Tiffany is selling its most expensive piece of jewelry ever

By Parija Kavilanz, CNN Business

(CNN) -- Tiffany & Co. just unveiled its newest most-expensive bling ever.

"The World's Fair Necklace," unveiled in Dubai on Sunday, features a stunning 180 carats of diamonds set in platinum. Its centerpiece is an 80-carat oval, flawless, D-color (highest grade and virtually colorless) "Empire Diamond," named for the iconic jeweler's hometown. The Empire Diamond was ethically sourced in Botswana, cut and polished in Israel and set in Tiffany's workshop in New York City.

Tiffany said the necklace is its most expensive piece ever created.

The good news for jewelry lovers with deep pockets is that this necklace is available for sale — unlike Tiffany's famous 128.54 carat "Tiffany Diamond," which Tiffany said is priceless and not for purchase.

The luxury retailer has not yet put a price on The World's Fair Necklace, but industry experts estimate its value to be between $20 million and $30 million.

Tiffany's diamond jewelry is famous for adorning celebrities over the decades, from Audrey Hepburn to Beyoncé Knowles. Beyoncé made fashion history as the first Black woman to wear the iconic 128.54 carat Tiffany Diamond for Tiffany's new "About Love" campaign.

The retailer said the design for The World's Fair Necklace is inspired by a Tiffany necklace made for the 1939 World's Fair held in Queens' Flushing Meadow-Corona Park. That design featured a 200-carat aquamarine stone and more than 400 diamonds.

The reimagined World's Fair necklace can be worn in an unexpected way: The wearer can carefully pop out the Empire Diamond and mount it onto a platinum ring, with the aid of a Tiffany jeweler who will be on call whenever that service is required. Naturally.

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