I have always had the feeling that QEII's decisions may be influenced by possible reactions in some sectors of the press. I recollect the press campaigns which led to the police protection for Princesses Beatrice and Eugenie being withdrawn. Then there is the fact that neither of these Princesses has been required to attend evening functions where grand jewels are the norm.
It would appear that HM's practice of lending jewels to the Duchess of Cambridge ensures that she is seeing wearing royal jewels of significance at the relevant times -- for example Queen Alexandra's pearl wedding gift necklace, various bracelets belonging to QEII, the Greville ruby necklace, various tiaras etc.
It is also possible that QEII's decisions are to ensure that there is a pool of jewels which various royal ladies can borrow. When gifts are made, there is always the possibility that some where along the line jewels will have to be sold either to meet living expenses or pay taxes in the next generations.
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