This tiara (which can also be worn as a necklace) was made for Queen Mary in 1919.
It is not, as has sometimes been claimed, made with diamonds that had belonged to George III but re-uses diamonds taken from a necklace/tiara purchased by Queen Victoria from Collingwood & Co as a wedding present for Queen Mary in 1893.
In August 1936 Queen Mary gave the tiara to Queen Elizabeth, from whom it was borrowed by Princess Elizabeth for her wedding in 1947.