Gwyneth Paltrow Just Premiered a New Tiffany & Co One-of-A-Kind Diamond Necklace on the Oscars Red Carpet

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Can one necklace tell a story of discovery, ingenuity, evolution, friendship, loyalty, and the power of nature? Yes. Tonight at the 98th Academy Awards presenter Gwyneth Paltrow premiered a one-of-a-kind piece from one of the most highly anticipated jewelry collections of the year.

Her Tiffany & Co Butterfly fancy vivid yellow diamond necklace of three oval fancy vivid yellow diamonds, 830 round brilliant diamonds, and eight pear-shaped diamonds is one of the singular designs that will be unveiled later this spring as part of creative director Nathalie Verdeille’s Blue Book Collection: Hidden Garden.

Seeing High Jewelry on the red carpet has increased in the past two seasons but premiering a piece on the red carpet remains a rare event. Paltrow’s jewelry has become as much of a focus as her fashion: her earrings at the Actor Awards, that famous diamond choker when she won her own Oscar, the ruby tassel lariat, that big diamond cuff. Tonight was another jewelry statement. (Paltrow’s longtime stylist is Elizabeth Saltzman.)

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Gwyneth Paltrow in Armani Privé and Tiffany & Co. diamonds at the 98th Oscars.

The Tiffany Blue Book, introduced in 1845, is an annual event showcasing the craftsmanship and artistry and rare stones the house has access to. The pieces included in Blue Book are all one of a kind, handcrafted in the Tiffany & Co workshops. Verdeille has turned to Jean Schlumberger, the visionary designer behind Bird on a Rock, as inspiration for her collections. She channels his spirit and palette into modern designs while staying true to the audaciousness of point of view.

Courtesy of Tiffany & Co.

A closer look at Paltrow’s Tiffany & Co. necklace from the 2026 Blue Book collection. The platinum and gold piece includes three oval fancy vivid yellow diamonds, totaling over five carats.

This piece has several Schlumberger signatures, the ribbon-like motif, the two stone palette, the Butterly in its name. The craftsmanship is serious stuff but you always sense joy in Schlumberger. There is a sense of wonder about the world. The theme of the collection itself (“Hidden Garden”) connects it to a bigger piece of history: life-changing friendship Schlumberger shared with Bunny Mellon, and the influence nature, particularly moments spent in her garden at Oak Spring Virginia had on his eye and imagination.

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With Brad Pitt at the 68th Academy Awards in 1996.

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Wearing Ralph Lauren and Harry Winston at the 71st Academy Awards in 1999, the year that Paltrow won Best Actress for her role in Shakespeare in Love.

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In Alexander McQueen, and a famous cord necklace, at the 74th Academy Awards.

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At the 83rd Oscars in 2011, wearing Calvin Klein.

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At the 84th Academy Awards wearing Tom Ford.

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At the 87th Academy Awards wearing Ralph & Russo.

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But a yellow diamond in any Tiffany piece brings us back to the beginning. Charles Lewis Tiffany, the company founder, was a pioneer in many things. He is sometimes described as one of the first “just do it” kind of guys. In 1878 he bought one of the world’s largest fancy yellow diamonds (at 287 carats and at the price of $18,000). It was a bold move. The cutting of this exceptional stone was overseen by the legendary stone seer George Frederick Kunz. (If that sounds familiar, it’s because its where the pinkish specimen known as kunzite got its name). That stone has only been worn four women in its history. Lady Gaga wore it to the Oscars in 2019 and Audrey Hepburn wore it to promote Breakfast at Tiffany’s in 1961. It can now often be seen at the Tiffany Landmark on 57th and Fifth

Editor-in-Chief Stellene Volandes is a jewelry expert, and the author of Jeweler: Masters and Mavericks of Modern Design (Rizzoli).