Princess Diana’s jewellery to be auctioned off to raise funds for Ukraine war relief
Princess Diana’s privately-owned jewellery will be put on sale for the first time by a Ukrainian family who are raising war relief funds.
A diamond and pearl necklace and earring set, reportedly given to the late Princess by Dodi Al-Fayed, has emerged for sale for more than £10 million.
The necklace was famously worn by Diana at the gala evening for Swan Lake at the Royal Albert Hall in June 1997, which became her last official engagement before her death.
The jewellery set, known as the Swan Lake Suite, has belonged to a prominent Ukrainian family since 2008.
However, the ability of the owners to maintain their business in war-torn Ukraine has led them to put the famous pieces up for auction, and they have pledged to donate a portion of the proceeds to the rebuilding of the country.
It is believed to be the first time Diana’s privately-owned jewellery will be sold publicly because most of the items she wore were loaned to her by the Crown when she was a member of the Royal family.
The necklace was made from 178 diamonds totalling 51 carats and paired with five matching 12mm South Sea pearls.
After the Swan Lake gala, it was returned to Crown jewellers Gerrard so that they could make a matching pair of earrings for her, but they only finished making them after her death.
The suite will be auctioned off next month in New York after first being displayed in London.
Experts at Guernsey’s Auctioneers of New York have given the jewels a pre-sale estimate of anywhere between £4 to £11 million.
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.
“There are many people who have described it as priceless but we have given it a very broad estimate.”
Nothing happened to the jewellery for months before Diana’s family gave permission for the necklace and earrings to be sold, with some of the proceeds going to Unicef.
There is a letter of authenticity from Diana’s butler, Paul Burrell dated April 1998. In it, he explained how he approached Diana's older sister, Lady Sarah McCorquodale, who consented for Gerrard to sell the set.
It was purchased in 1999 by American businessman, Jim McIngvale, for just under a million dollars.
But he ended up selling it during the financial downturn of 2008 and that was when it was acquired by the current owners, who are big fans of the British royal family.
Mt Ettinger said: “The war in Ukraine has been a motivating factor in them deciding to sell the Swan Lake Suite now.
“They have had them for 14 years but given what is going on over, their thoughts are now very much on rebuilding their country.”
The Swan Lake Suite will be sold on June 27.
