Lady Gaga dazzled at this year’s Oscar Awards as she stepped onto the red carpet in a chic black dress, bombshell white blonde hair and an exquisite statement necklace.

Whilst Lady Gaga is well known for her glamorous style this item of jewellery was a particularly special fashion accessory. A 128.54 carat diamond necklace by Tiffany and Co named ‘The Tiffany Necklace’. The necklace dates back to 1887 and the central yellow diamond was purchased in 1878 by Charles Lewis Tiffany himself.

Alongside the stunning central stone Gaga’s necklace boasted another 16 cushion cut diamonds and a further 46 round brilliant cut diamonds. Whilst this was the first time this necklace was worn on the red carpet an earlier version using the same yellow diamond was last worn by Audrey Hepburn. Audrey modelled the necklace in 1962 in iconic promotional photos for ‘Breakfast at Tiffany’s.

Lady Gaga’s necklace has been remodelled to give it a more modern feel however its is still undoubtedly an unrivalled piece of Tiffany luxury and history. The same outstanding yellow diamond takes centre stage in both version of the necklace and Lady Gaga is only the third person to have worn the necklace. The first was Mrs. Sheldon Whitehouse at the Tiffany ball in 1957, and the second wearer was Audrey Hepburn.

Reed Krakoff Tiffany & Co’s artistic officer, said: “Lady Gaga is the ultimate creator, innovator and rule breaker, and I’m thrilled that she will be wearing the legendary Tiffany Diamond on the awards show red carpet for the first time since it was discovered 141 years ago.”

Lady Gaga’s stylists, Sandra Amador and Tom Eerebout, added: "The chance to work with such an amazing piece of design and history tonight is a creative dream come true. ‘There are so many beautiful jewels in the world, but the radiant Tiffany Diamond, which weighs over 128 carats, is truly exceptional, which is just so fitting for Lady Gaga."