The art deco piece was famously worn by Margaret for her 19th birthday photograph taken by celebrated photographer Cecil Beaton in 1949.

It was bought by an undisclosed private bidder for £396,800, including buyer's premium, during the sale at auction firm Dix Noonan Webb's Mayfair saleroom in central London. 

Frances Noble, the company's associate director and head of the jewellery department, said of the sale price: 'It not only reflects the strength of the current auction market but also the overriding importance of provenance.

'Princess Margaret was photographed wearing this bracelet on numerous occasions which certainly added to the appeal of the piece, attracting international interest and extremely competitive bidding - an exceptional result for the vendor.'

Pearls have been around since ancient times. In fact, archeologists have found fragments of them in the sarcophagi of Persian princesses and countless other royals. For many years pearls were worn exclusively by the ruling class and as far as the early, they continued to be viewed as a status symbol. In fashion, one of the most famous fashion icons, Coco Chanel, wore multiple strands of pearls draped over her shoulders and so her brand represented luxury.

Nowadays, pearls are seen as more than just representing luxury. Women from different societies around the world love to wear them, as they are sophisticated and elegant. Even though sometimes pearls are viewed as conventional, they are increasingly becoming a fashion statement, not just for royalty and celebrities, but for everyone who wants to wear them.