All About Princess Charlene's Unique Necklace — Featuring a Rare Pink Diamond!

Dave Kotinsky/Getty Images for Princess Grace Foundation

Prince Albert and Princess Charlene had a glittering night out!

The princely couple of Monaco stepped out in New York City on Thursday evening for the Princess Grace Awards Annual Gala, celebrating this year's class of Princess Grace Award winners in theater, dance and film. Albert, 64, was dapper in a classic tux, while Charlene, 44, glowed in a sleeveless floral gown and a very special necklace.

In a fashion first, Charlene had the honor of wearing the pink Grace Diamond for its public debut. The 1.79-carat radiant cut sparkler is owned by Maison Mazerea, a new brand specializing in rare colored diamonds, uniquely autonomous in its process from mining to design. Fastened by Parisian jeweler Lorenz Bäumer into a necklace called "La Vie en Rose," the center gem will later be removed and reimagined into a successive collection of pieces under the Maison Mazerea name.

Dave Kotinsky/Getty Images for Princess Grace Foundation

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Charlene and Albert took time to speak with all the award winners at the gala, which PEOPLE attended. The Princess Grace Foundation was established 40 years ago by Albert's father, the late Prince Ranier III, to celebrate the legacy of his wife Princess Grace, an Oscar-winning American actress who enchanted the world with her beauty and talent. She tragically died after suffering a stroke following a car crash in 1982; she was 52 years old.

"After her tragic death, her family wanted to create an organization that reflected her love for her native country and her profound dedication to the arts," the charity states of its mission. "During her reign, Princess Grace brought arts and culture to Monaco while also quietly supporting countless American performing and film artists."

Dave Kotinsky/Getty Images for Princess Grace Foundation

Previous award winners include famous names like Leslie Odom Jr., his wife Nicolette Robinson, Oscar Issac and director John M. Chu.

On the 40th anniversary of Princess Grace's death in September, Prince Albert remembered his mother's life and legacy in an exclusive interview with PEOPLE.

"It doesn't seem like 40 years," he said at the time. "Many times during a day, a week, not only do I find myself thinking of her, but numbers of people still recall her to me. They remember her and that's a great tribute to her and who she was — to what an exceptional human being she was."

Paramount Pictures/Sunset Boulevard/Corbis via Getty Grace Kelly on the set of "Rear Window"

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"Forty years on, she still captures people's imagination," he continued. "She managed to capture the imagination and attention of several younger generations and not many have done that. It's an incredible gift that she had."

"She had charm and incredible allure about her. And It's not only her beauty or the fashion icon that she was that attracts people," the prince explained. "It was her warmth, her heart, the humanity people saw in her that they remember."

Bertrand Rindoff Petroff/Getty Princess Grace and Prince Albert in Paris in 1978

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In a moment of reflection, he concluded, "If I could speak to her, I would say that I wish she were here to see her grandchildren and how great they are. They're great kids."

Prince Albert and Princess Charlene are parents to twins Prince Jacques and Princess Gabriella, who turn 8 next month.