing both her royal heritage and her individuality.

Throughout the decades, the diamond necklace remained a staple in Margaret’s collection, gracing her neck at state dinners, royal galas, and historic occasions such as the Queen’s Silver Jubilee Gala in 1977. Each appearance added layers to the necklace’s already rich history, transforming it from a mere accessory into a witness to decades of royal life.

After Princess Margaret’s death in 2002, her jewelry collection was sold at auction, and the diamond rivière became the most valuable item sold, fetching a remarkable $1.8 million. Though it is no longer part of the royal family’s collection, the necklace’s legacy endures.

Today, the story of Princess Margaret’s diamond necklace remains a shining example of how jewelry can encapsulate the grandeur of royalty and the individuality of the wearer. It serves as a reminder of Princess Margaret’s ability to blend tradition with modernity, creating a style uniquely her own. More than just a piece of jewelry, it is a symbol of a life lived with grace, elegance, and an unwavering commitment to personal expression.