43 year old Watts is said to be playing the role of Princess Diana and Chopard will be the exclusive watch and jewelry brand sponsoring the film.
Robert Bernstein, the film’s producer, has called the partnership “exciting and appropriate”.
An early still released from the forthcoming movie, which is currently being filmed, shows Watts wearing a triple-tier diamond necklace and the diamond and sapphire earrings which match the engagement ring given by Prince Charles to Diana.
Diana, Princess of Wales, who died aged 36 in a car crash in Paris, often dazzled in diamonds at public events. The aristocratic family in which she was born into, the Spencers, were thought to favour Collingwood jewellers, and Diana was also pictured in pieces by Harry Winston and Crown Jewellers Garrard.
The brand is the official partner to the Cannes Film Festival and has been worn by red carpet royalty Penelope Cruz, Kate Winslet and Eva Herzigova.
(More at fashion.telegraph.co.uk)
See more pics below of actresses who have taken the iconic roles of a lifetime.