Oscars 2019: Lady Gaga's US$30 million accessory

Lady Gaga arrives at the Oscars wearing the Tiffany diamond, an incredible US$30 million yellow diamond from Tiffany and Co. Photo / AP

Lady Gaga hit the red carpet for tonight's Academy Awards wearing Alexander McQueen, but the real showstopper in her outfit was her 128.54-carat Tiffany & Co diamond, aptly named "the Tiffany diamond."

The stunning yellow diamond may have looked familiar, and for good reason: it was last worn by Audrey Hepburn in 1962 for publicity posters for Breakfast At Tiffany's.

The Tiffany diamond on Audrey Hepburn in publicity posters for Breakfast at Tiffanys. Photo / Instagram

In fact, tonight marks only the third time in history that the US$30 million Tiffany diamond was worn. Before Hepburn wore the breathtaking jewel, the diamond was first worn by Sheldon Whitehouse at the 1957 Tiffany Ball held in Newport, Rhode Island.

Lady Gaga's Tiffany deal is the biggest red carpet jewellery deal ever signed, according to the New York Times.

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Like never before. @ladygaga takes the 2019 #Oscars red carpet wearing the priceless Tiffany Diamond—one of the largest and finest Fancy Yellow diamonds in the world. Released from the vault specifically for Lady Gaga, this marks the first time in history that the legendary Tiffany Diamond has graced an awards show red carpet. The star is nominated for two Academy Awards: Best Actress in a Leading Role and Best Original Song—both for the motion picture “A Star is Born.” #LadyGaga #AStarIsBorn #ATiffanyDiamondADay #TheTiffanyDiamond

A post shared by Tiffany & Co. (@tiffanyandco) on Feb 24, 2019 at 6:57pm PST

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In the spotlight. The world-renowned Tiffany Diamond weighs 128.54 carats and has only been worn twice before—including by Audrey Hepburn. Worn by @ladygaga to tonight’s #Oscars, it is suspended from a platinum necklace of alternating cushion-cut and round brilliant diamonds. Appearing as if it is lit by an inner flame, the legendary cushion-cut yellow diamond has a unique 82 facets—24 more facets than the traditional 58-facet brilliant cut. The Tiffany Diamond is, quite literally, priceless. #LadyGaga #Oscars #ATiffanyDiamondADay #TheTiffanyDiamond

A post shared by Tiffany & Co. (@tiffanyandco) on Feb 24, 2019 at 7:10pm PST