A DIAMOND and pearl necklace Princess Diana wore to her last official engagement before her tragic death is on sale for £10million – reportedly her only fine jewellery to be sold publicly.

The sparkling set, believed to be gifted by Dodi Al-Fayed, and was donned by the iconic princess at the gala evening for Swan Lake at the Royal Albert Hall in 1997.

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Now up for sale, the breath-taking pieces include 178 diamonds totalling 51 carats and five complimentary 12mm South Sea pearls.

A pair of matching earrings were in the process of being made before tragedy stuck in August 1997, in Paris when Diana and Dodi Al-Fayed were killed in a car crash.

The Swan Lake Suite lived with a wealthy Ukrainian family from 2008, but after the devastating war broke out in their country last year, business has suffered – leading them to auction the magnificent set.

This history will see a chunk of the proceeds earned in the sale, donated to rebuilding the war-torn country.

It is believed to be the only fine jewellery set owned by Princess Diana to be sold publicly, as most of the pieces she was spotted in were loaned to her by the Crown.

The Swan Lake Suite is set to be showcased in an impressive display in London before travelling to New York to be bid on next month.

Experts at Guernsey’s Auctioneers of New York have estimated the jewellery to be worth anywhere from £4million to £11million.

Arlan Ettinger, president of Guernsey’s Auctioneers, said: “While many accomplished figures fade from view, Princess Diana is as vibrant today as when she was indeed the most admired woman on the planet.

“The jewellery Princess Diana wore when she was part of the Royal family was loaned to her by the Crown.

“The Swan Lake Suite was especially made for her. She was part of the design process.

“It is thought to be her only jewellery to have ever been sold, making it extraordinarily important.”

The expert explained “extraordinary items” such as this have massively increased in value.

He added that after Diana wore the piece for the first time, at the UK’s ballet season opening, the jeweller wanted to take the necklace back and craft some matching earrings.

“She returned the necklace to Gerrard and over the next two months they made the earrings,” he said.

“But before they could give them to Diana was she tragically killed.”

When Diana’s family initially gave permission for the diamond and pearl necklace to be sold, they included a portion of the proceeds must go to UNICEF.

There is a letter of authenticity from Diana’s butler, Paul Burrell, dated April 1998, in which he explained how he approached Diana’s older sister, Lady Sarah McCorquodale, who agreed for Gerrard to sell the set.

This led to its first purchase, two years after Princess Diana’s death, to an American business man called Jim McIngvale.

It sold for just under a million dollars, far from the staggering estimate today.

The businessman handed the stunning jewellery over to the Ukrainian family in 2008 after the financial crash.

Who inherited Princess Diana’s jewellery?

After her death, in a special “letter of wishes”, Diana explained that she was leaving her jewellery to her sons’ future wives.

The letter read: “I would like you to allocate all my jewellery to the share to be held by my sons, so that their wives may, in due course, have it or use it.

“I leave the exact division of the jewellery to your discretion.”

The Princess of Wales has inherited six pieces from Princess Diana, said to be worth a total of £16.5million.

Kate’s engagement ring is arguably the most iconic in the royal family, having previously belonged to Princess Diana. 

Others include South Sea pearl earrings, Collingwood earrings, the Lover’s knot tiara, the Saudi sapphire suite and her three-strand pearl bracelet.

And the royal mum-of-three also paid tribute to Diana at King Charles’ coronation on Saturday.

She wore Diana’s pearl and diamond earrings as well as the George VI Festoon Necklace.

The necklace, made in 1950 at the request of King George VI, was given to his daughter the late Queen as a gift.

Princess Diana’s Asprey ring is thought to have been gifted to Prince Harry for his wife Meghan Markle.

She was spotted wearing it on their wedding day, when she re-emerged after changing into her evening outfit.

Diana’s iconic wedding day tiara, The Spencer Tiara, currently belongs to her brother Charles.

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