The diamond was found in 1966 and was originally owned by a non-celebrity named Harriet Annenberg-Ames, an East coast socialite. Later it was put up for auction on October 23rd, 1969, on the understanding that it could be renamed by the buyer. Before the sale speculation was prevailing as to who was going to bid for the gem, with the usual international names being kicked around by the columnists. Elizabeth Taylor was one name among them and she did indeed have a preview of the diamond when it was flown to Switzerland for her to have a look at, then back to NYC under precautions described as "unusual".

More than 6000 people a day flocked to Cartier's New York store to see the Taylor-Burton, the crowds stretching down the block. Only the legendary Hope Diamond could boast this type of spectator interest in modern pop history.

Eventually, Miss Taylor wore the Taylor-Burton in public for the first time when she attended Princess Grace's 40th birthday party in Monaco. It was flown from New York to Nice, Italy in the company of two armed guards hired by Burton and Cartier. In 1978, following her divorce from Richard Burton, Miss Taylor announced that she was putting the diamond up for sale and was planning to use part of the proceeds to build schools in Botswana. In June of 1979 Henry Lambert, the New York jeweler, stated that he had bought the Taylor-Burton Diamond for $5,000,000.

In this environment, jewelers mostly hope to gain favorable mention in the press and to use the exposure for company branding.

For this reason, jewelry creators like Susan Rosen, who designed the diamond earrings for Madonna's American Dream video, often court celebrities and their stylists year-round.  “I'll call whomever I know who knows someone" to help secure a celebrity on Oscar night for the publicity,” she said.

With tens of millions of people watching, publicity can pay off right away.

Such was the case of the necklace Celine Dion wore to the Oscars in 1997. Chanel reported that the necklace sold immediately after she appeared on stage. The French fashion house judged that Dion's association with that necklace was equivalent to nine million dollars of advertising- an amazing advertising return when one considers the price tag of Dion’s Chanel loaner was only $490,000.

Sometimes the diamonds become keepsakes of a memorable evening. In 1995 when Nicholas Cage was up
for Best Actor for “Leaving Las Vegas” he promised his then-wife Patricia Arquette that he would buy her the diamond suite she was wearing on loan if he won. Cage took home the Oscar that night and Patricia took home
the diamonds.

As can be imagined, the business of loaning valuable jewels carries potential risks for the jeweler and their celebrity clients.  Diamonds often arrive in Los Angeles by armored car. Sometimes the Diamond Information Center provides insurance and security for smaller jewelers. Celebrities are usually bound by contract to return their loaned diamonds by noon on the following day.

In addition, many insurers require a certain number of guards to shadow the insured diamonds everywhere the jewels (and celebrity) wander throughout the night, trying to make sure they catch every stray diamond that falls out of a ruby slipper setting or a loose-fitting ring.

Adoring fans who aren’t allowed into the glitzy parties would do well to take a look down on the sidewalks of Hollywood as they catch their bus ride home.