Diamond Jubilee celebrations of Queen Elizabeth II
Queen Elizabeth II Reuters

The Queen's official jeweller has created a gorgeous diamond tiara for Her Majesty, as the diamond jubilee weekend kicks off in all its glory.

The creation is the combined work of Asprey and artist Chris Levine and, according to CNN, the tiara is a re-creation of the diamond diadem the Queen wore to her coronation in 1953.

"We realized that we could collaborate together on this project and create something really unique. We are hoping to raise as much money as possible to go to two charities that have a jubilee focus this year," said Paddy Byng, the Managing Director of Asprey.

The tiara has been priced at between £800,000 and £1.2mn, is on show at the flagship store in London and will later be auctioned for charity. However, there is speculation over the actual pricing of the product, given market conditions.

"I think we can all sit here and go 'this is a nightmare', but the fact of the matter is there are Europeans that are still extremely wealthy, and Europeans who still want to buy the best and it comes down to the individual brands to be able to compete amongst themselves on distinctive design, great quality products, and impeccable service," Byng said.

Her Majesty's association with diamonds and jewellery began in 1926 when she received a coral necklace, according to the Daily Mail. In 1987 it was estimated she owned or had worn 14 tiaras, 34 pairs of earrings, 98 brooches, 46 necklaces, 37 bracelets, five pendants, 14 watches and 15 rings.

"Her favourite pieces are, of course, the ones with a personal association. There's the Flower Basket Brooch her parents gave her in November 1948 to mark the birth of Prince Charles. Then there's the platinum and diamond bracelet Prince Philip designed for her as a wedding gift. Without doubt, the Queen's favourite piece is her engagement ring, which she wears every day. Made of 11 diamonds from a tiara belonging to Philip's mother, Princess Andrew of Greece, it is set in platinum to the prince's design," the Daily Mail reported.