The first thing which I noticed is that the photo at the very top of Prince Michael's post is the Cartier sapphire. See http://www.princemichaelschronicles.com/the-biggest-sapphire-in-the-world/
That is the jewel which features in books on Cartier, in particular Hans Nadelhoffer's where he traces how the sapphire was mounted, where it was exhibited prior to sale, that it was sold in 1921 to King Ferdinand of Romania who paid in installments. Nadelhoffer also notes the price. Then, Nadelhoffer has a photo of Queen Marie wearing the necklace with the sapphire, the photo in question being part of Cartier's archive.
The sapphire in the Cartier jewel weighs 478 carats, and this has been noted in the 2003 auction.
I wonder if Prince Michael has confused the Cartier sapphire pendant with another Cartier jewel sold to Grand Duke Cyril and given by him to his wife, Victoria Melita for Christmas 1911? The information about this jewel comes from Stefano Papi Jewels of the Romanovs p. 154. The sapphire drop to this necklace is egg shaped and weighs 331.33 carats.
Papi has a copy of the photo below, as well as a coloured photograph of the jewel.
Grand Duchess Cyril
The photo which Prince Michael has of Queen Frederica at his wedding suggests to me that the Queen was wearing the Cartier jewel which had previously belonged to Queen Marie.
Photos with a high resolution of Queen Frederica wearing the sapphire are difficult to find. Below are a couple of the better ones, and I feel that they show the same sapphire in the same setting as the Cartier one worn by Queen Marie.
Detail from above
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