Missy purchased the sapphires because she had lost almost all her jewelry in Russia where it had, ironically, been sent for safekeeping in 1916. Post-war, despite repeated diplomatic demands, it all just disappeared. QM was devastated and wrote to a friend that her jewels had been part of her dowry and 'my father died in debt. These jewels were all I had'.
After WW1, due to QM's heroic behavior during WW1 and her popularity w/the Romania public, Nando gave her carte blanche to replenish her collection.
She also purchased a tiara of Miechen's composed of 5 large sapphires (QM had the central one replaced with an even larger one). As for the famous sautoir (and that sapphire WAS 478 carats--unbelievable!) it was left to King Michael who eventually had to sell it in exile. She had purchased the long diamond sautoir with the huge sapphire for 3,375,000 francs (in 1920s money!
). A purchase this large had to be cleared with KF and her made arrangements to pay for the sapphire in 4 annuities, the last being in 1924.
The tiara was left to Ileana who eventually sold it to an American jeweler. I think the sautoir was worn by King Michael's wife Anne at their wedding. The sapphire had already been sold. The sapphire was eventually bought by a Greek billionaire in 1948 who later gave it to Queen Frederica of Greece. She had it mounted to a pendant which later became the centerpiece of a necklace. There's a photo of QF wearing the necklace for her 25th wedding anniversary. The sapphire itself sold in 2003 for $1,494,480.
tiara and diamond & sapphire necklace: