The late Princess of Wales continues to mesmerize the world, and in June of 2025, her influence reaches new heights as Julien's Auctions presents "Princess Diana's Style & A Royal Collection," the largest auction of Diana's wardrobe ever assembled, featuring over 300 pieces. As collectors and admirers bid on iconic pieces from her Princess Diana fashion legacy, there's perhaps no better time to examine the story behind her most famous accessory—her engagement ring, which broke royal protocol and redefined what it means to be an arbiter of taste.
Did Princess Diana pick out her engagement ring?
This decision sent shockwaves through Buckingham Palace and royal circles. Some members of the royal family felt that royal jewels should be unique and not accessible to "commoners," leading to criticism that Diana's choice broke centuries of tradition. After the engagement was announced, some called the ring the "Commoner's Sapphire," a reference to the bride's non-royal origins.
Yet this seemingly rebellious choice reflected Diana's character perfectly. As fashion historian Stellene Volandes notes, the ring became "perfectly in keeping with Diana's insistence of creating her own narrative within the royal story, and her legendary rebellious streak." The People's Princess had chosen a ring that, like herself, would be accessible to the public's imagination while maintaining extraordinary beauty and significance.
The importance of a sapphire
| Ceylon Sapphire Earrings, 8.31 Carats. M.S. Rau. |
Despite receiving a controversial reception, Princess Diana's engagement ring draws from deep royal tradition. The design was inspired by a sapphire and diamond brooch that Prince Albert had gifted to Queen Victoria in 1840, which she famously wore on her wedding day—a nod to the "something blue" tradition. Queen Elizabeth II later wore the same brooch on multiple public occasions, establishing a precedent for royal sapphire jewelry that became integral to Princess Diana's fashion choices throughout her public life.
This was by no means the only famous British royal sapphire. Princess Anne wore sapphire engagement rings for both her marriages, Princess Alexandra of Kent chose sapphire, and even the Queen Mother selected an oval sapphire upon her 1923 engagement to the Duke of York. Blue sapphires have long symbolized devotion, integrity and divine favor—qualities befitting a future queen.
Who has the ring now?
Before we answer the question of who has her iconic engagement ring now, we must first investigate Diana’s choice of a beautiful Ceylon sapphire. Legend suggests she selected it because it reminded her of her mother's engagement ring, while others believe she loved the deep blue hue because it matched her eyes. Whatever the reason, Diana wore this magnificent piece with pride and continued to wear it for some time even after her divorce from Prince Charles.
| Kate Middleton at a 2023 Buckingham Palace reception, wearing the famous ring. Source. |
Following Diana's tragic death in 1997, the sapphire ring was inherited by her son, Prince Harry, who eventually offered it to his older brother, Prince William, before he proposed to Kate Middleton in 2010. As Diana's butler, Paul Burrell explained, Harry said to his brother, "Wouldn't it be fitting if she had Mummy's ring? Then one day, that ring will be sat on the throne of England."
When Princess Diana’s ring became Kate’s engagement ring, William shared his sentiment: "It's my mother's engagement ring so, I thought it was quite nice because obviously, she's not going to be around to share any of the fun and excitement of it all—this was my way of keeping her sort of close to it all." This gesture ensured that Diana's legacy would continue through future generations of the royal family, long before Prince Harry met Meghan Markle and established his own family traditions.
What is the value of Princess Diana’s engagement Ring?
| Emerald Cut Ceylon Sapphire Ring, 7.43 carats. M.S. Rau. |
From a gemological perspective, the Princess Diana engagement ring is of exceptional quality. The 12-carat oval sapphire is of Ceylon (now Sri Lanka) origin with a royal blue color—the most prized hue in fine sapphires. Ceylon sapphires are renowned for their exceptional transparency and brilliant color, making them among the most sought-after sapphires in the world.
The ring's current value reflects both its exceptional quality and historical significance. Originally priced at $60,000, a Ceylon sapphire of that size, along with the setting and diamond accents, could cost around $400,000 today.
The Ceylon Sapphire Renaissance
In the years following the royal engagement, the Princess Diana engagement ring sparked a lasting love affair with sapphire cluster engagement rings that continues to this day. The iconic cluster setting, with its central colored stone surrounded by diamonds, became the template for countless engagement rings.
| Untreated Brazilian Alexandrite Ring, 11.15 Carats. M.S. Rau. |
Today's brides seeking that royal connection often gravitate toward similar designs. The combination of a vivid colored center stone with a diamond halo maximizes both the visual impact and the perceived size of the central gem, creating a classic look that echoes Princess Diana's signature aesthetic throughout her public life.
At the heart of this enduring appeal is the sapphire itself, particularly those originating from Sri Lanka, historically known as Ceylon. Ceylon sapphires are celebrated for their exceptional clarity, high transparency and the distinctive cornflower blue hue that appears to glow with inner light. Their crystalline purity and vivid saturation distinguish them from stones of other origins, such as the darker blues typical of Thai or Australian sapphires.
| Ceylon Sapphire Ring, 20.26 Carats. M.S. Rau. |
Royal blue Ceylon sapphires also command a significant premium in the marketplace. According to recent auction results and pricing databases, exceptional-quality unheated Ceylon sapphires can range from $4,000 to over $15,000 per carat, depending on size, saturation and clarity. Exceptional stones—especially those above five carats with rich color and no heat treatment—have fetched around $25,000 per carat at major auction houses such as Sotheby's and Christie's. As global supply diminishes and demand for untreated, origin-specific stones increases, their market value growth has remained strong.
The Continuing Legacy
| A beautiful floral dress is displayed ahead of the largest collection of Diana, Princess of Wales, clothing to be auctioned. Getty Images. |
As Julien's auction demonstrates, Princess Diana's fashion influence remains undiminished. Martin Nolan, co-founder and executive director of Julien's Auctions, notes that "Diana and her sense of style—she knew how to dress, and when to dress, and she could read the room and know what would be appreciated most."
The auction's success—with some items Diana sold herself in her 1997 auction for $30,000 or $40,000 now selling for $800,000, $900,000 or $1 million—reflects not just nostalgia but genuine appreciation for Diana's transformative approach to royal style. From the ring that now graces Kate Middleton's hand to the icon's fashion choices that influenced a generation, Princess Diana's universal appeal continues to captivate collectors and admirers worldwide.
Explore our collection of celebrity ephemera at M.S. Rau for more fascinating ties to history’s greatest figures
