Moore Wears Elizabeth Taylor's Famous Emeralds

Julianne Moore stole the show at Bulgari's pre-Oscars party celebrating Elizabeth Taylor's jewels Tuesday night in Los Angeles, when she arrived in one of Taylor's most prized possessions -- the show-stopping emerald-and-diamond necklace which was given to Taylor by Richard Burton as a wedding gift while they were on location for Cleopatra in Rome.

The stunning necklace, which the Bulgari jewelry house purchased at her 2011 Christie's auction for more than $6 million, obviously had a special place in Taylor's heart -- she even wore it to accept her Best Actress Oscar for Who's Afraid of Virginia Woolf? in 1967.

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"It's very touching, and it's so lovely to be able to wear something like this," a humble Julianne says. "It has so much sentimental value and is obviously such a beautiful, exquisite piece. It's really a work of art. "

The necklace is also very much in style today -- emeralds have been making a comeback all over the red carpet recently.

"I mean, c'mon, emeralds. It's hard not to like emeralds," she smiles.

Related: Elizabeth Taylor's Jewels Fetch Record $115 Million

Julianne's fellow A-listers came out to the event, including Drew Barrymore, who reflected on Taylor's incredible talent.

"Anybody who has to grow up in the world in front of everybody is a very interesting thing to watch, and a very interesting thing to live through, " Drew says, reflecting on her own childhood in the spotlight,. "But I think when you can transcend that, and create these incredible characters and so many iconic roles such as she did ... someone that could be so out there personally, but somehow transcend and become these characters and become devoid of the woman you think you know -- that's an incredible actress."

Check out the video to see Naomi Watts show off her own incredible jewelry that night, as well as Drew's favorite piece from Elizabeth Taylor's jewelry collection.