The brooch nicknamed “Granny’s Chips” is worth over £50 million but the burning question remains – who owns it?

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The phrase ‘Granny’s Chips’ probably makes one think of their beloved nannies frying off potatos for a hearty dinner; but for the royals it has a much greater significance.

Queen Elizabeth II used the phrase to refer to one of her most prized possessions- a gorgeous diamond brooch that is consider to be the most valuable in the world.

The late Queen recieved it as a gift from her grandmother, Queen Mary, wearing it only a handful of times throughout her 70-year reign.

The high value jewels hold a momentous place in history after being passed down from generations of monarchs.

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The Cullinan III brooch is worth £50m (Image: Getty)

The dazzling accessory made from two diamonds, Cullinan III and Cullinan IV, is worth over £50 million. The two diamonds are worn together to form the brooch known fondly by Her Majesty as ‘Granny’s Chips’.

Scientists have estimated that the diamonds were formed more than one billion years ago at 250-400 miles below the earth’s surface. These jewels have been around before human life.

Both diamonds were cut from the unexampled Cullinan, a much larger diamond that weighed in at 3106 carats (621.35 grams). The Cullinan III and IV on the prized brooch weigh a total of 158 caratsJewellery Made From The World's Largest Diamond Is Prepared for Jubilee Exhibition

Queen Mary wore the diamonds for her coronation in 1911, later passing them down ahead of Queen Elizabeth’s coronation in 1953, when the future monarch was aged just 27.

The phrase ‘Granny’s Chips’ is no doubt a loving nod to the late Queen’s grandmother but it also derives from classicaly British dry humour as the incredible stones are just small chips off of a much more elborate Cullinan diamond.

The burning question – where are they now? Multiple Royal Family members including Princess Kate and Meghan Markle have been seen wearing pieces from the collection at the late monarch’s state funeral.

Due to Royal wills being private, we can only assume that these pieces will be kept in the family and worn as tribute to the Queen.