Lovely new sapphire banner! You are right, the lady in the middle is Ivy, Duchess of Portland wearing the impressive Portland tiara. I believe it was auctioned by Christie's some years ago.
(Pic found on the The Royal Order of Sartorial Splendour)
I don´t know who the first lady is, but the following are, from left to right: Augusta of Cambridge - wearing the original bersion of the sapphire tiara, sold sometime ago by the Duke of Kent Ivy, Duchess of Portland wearing the Portland sapphire tiara Isabel de Orleães-Bragança, Countess of Paris - wearing the sapphires now in display at the Louvre (not sure if the earrings are the ones now worn by Pss Philomena) Infanta Pilar de Bourbon - wearing her sapphire Montpensier tiara
I ask again for the identity of the first lady in the previous sapphire banner.It was the lady with the leaves tiara and center sapphire.
--Previous Message-- : Yum! I *think* the lady in the middle is the : duchess of Portland --an English duchess for : sure. :