Lady Gaga might just have one of the most memorable red carpet award seasons style to date. Just when we thought the massive pastel blue Valentino gown (with matching hair) at the Golden Globes was enough, she out shined her competition at the Academy Awards with the one and only Tiffany Diamond Necklace.

Weighting in at a stunning, 128.54 carats, the Tiffany & Co. necklace has only been worn by two other people in its lifetime. The last was Audrey Hepburn in 1962 in promotional photographs for Breakfast at Tiffany’s. This marks the first time that the priceless jewel has been worn to a red carpet event.

In Oscar terminology, the necklace has its own mythology pretty similar to a real life “Heart of the Ocean.” The canary yellow diamond was discovered in South Africa in 1877, and later acquired by Robert Lewis Tiffany to add to his growing fault. After returning to New York, the diamond was then polished into its 82-facet cushion cut shape. The stone regularly goes on display at jewelry fairs and museum exhibitions around the world.

The Tiffany Diamond perfectly complemented Lady Gaga black Alexander McQueen number. She also accessorized the look with a pair of black elbow lengths gloves as another nod to Holly Golightly’s style.

The singer turned actress has always know how to rule the red carpet, but she’s proven that her avant garde theatrics, meat dress, and Kermit the frog themed ensembles of her ‘Fame Monster’ days are now far in the past. The Tiffany Diamond necklace matches Lady Gaga’s new found affection for timeless glamour, but still giving us the jaw dropping surprises we know and love.