Cate Blanchett radiates in $1.5 million Tiffany's necklace

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Cate Blanchett Wears $1.5 Million Necklace

Bling bling!

Cate Blanchett stepped out at the 18th annual Costume Designers Guild Awards on Tuesday at the Beverly Hilton Hotel in Los Angeles wearing a necklace worth a fortune.

SEE ALSO: Take a look back at the 2006 Oscars red carpet

The show-stopping piece of jewelry from Tiffany & Co. reportedly costs an astounding $1.5 million. Yes, you read that correctly.

See photos of her stunning look:
11 PHOTOS
Cate Blanchett at the Costume Designers Guild Awards
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Cate Blanchett radiates in $1.5 million Tiffany's necklace
BEVERLY HILLS, CA - FEBRUARY 23: Actress Cate Blanchett attends the 18th Costume Designers Guild Awards at The Beverly Hilton Hotel on February 23, 2016 in Beverly Hills, California. (Photo by Jason LaVeris/FilmMagic)
BEVERLY HILLS, CA - FEBRUARY 23: Actress Cate Blanchett attends the 18th Costume Designers Guild Awards at The Beverly Hilton Hotel on February 23, 2016 in Beverly Hills, California. (Photo by JB Lacroix/WireImage)
BEVERLY HILLS, CA - FEBRUARY 23: Actress Cate Blanchett attends the 18th Costume Designers Guild Awards at The Beverly Hilton Hotel on February 23, 2016 in Beverly Hills, California. (Photo by JB Lacroix/WireImage)
BEVERLY HILLS, CA - FEBRUARY 23: Actress Cate Blanchett attends the 18th Costume Designers Guild Awards at The Beverly Hilton Hotel on February 23, 2016 in Beverly Hills, California. (Photo by Jason LaVeris/FilmMagic)
BEVERLY HILLS, CA - FEBRUARY 23: Actress Cate Blanchett attends the 18th Costume Designers Guild Awards at The Beverly Hilton Hotel on February 23, 2016 in Beverly Hills, California. (Photo by JB Lacroix/WireImage)
BEVERLY HILLS, CA - FEBRUARY 23: Actress Cate Blanchett attends the 18th Costume Designers Guild Awards at The Beverly Hilton Hotel on February 23, 2016 in Beverly Hills, California.(Photo by Jeffrey Mayer/WireImage)
BEVERLY HILLS, CA - FEBRUARY 23: Actress Cate Blanchett attends the 18th Costume Designers Guild Awards at The Beverly Hilton Hotel on February 23, 2016 in Beverly Hills, California. (Photo by Jason LaVeris/FilmMagic)
BEVERLY HILLS, CA - FEBRUARY 23: Actress Cate Blanchett attends the 18th Costume Designers Guild Awards at The Beverly Hilton Hotel on February 23, 2016 in Beverly Hills, California. (Photo by Jason LaVeris/FilmMagic)
BEVERLY HILLS, CA - FEBRUARY 23: Actress Cate Blanchett attends the 18th Costume Designers Guild Awards at The Beverly Hilton Hotel on February 23, 2016 in Beverly Hills, California. (Photo by JB Lacroix/WireImage)
BEVERLY HILLS, CA - FEBRUARY 23: Actress Cate Blanchett attends the 18th Costume Designers Guild Awards at The Beverly Hilton Hotel on February 23, 2016 in Beverly Hills, California. (Photo by JB Lacroix/WireImage)
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The "Carol" star smartly wore the stunning piece on top of a simple, form-fitting black gown from Atelier Versace. It was totally a look to remember.

With the 2016 Academy Awards coming up on Sunday, the Oscar winner must be in full-on prep mode for her sure-to-be gorgeous red carpet look. Though she's not the favorite to win, the actress is a Best Actress in a Leading Role nominee for her powerful performance in "Carol."

See more photos of Cate Blanchett through the years:
38 PHOTOS
Cate Blanchett
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Cate Blanchett radiates in $1.5 million Tiffany's necklace
SYDNEY - NOVEMBER 01: AUSTRALIAN ACTRESS CATE BLANCHETT AT THE 1999 BELVIOUR ST THEATRE SEASON LAUNCH IN SYDNEY. (Photo by Patrick Riviere/Getty Images).
SYDNEY, AUSTRALIA - MARCH 15: Cate Blanchett arrives at the Australian premiere of Disney's Cinderella at the State Theatre on March 15, 2015 in Sydney, Australia. (Photo by Lisa Maree Williams/Getty Images)
HOLLYWOOD, CA - MARCH 01: Actress Cate Blanchett attends the premiere of 'Cinderella' at the El Capitan Theatre on March 1, 2015 in Hollywood, California. (Photo by Jason LaVeris/FilmMagic)
SYDNEY - MARCH 01: AUSTRALIAN ACTRESS CATE BLANCHETT AND AARON PEDERSEN AT HEARTLAND LAUNCH IN SYDNEY. (Photo by Patrick Riviere/Getty Images).
SYDNEY - MARCH 01: AUSTRALIAN ACTRESS CATE BLANCHETT, SHANE O'CONNOR AND AARON PEDERSEN AT HEARTLAND LAUNCH IN SYDNEY. (Photo by Patrick Riviere/Getty Images).
SYDNEY - MARCH 01: AUSTRALIAN ACTRESS CATE BLANCHETT AND GUEST AT THE SYDNEY CRITICS AWARDS 1994 IN SYDNEY. (Photo by Patrick Riviere/Getty Images).
383425 05: Actresses Cate Blanchett, left, and Hilary Swank arrive at the premiere of Paramount Classics'' 'The Gift' December 18, 2000 at the Paramount Theatre in Hollywood, CA. (Photo by Chris Weeks/Liaison)
BERLIN - FEBRUARY 7: Actress Cate Blanchett, very pregnant, attends the news conference to 'The Missing' at the 54th annual Berlinale International Film Festival February 7, 2004 in Berlin, Germany. (Photo by Sean Gallup/Getty Images)
WESTWOOD, CA - OCTOBER 8: (L to R) Actor Cate Blanchett and Bernie Guerin attend the Los Angeles film premiere of 'Veronica Guerin' at the Bruin Theatre on October 8, 2003 in Westwood, California. The film 'Veronica Guerin' opens nationwide on October 17, 2003 (Photo by Frederick M. Brown/Getty Images)
Australian actress Cate Blanchett poses as she arrives to attend the screening of US director Steven Spielberg's film 'Indiana Jones and the Kingdom of the Crystal Skull' at the 61st Cannes International Film Festival on May 18, 2008 in Cannes, southern France. The world premiere of the latest instalment in the 'Indiana Jones' saga, the first in 19 years, is the hottest ticket at this year's Cannes film festival. AFP PHOTO / Valery Hache (Photo credit should read VALERY HACHE/AFP/Getty Images)
Australian actress Cate Blanchett leaves the Festival Palace after attending the screening of US director Steven Spielberg's film 'Indiana Jones and the Kingdom of the Crystal Skull' at the 61st Cannes International Film Festival on May 18, 2008 in Cannes, southern France. The world premiere of the latest instalment in the 'Indiana Jones' saga, the first in 19 years, is the hottest ticket at this year's Cannes film festival. AFP PHOTO / Valery Hache (Photo credit should read VALERY HACHE/AFP/Getty Images)
NEW YORK, NY - JULY 22: Cate Blanchett attends the 'Blue Jasmine' New York Premiere at the Museum of Modern Art on July 22, 2013 in New York City. (Photo by Stephen Lovekin/Getty Images)
SAN DIEGO, CA - JULY 20: Actress Cate Blanchett attends the premiere of 'Blue Jasmine' hosted by Sony Picture Classics on July 24, 2013 in Beverly Hills, California. (Photo by Michael Kovac/Getty Images)
SANTA MONICA, CA - JANUARY 16: Actress Cate Blanchett accepts the Best Actress award for 'Blue Jasmine' onstage during the 19th Annual Critics' Choice Movie Awards at Barker Hangar on January 16, 2014 in Santa Monica, California. (Photo by Kevin Winter/Getty Images)
Actress Cate Blanchett celebrates winning Best Actress in a Motion Picture - Drama for 'Blue Jasmine' in the press room during the 71st Annual Golden Globe Awards in Beverly Hills, California, January 12, 2014. AFP PHOTO / Robyn BECK (Photo credit should read ROBYN BECK/AFP/Getty Images)
SANTA BARBARA, CA - FEBRUARY 01: Actress's Cate Blanchett and Rooney Mara attend the Moet & Chandon Lounge at The 2014 Santa Barbara International Film Festival at The Arlington Theater on February 1, 2014 in Santa Barbara, California. (Photo by Jason Kempin/Getty Images for Moet & Chandon)
SANTA MONICA, CA - MARCH 01: Actress Cate Blanchett attends the 2014 Film Independent Spirit Awards at Santa Monica Beach on March 1, 2014 in Santa Monica, California. (Photo by Alberto E. Rodriguez/Getty Images)
HOLLYWOOD, CA - MARCH 02: Actress Cate Blanchett accepts the Best Performance by an Actress in a Leading Role award for 'Blue Jasmine' onstage during the Oscars at the Dolby Theatre on March 2, 2014 in Hollywood, California. (Photo by Kevin Winter/Getty Images)
HOLLYWOOD, CA - MARCH 02: Actresses Cate Blanchett (L) and Jennifer Lawrence attend the Oscars held at Hollywood & Highland Center on March 2, 2014 in Hollywood, California. (Photo by Michael Buckner/Getty Images)
HOLLYWOOD, CA - MARCH 02: Cate Blanchett attends the Oscars at Hollywood & Highland Center on March 2, 2014 in Hollywood, California. (Photo by Christopher Polk/Getty Images)
French actress Adele Exarchopoulos and US actor Logan Lerman (L) pose with Australian actress Cate Blanchett (C) after receiving the Trophee Chopard during the 67th edition of the Cannes Film Festival in Cannes, southern France, on May 15, 2014. AFP PHOTO / JEAN CHRISTOPHE MAGNENET (Photo credit should read JEAN CHRISTOPHE MAGNENET/AFP/Getty Images)
HOLLYWOOD, CA - MARCH 02: Actress Cate Blanchett attends the Oscars held at Hollywood & Highland Center on March 2, 2014 in Hollywood, California. (Photo by Jason Merritt/Getty Images)
HOLLYWOOD, CA - MARCH 02: Actress Cate Blanchett attends the Oscars held at Hollywood & Highland Center on March 2, 2014 in Hollywood, California. (Photo by Jason Merritt/Getty Images)
CANNES, FRANCE - MAY 16: Cate Blanchett attends the 'How To Train Your Dragon 2' premiere during the 67th Annual Cannes Film Festival on May 16, 2014 in Cannes, France. (Photo by Pascal Le Segretain/Getty Images)
Australian actress Cate Blanchett smiles during a press conference for the animated film 'Dragon 2' at the 67th edition of the Cannes Film Festival in Cannes, southern France, on May 16, 2014. AFP PHOTO / ALBERTO PIZZOLI (Photo credit should read ALBERTO PIZZOLI/AFP/Getty Images)
SYDNEY, AUSTRALIA - JUNE 09: Cate Blanchett attends the 'How To Train Your Dragon 2' Australian premiere at Event Cinemas George Street on June 9, 2014 in Sydney, Australia. (Photo by Lisa Maree Williams/Getty Images)
LOS ANGELES, CA - JUNE 11: Actress Cate Blanchett attends Women In Film 2014 Crystal + Lucy Awards presented by MaxMara, BMW, Perrier-Jouet and South Coast Plaza held at the Hyatt Regency Century Plaza on June 11, 2014 in Los Angeles, California. (Photo by Charley Gallay/Getty Images for Women In Film / MaxMara)
CANNES, FRANCE - MAY 16: Actress Cate Blanchett attends the 'How To Train Your Dragon 2' premiere during the 67th Annual Cannes Film Festival on May 16, 2014 in Cannes, France. (Photo by Gareth Cattermole/Getty Images)
ZURICH, SWITZERLAND - SEPTEMBER 27: Cate Blanchett attended the official opening of the “Timeless Portofino” exhibition with photographs by Peter Lindbergh of brand ambassadors wearing IWC’s new Portofino midsize watches at the Zurich Film Festival (ZFF) on September 27, 2014 in Zurich, Switzerland. (Photo by Harold Cunningham/Getty Images for IWC)
ZURICH, SWITZERLAND - SEPTEMBER 27: Cate Blanchett attended the exclusive IWC Gala Dinner “Timeless Portofino” hosted by IWC CEO Georges Kern at the Zurich Film Festival (ZFF) on September 27, 2014 in Zurich, Switzerland. (Photo by Harold Cunningham/Getty Images for IWC)
Australian actress Cate Blanchett poses for photographers on the red carpet prior to the screening of the film 'Cinderella' presented in competition of the 65th Berlin International Film Festival Berlinale in Berlin, on February 13, 2015. AFP PHOTO / JOHN MACDOUGALL (Photo credit should read JOHN MACDOUGALL/AFP/Getty Images)
Australian actress Cate Blanchett poses for photographers on the red carpet prior to the screening of the film 'Cinderella' presented in competition of the 65th Berlin International Film Festival Berlinale in Berlin, on February 13, 2015. AFP PHOTO / ODD ANDERSEN (Photo credit should read ODD ANDERSEN/AFP/Getty Images)
Australian actress Cate Blanchett (L) and British actress Lily James pose for photographers on the red carpet prior to the screening of the film 'Cinderella' presented in competition of the 65th Berlin International Film Festival Berlinale in Berlin, on February 13, 2015. AFP PHOTO / ODD ANDERSEN (Photo credit should read ODD ANDERSEN/AFP/Getty Images)
Actress Cate Blanchett arrives on the red carpet for the 87th Oscars February 22, 2015 in Hollywood, California. AFP PHOTO / MARK RALSTON (Photo credit should read MARK RALSTON/AFP/Getty Images)
SANTA MONICA, CA - FEBRUARY 21: Producer John Lesher (L) and director Alejandro Gonzalez Inarritu (R) accept Best Feature for 'Birdman' from actress Cate Blanchett (C) onstage during the 2015 Film Independent Spirit Awards at Santa Monica Beach on February 21, 2015 in Santa Monica, California. (Photo by Kevork Djansezian/Getty Images)
HOLLYWOOD, CA - FEBRUARY 22: Actress Cate Blanchett speaks onstage during the 87th Annual Academy Awards at Dolby Theatre on February 22, 2015 in Hollywood, California. (Photo by Kevin Winter/Getty Images)
SANTA MONICA, CA - FEBRUARY 21: Actress Cate Blanchett speaks onstage during the 2015 Film Independent Spirit Awards at Santa Monica Beach on February 21, 2015 in Santa Monica, California. (Photo by Kevork Djansezian/Getty Images)
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