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Lady Gaga wears 128-carat Tiffany Diamond to the Oscars, valued at more than $30 million

Oscars highlights and snubs

Lady Gaga made a big impression at Oscars on Sunday night with her talent and her sense of style. She won her first Academy Award for best original song for "Shallow," from "A Star Is Born." For the big night, the singer and actress wore a show-stopping necklace with a 128-carat yellow diamond that is reportedly worth over $30 million, according to Entertainment Tonight.

The so-called Tiffany Diamond was unearthed in 1877. The jeweler Tiffany & Co., which owns it, says the last time it was worn was in 1961, when Audrey Hepburn donned the lavish jewels for a "Breakfast at Tiffany's" photoshoot.

Tiffany & Co. called the spectacular gem "one of the largest and finest Fancy Yellow diamonds in the world." The jeweler shared a photo of Gaga wearing the necklace on Instagram. "Released from the vault specifically for Lady Gaga, this marks the first time in history that the legendary Tiffany Diamond has graced an awards show red carpet," the post said.

Lady Gaga, who was also nominated for best actress for her role in "A Star Is Born," wore a black strapless Alexander McQueen gown to the awards show. Her white-blonde hair and yellow diamond dangling earrings complemented the Tiffany Diamond around her neck.  

Gaga changed into a different black gown for her performance of "Shallow" alongside Bradley Cooper, but she kept the giant rock on. With a price tag that high and a history that deep, it's probably best to keep the loaned necklace on you at all times.