Yes that is correct. I quote from The Crown Jewels by Anna Keay "By 1937 the state crown made for Queen Victoria was a hundred years old and in a sorry condition. The frame had been gradually collapsing over the decades, shored up by various repairs. So weakened had it become that as it travelled to Westminster Hall on George V's coffin, the top cross containing St Edward's Sapphire jolted off. The procession had marched on but fortunately the Company Sergeant major of the Grenadier Guards, seeing what had happened scooped the cross up as he passed and dropped it into his pocket." "It was clear therefore that the crown would have to be completely remade for the coronation. The new frame created by Garrard was essentially a replica of Queen Victoria's crown, though the jewellers managed to reduce the overall weight by 283 grams"