I have checked the catalogue for the sale of Queen Isabella II of Spain, but didn't find anything resembling the necklace.
But the most important consideration is that the auction of Isabella II's jewels was held on 1 July 1878.
The list of jewels which the first Earl of Dudley designated as heirlooms (and which has the description of the emerald necklace) is dated 12 June 1878.
It is always possible that Queen Isabella II of Spain sold some jewels privately before the auction of her jewels in Paris on 1 July 1878. If there is a connection between the Dudley necklace and Spanish royal emeralds a researcher would need access to the Dudley archives or a similarly based source. I haven't seen any such references in the media.
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