Lady Gaga channels Audrey Hepburn with 128-carat Tiffany diamond on Oscars red carpet

The central stone is a cushion cut canary yellow diamond

Lady Gaga is wearing a necklace featuring a stunning yellow diamond to the 2019 Oscars, rumoured to be the ‘Tiffany’ diamond previously worn by Audrey Hepburn.

Walking the red carpet in Los Angeles, the singer was seen dressed in a black strapless Alexander McQueen dress with black latex gloves which was teamed with the famous canary yellow diamond owned by Tiffany & Co.

Audrey Hepburn wore the aptly-named “Tiffany” diamond in a necklace in publicity photos for Breakfast At Tiffany’s in 1962.

The central stone of the necklace is reportedly a 128-carat diamond and cut in a cushion shape.

Fans of the A Star Is Born actor have taken to Twitter to share their excitement at the singer’s choice of jewellery.

Lady Gaga arrives at the Oscars 2019 (Associate Press)

According to Harper’s Bazaar, the diamond typically sits on display in the brand’s Fifth Avenue flagship location and this is the third time is has been worn publicly in its 142-year history.

Gaga’s choice of jewellery comes weeks after she wore a whopping $5 million (£3,825,931) worth of Tiffany & Co. diamonds to complement her couture blue Valentino dress to the 76^th Annual Golden Globes.

Lady Gaga poses with the trophy in the press room during the 76th Annual Golden Globe Awards (Getty) (Getty Images)

The actor, who is nominated for Best Actress in a motion picture and Best Original Song at the Oscars, walked the red carpet wearing the Aurora necklace — a custom-made piece featuring more than 300 brilliant diamonds and a 20-carat pear-shaped stone at the centre.

She teamed the necklace with a pair of $115,000 (£87,996) diamond and platinum cluster earrings.