Taylor had a passion for jewelry. At her death, Taylor's jewelry collection was reportedly worth $150 million.
Over the years she owned a number of well-known pieces, two of the most famous being the 33.19-carat (6.64 g) Krupp Diamond, which Taylor wore daily, and the 69.42-carat (13.88 g) pear-shaped Taylor-Burton Diamond; both were among many gifts from husband Richard Burton. Taylor also owned the 50-carat (10 g) La Peregrina Pearl, purchased by Burton as a Valentine's Day present in 1969, and formerly owned by Mary I of England. Her collection of jewelry has been documented in her book My Love Affair with Jewelry.
Taylor was a fashion icon during her years as an active film star. In addition to her own purchases, MGM costumers Edith Head and Helen Rose helped Taylor choose clothes that emphasized her face, chest, and waist. Taylor helped popularize Valentino and Halston's designs, and in the 1980s Schering-Plough developed violet contact lenses, citing Taylor's eyes as inspiration.