Meghan Markle made an unexpected appearance alongside Prince Harry at the One805LIVE! charity gala in Santa Barbara on September 20.

The event, which aimed to raise funds for vital equipment and mental health programs for first responders, drew high-profile guests and attention. Yet, despite the event’s noble purpose, much of the spotlight quickly shifted to Meghan’s new statement accessory — a dazzling moonstone ring named the “Queen.”

A Sparkling Symbol with a Deeper Message

The Duchess of Sussex wore the $4,000 Queen Water Drop Moonstone ring by Logan Hollowell, paired elegantly with a sleeveless Carolina Herrera dress. The ring, featuring a pear-shaped moonstone surrounded by white diamonds, stood out not only for its design but for its name — “Queen” — a title many believe carried a message.

Royal watchers speculated that Meghan’s choice of jewelry was intentional, symbolizing how she views herself as “a queen in her own right,” despite stepping away from her royal duties. According to GB News, the ring was likely a birthday gift from Prince Harry, which would make it even more meaningful.

The brand’s website describes the moonstone as a gem that brings “good fortune, success in love, and business matters” — qualities that mirror Meghan and Harry’s life in California, where they’ve built a quieter, independent existence focused on love, philanthropy, and creative freedom.

A Subtle Tribute to Princess Diana

Observers also noted that Meghan’s moonstone ring closely resembles the late Princess Diana’s iconic sapphire engagement ring. Both feature a central stone encircled by diamonds, creating a halo effect symbolic of femininity and grace. Beyond aesthetics, the moonstone itself carries a link to Diana through mythology. The Logan Hollowell website explains, “The moonstone is associated with the moon and was the stone of the goddess Diana. The most powerful time to use the moonstone is on a full moon.”

This connection was not lost on royal fans, who saw the piece as a touching homage to her late mother-in-law. Jewelry designer Pippa Small told PEOPLE that Meghan’s tributes through accessories are “a beautiful symbol and a lovely gesture,” adding, “She made them look totally contemporary, and it really showed the emotional value of jewelry.”

Small also praised Meghan’s ability to frame her jewelry through her style choices, saying, “The clothes she wears really frame the jewelry and give it a different context, which makes it feel very relevant.”

Honoring Diana Through More Than One Piece

In addition to her moonstone ring, Meghan also wore her beloved Cartier Tank Française watch, a timepiece that once belonged to Princess Diana. The Duchess has previously spoken of her affection for the design, telling HELLO! magazine: “I’ve always coveted the Cartier French Tank watch. When I found out Suits had been picked up for our third season, I totally splurged and bought the two-tone version.” She added, “I plan to give it to my daughter one day. That’s what makes pieces special — the connection you have to them.”

For now, royal watchers continue to speculate on the meaning behind Meghan’s latest jewelry choices — and whether Princess Lilibet will one day inherit these deeply symbolic treasures that blend legacy, love, and independence.