What happened to the last necklace Diana ever wore for a public engagement?

Shimmering with 178 diamonds, strung with 12 lustrous South Sea pearls and mounted on sparkling platinum, the necklace is a dazzling beauty.

And its wearer, Diana, Princess of Wales, certainly stunned the world when she debuted the beautiful piece during a production of Swan Lake on June 3, 1997.

As she floated through the foyer of the Royal Albert Hall in a turquoise sequined dress by Jacques Azagury, the princess stunned onlookers with her confidence and grace – and no one could take their eyes off the enchanting jewels around her neck.

It turned out to be Diana’s last official engagement before her death, turning the necklace — part of a matching set known as the “Swan Lake Suite” created by British jeweler Garrard — into an iconic piece of jewelry with a seven-figure price tag. . .

It is considered the fifth most expensive piece of jewelery ever worn by a royal family and – after her wedding day – one of Diana’s most photographed appearances.

Diana wore the pearl necklace to a Swan Lake production at the Royal Albert Hall

What happened to it after that night, however, has been the subject of much rumor and speculation – which has resurfaced when the necklace, now owned by the Ginzburgs, a prominent Ukrainian family, is up for auction in New York, where it is expected to be released next month. will raise between £4 million and £12 million in a sale.

So what is the true story of the necklace that thrilled the world?

In an exclusive interview with the Daily Mail, Evelyne Poumellec, head of jewelery design at Garrard between 1996 and 1998, says the piece was the product of private conversations between the princess and David Thomas, crown jeweler at the time, several months earlier.

“In early March 1997, I was given clear instructions: it was urgent, I had to drop everything else I was doing, and it had to be kept confidential,” she says.

“I got seven pearls [the finished necklace holds 12] to make a necklace and earrings for a princess. Of course we didn’t name names, but I knew very well who this could be for.’

Evelyne, who now lives as an artist in France, recalls working ‘feverishly’ to get the necklace finished in time for the event – a moment so important, she believes, as the newly divorced princess was eager to show her independence through jewelery to wear which she chose; not borrowed from the Crown.

The necklace is now owned by a Ukrainian family who sell it in New York

The stunning jewelry set, made for Princess Diana and reportedly a gift from Dodi Al-Fayed, is expected to fetch between £4 million and £12 million

The pearl necklace is made of 178 diamonds and five matching South Sea pearls

She says, “I distinctly remember sitting at my desk with the same pearls as the one on the last necklace in front of me. I didn’t speak to Diana, but I knew who I was designing for. I researched photos of her neck and shoulders to help me finalize the design.

‘I’m very used to working fast; often I make sketches before I find the main theme, but in this case it went quickly.’

The necklace was purposely created to represent the princess’s modern take on fashion.

“It has single-row movement in the back, which gives the wearer flexibility,” says Evelyne. ‘It reflects modernity against a backdrop of formal jewellery; it’s classic yet fashionable.’

She couldn’t resist adding a personal touch and even designed the necklace with a hidden detail.

The necklace is based on an inverted tiara and [the style mimics] if you write by hand, many letters Es are put together. E is the first letter of my name, designed by me and fit for a princess.’

The entire workshop at Garrard, she adds, was “overjoyed” to work on a piece for Diana.

Once the design was approved, a huge team worked at a rapid pace to complete it in time for Swan Lake’s opening night, the day it was presented to Diana to wear.

Evelyne says she was “extremely proud” to see her design worn by such an icon.

But it was short-lived. Contrary to some reports, Diana never actually owned the necklace — nor did she intend to buy or keep it after the event.

Diana’s mid-length tank dresses became a staple of her wardrobe. She sparkled in a blue midi dress by Jacques Azagury for a Swan Lake performance in 1997

It has been reported that Dodi Fayed, who was dating the princess at the time of her death, may have been interested in purchasing the entire suite as a romantic gesture, but this has not been confirmed.

The Ukrainian couple who own the chain of diamonds and pearls are now looking to cash in on their status and have set an asking price of £9.6 million

After the ballet, Diana, as usual, returned the necklace to David Thomas at Garrard, who paired it with a set of matching earrings, unfinished at the time of the ballet, to complete the set.

It has been reported that Dodi Fayed, who was dating the princess at the time of her death, may have been interested in purchasing the entire suite as a romantic gesture, but this has not been confirmed.

Royal insiders suggest it’s unlikely because Dodi only started dating Diana just weeks after the Swan Lake gig.

The performance was even sponsored by Mohamed Al-Fayed, who dined with Diana in a box in the Albert Hall afterwards.

At this dinner she accepted his invitation to spend the summer aboard his yacht in St Tropez, where she was to meet Dodi.

Instead, as Evelyne recalls, much to the disappointment of the artisans and women of Garrard, before her death in August 1997, she never had the opportunity to wear the necklace or matching earrings again.

According to Thomas, the Swan Lake suite was “held at Garrard” until 1998, when the jeweler — as a courtesy — requested permission from Diana’s sister, Lady Sarah McCorquodale, to include the necklace in a tribute to Shropshire fashion exhibitions.

Diana’s was regularly spotted in pearls, including when she wore this black halterneck dress by Catherine Walker in 1994

The necklace was designed especially for Diana in the months leading up to the 1997 ballet

In a letter from the time, she adds that she would be “very happy” if Garrard privately auctioned or sold the necklace.

They did so shortly afterwards. It was sold for an undisclosed sum to a wealthy British man, who kept the necklace for a year before selling it.

It is said that upon learning of its provenance, his wife refused to touch the necklace as a mark of respect for Diana and her tragic death.

He sold it – through auctioneer Guernsey’s – to American businessman Jim McIngvale for just under £800,000.

McIngvale, a retail magnate from Houston, Texas, bought the jewels for his daughter to wear on her wedding day.

Ten years later, in 2010, at the height of the financial crisis, he too decided to sell them – and the matching set was bought for £458,569 by the Ginzburg family, real estate magnates in Ukraine.

Thirteen years later, the Swan Lake suite changes hands again. With little chance of the princess’s other jewels being publicly sold, Guernsey’s, which is again overseeing the upcoming sale, says it’s a unique opportunity to own a piece of royal history — if you’ve got several million about.

This time, however, the cause is probably something close to Diana’s heart: a portion of the proceeds will go towards rebuilding war-torn Ukraine.