Lady Gaga Shines at Oscars in Priceless Tiffany Yellow Diamond Once Worn by Audrey Hepburn

It's a bling romance! The Oscar nominee caught everyone's attention in the famed stone, which was last worn by Audrey Hepburn in 1961

We’re off the deep end for Lady Gaga‘s Oscars jewelry!

Always one to go above and beyond fashion expectations throughout her A Star Is Born press tour, the nominee for Best Actress and Best Song was one of the most anticipated actresses to attend the Oscars on Sunday. Her team at the Haus of Gaga previously told PEOPLE that “there’s a lot more to do” with her elevated, elegant red carpet style, and with this Old Hollywood look, she definitely surpassed many expectations.

Not only did she wear a gorgeous Alexander McQueen gown with matching leather opera gloves, she accessorized it with an incredibly valuable — and historically significant — piece of jewelry, the Tiffany Yellow Diamond.

Lady Gaga is the ultimate creator, innovator and rule breaker, and I’m thrilled that she will be wearing the legendary Tiffany Diamond on the awards show red carpet for the first time since it was discovered 141 years ago,” Reed Krakoff, Tiffany & Co. Chief Artistic Officer, said in a statement.

91st Annual Academy Awards - Arrivals

Added her Sandra Amador and Tom Eerebout: “The chance to work with such an amazing piece of design and history tonight is a creative dream come true. There are so many beautiful jewels in the world, but the radiant Tiffany Diamond, which weighs over 128 carats, is truly exceptional, which is just so fitting for Lady Gaga.”

91st Annual Academy Awards - Arrivals

The stone totals 128.54 carats and is said to be priceless. It was first discovered in South Africa over 140 years ago by Tiffany & Co. founder Charles Lewis Tiffany.

Courtesy Tiffany & Co.

Tiffany had found it in 1877 and acquired one year later.

In honor of Tiffany’s 175th anniversary in 2012, the one-of-a-kind gem was reset into the eye-catching necklace, which is the style Gaga wore. It features over 100 carats of white diamonds.

Gaga is the first celebrity to wear the Tiffany Diamond since Audrey Hepburn, who famously wore the massive yellow stone in publicity photos for her famous 1961 film Breakfast at Tiffany’s.

The Tiffany diamond, once worn by Audrey Hepburn. Bettman/Getty Images; Tiffany and Co.

Socialite Mary Whitehouse was the only other women to wear the piece, debuting it in a lavish necklace at the 1957 Tiffany Ball in Newport, Rhode Island. The Tiffany Diamond has also appeared in the windows of the Fifth Avenue flagship store in New York City.

Lady Gaga completed her jewelry look with Tiffany & Co. earrings featuring yellow and white diamonds.

Gaga’s high-fashion Oscars moment marks the culmination of a busy awards season for the star, who continues to push the envelope with her style.

“I think she’s very diverse with what she wears,” said Tom Eerebout, a longtime member of the Haus of Gaga who co-styles the superstar alongside Sandra Amador, “But the pieces that she wears are very her.”

While the necklace was the focal point of Gaga’s Oscars look, one piece of jewelry from her personal collection was noticeably missing from her left hand — the pink diamond engagement ring from ex fiancé Christian Carino.

The Oscars comes less than a week after a rep for Gaga, 32, exclusively confirmed to PEOPLE that she and Christian Carino, a talent agent for CAA, have ended their engagement.

Speculation began that the couple had split after eagle-eyed fans noticed that Gaga did not wear her engagement ring to the Grammy Awards on Feb. 10. She also did not thank Carino in her acceptance speech after winning the Grammy for Best Pop Duo or Group Performance for her song “Shallow.”

Be sure to check out PEOPLE’s full Oscars coverage to get the latest news on film’s biggest night.

Additionally, Carino, 49, did not attend the Grammys, even though Gaga had brought him to as her date to the Screen Actors Guild Awards and the Golden Globes, as she continues to collect accolades for her role as Ally in A Star Is Born.

Lady Gaga’s Fashion Highlights (from left to right): in a silver Celine by Hedi Slimane gown at the 2019 Grammys; in Dior Couture at the 2019 SAG Awards; in Valentino Couture at the 2019 Golden Globes. Shutterstock; Getty (2)

Gaga’s co-star Bradley Cooper has been at her side throughout awards season. On Friday night the close friends and collaborators attended the Creative Artists Agency’s pre-Oscars party at the San Vicente Bungalows in West Hollywood, where they spent the evening bonding with fellow guests Leonardo DiCaprio and Mick Jagger.

An onlooker tells PEOPLE that Gaga, Cooper, DiCaprio and Jagger spent over an hour together at the party, hanging out and having a great time chatting on a corner couch. Throughout the course of the evening, different stars would rotate in to spend time with the group, including Glenn Close and Melissa McCarthy.

The duo will perform “Shallow,” which is nominated for “Best Song,” together during the Oscars ceremony, marking only the second time they sang it together live since the movie’s debut (the first was during Gaga’s Las Vegas Show earlier this month).

The 91st Academy Awards are broadcasting live from Los Angeles on Sunday, Feb. 24 at 8:00 p.m. ET/5:00 p.m. PT on ABC.

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