Princess Diana's 'Swan Lake' Necklace and Earrings Go Up for Auction
On June 3, 1997, Princess Diana attended a performance of “Swan Lake” at London’s Royal Albert Hall. It would be one of her final public appearances before her tragic death that August.
Twenty-six years later, photos of Diana at the event remain legendary, and her stunning ensemble — a beaded Jacques Azagury minidress, satin Jimmy Choo pumps and a custom-made South Sea pearl necklace by Garrard — is just as prolific. It’s speculated that Diana was photographed more often on that evening than at any other time in her life, with the exception of her 1981 wedding day.
Garrard, the original Crown Jeweller, created the necklace and a matching set of earrings for Diana based on her own design. The Princess of Wales was known to be a fan of South Sea pearls.
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After debuting the necklace at Royal Albert Hall, it was returned to Garrard while jewelers completed the earrings. By the time they were finished, Diana had passed away.
Nicknamed the “Swan Lake Suite,” the set features seven identical 12mm South Sea pearls. The necklace alone is crafted with 178 diamonds totaling 51 carats.
Now, the jewels are in need of a new owner. Guernsey’s will auction off the Swan Lake Suite on June 27 at the Pierre Hotel, located on New York City’s Upper East Side.
“Jewelry that [Diana] wore was all loaned to her by the Queen, or owned by the Crown,” Guernsey’s President Arlan Ettinger told WWD. “So she often was seen wearing jewelry, but it usually wasn’t hers.”
Diana designed the set in collaboration with David Thomas. The former president of Garrard oversaw the Crown Jewels until his retirement in 2007.
Based on information he received from Garrard, Ettinger believes that the Suite was intended to be a gift to Diana from her then-boyfriend, Harrods heir Dodi Fayed. The jewels weren’t yet paid for when they both died in a car accident.
Garrard, in need of a buyer, contacted a loyal client, a British lord who to this day remains unnamed. The nobleman was interested in purchasing the jewels for his wife. When she found out that they belonged to Diana, a childhood schoolmate of hers, she refused to accept the gift.
A year and a half after Diana’s death, Thomas reached out to Ettinger. “I was flabbergasted,” said Ettinger, who has also managed auctions for items like John F. Kennedy’s swim trunks and Jerry Garcia’s guitar. “Why did he call Guernsey’s and not Sotheby’s or Christie’s? I can’t answer that.”
At the auction, Texas furniture store magnate Jim McIngvale was the highest bidder. Ettinger and McIngvale first crossed paths weeks earlier in Chicago, when they both appeared on an episode of “The Oprah Winfrey Show.” Ettinger had gone on “Oprah” to promote the sale of the prized jewels.
McIngvale, who paid $1 million for the Swan Lake Suite, held on to it for almost a decade. His daughter was married wearing the jewelry. Amid the 2008 financial crisis, however, he decided to sell.
The businessman contacted Ettinger, who once again managed the sale. This time, there was no auction. A prominent Ukranian family, the Ginzburgs, purchased the Suite privately.
A member of the family, who wishes to remain anonymous, says they’ve collected “culturally significant” artworks for years.
“Princess Diana, who is — the word iconic fails to do her justice — there’s all of the pomp and circumstance with the title of royalty, but then there’s a person that inspired so many people around the world,” Ginzburg told WWD.
The Ginzburgs wish to honor Diana’s legacy by donating a portion of the proceeds from the upcoming auction to rebuilding efforts in their home country, which was invaded by Russia in 2022.
“Because this has always been about the individual, Princess Diana, it’s in service to the very ownership of these jewels that some part of the sale support the rebuilding on a human level,” Ginzburg said.
It’s Ginzburg’s opinion that Diana, who was a faithful patron of causes ranging from HIV and AIDS prevention to cancer research, would be interested in humanitarian efforts in Ukraine.
“I should never get to speak for Princess Diana, but think about in her life, the impact and the work she did with,” he said. “That signals to me that somebody who’s so fiercely humanist might look at what’s happening in Ukraine the same way.”
The timing of the June 27 auction is rife with coincidences. It occurs just after the 26th anniversary of when Diana wore the necklace at Royal Albert Hall. Meanwhile, England’s new King (and Diana’s ex-husband) was crowned on May 6. This summer, a production of “Swan Lake” will be staged by the American Ballet Theatre in New York, where the auction is taking place.
What’s more, the meaning of family and loyalty among British royals is being publicly questioned amid Prince Harry and Megan Markle’s exit.
“You have Diana’s children who are splitting in a way of carrying on the royal family, and now you have another part of the family that is once again causing the world to question ‘What is royalty? What does it mean to other cultures outside of the United Kingdom? Is it a good thing?’” Ginzburg asks. “It’s casting a light on the royal family in a way that it hasn’t been since Diana’s time.”
The opportunity to purchase royal jewels is rare. In January 2023, Kim Kardashian purchased a Garrard cross pendant worn by Diana, but it wasn’t something the Princess of Wales designed or intended to own.
“Diana was a girl when she was a princess,” Ettinger said. “She was wearing borrowed material, then she blossomed into a tower of strength and became very much her own, so designing a necklace was a statement for her.”
According to Ettinger’s estimate, the Swan Lake Suite is valued at $3 million to $5 million, but the set could fetch much more. “I’m not in the betting business,” he added.
