Actually, it was shown later by researching the Royal Archives that Queen Mary actually overpaid for many of the Russian jewels she acquired from Grand Duchesses Xenia and Olga. The value of these jewels in the market had dramatically declined due to the huge amount of pieces being sold by the Russian emigres as well as the new Soviet Government to raise currency.
The Cambridge sapphire parure was a wedding gift to Princess Marina from Queen Mary when she married The Duke of Kent. After her death, The Duke sold many of the pieces because they needed cash for death duties and many of the designs were too ornate for Katharine to wear practically.
Princess Michael wears jewels that are technically "on loan" from The Duke. All of Marina's jewels passed to her eldest son, as is the tradition in the peerage and royal family. She cannot sell or otherwise dispose of them without his permission.
The Duchess of Windsor was very generous to Marie-Christine and gave her some very valuable jewels in 1978-79, as well as a few pieces in her will. These included a set of emerald cabochon drop earrings, a ruby cherry brooch with matching earrings, a diamond ring, a sapphire and diamond bracelet and a matching ring/earrings. She was told by The Queen's lady-in-waiting not to wear these jewels in the presence of The Queen Mother or The Queen.
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