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I don't know the origins of this necklace, but unless it was a very good copy, this necklace was sold by Hatton Jewels for £100,000:

https://www.hattonjewels.com/antique-burma-ruby-and-diamond-necklace/

According to the description, the stones are not paste, but fine Burma rubies:
"A rare antique necklace featuring five oval Rubies, accompanied by a GCS certificate stated Burma origin with no evidence of heat treatment, surrounded by old cut Diamonds.
Total Diamond Weight: 25ct
Total Ruby Weight: 8ct
Circa: 1920's"

It looks as if the necklace has been slightly shortened, as compared with the picture of Princess Viggo: