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The Story Of Princess Charlene’s One-Of-A-Kind Necklace

A famous rare diamond with a vivid pink hue and stunning clarity was featured in one of the late Queen's most expensive jewels.

Prince Albert and Princess Charlene had a glamorous evening out! The Prince and Princess of Monaco attended the Princess Grace Awards Annual Gala in New York City on Thursday evening, celebrating this year's class of Princess Grace Award winners in theatre, dance, and film. Albert, 64, looked dapper in a classic tux, while Charlene, 44, shone in a sleeveless floral gown and a one-of-a-kind necklace.

Charlene had the honour of wearing the pink Grace Diamond for the first time in public. Maison Mazerea, a new brand specialising in rare coloured diamonds and uniquely autonomous in its process from mining to design, owns the 1.79-carat radiant cut sparkler. The centre gem will be removed and reimagined into a subsequent collection of pieces under the Maison Mazerea name after being fastened into a necklace called "La Vie en Rose" by Parisian jeweller Lorenz Bäumer.

At the gala, which PEOPLE attended, Charlene and Albert took the time to speak with all of the award winners. Albert's father, the late Prince Ranier III, founded the Princess Grace Foundation 40 years ago to honour the legacy of his wife Princess Grace, an Oscar-winning American actress who enchanted the world with her beauty and talent. She died tragically in 1982 after suffering a stroke as a result of a car accident; she was 52 years old.

"After her tragic death, her family wanted to establish an organisation that reflected her love for her homeland and her profound dedication to the arts," the charity's mission states. "Princess Grace brought arts and culture to Monaco while also quietly supporting countless American performing and film artists during her reign."

Previous winners have included celebrities such as Leslie Odom Jr., his wife Nicolette Robinson, Oscar Isaac, and director John M. Chu. In an exclusive interview with PEOPLE on the 40th anniversary of Princess Grace's death in September, Prince Albert reflected on his mother's life and legacy. "It doesn't seem like 40 years," he said back then. "Many times throughout the day and week, not only do I find myself thinking of her, but many others do as well. They remember her, which is a great testament to who she was and what an exceptional human being she was."

After some thought, he concluded, "If I could speak to her, I would tell her how much I miss her grandchildren and how wonderful they are. They're wonderful kids." Prince Albert and Princess Charlene have twins Prince Jacques and Princess Gabriella, who will be eight years old next month.