Beyoncé is the first black woman to wear the iconic Tiffany diamond

(CNN) -- Beyoncé made fashion history by becoming the first black woman to wear the iconic 128.54-carat Tiffany diamond.

The Grammy-winning performer dons the stunning piece of jewelry, which features one of the world's largest yellow diamonds, as she and her husband, rapper Jay-Z, become the faces of the new campaign. About Love" by Tiffany & Co.

"Love is the diamond that jewelry and art decorate," the power couple said in a press release on Monday.

The Tiffany diamond was originally unearthed in South Africa in 1877.

Since then it has been worn by Mary Whitehouse, wife of US diplomat Edwin Sheldon Whitehouse, Hollywood icon Audrey Hepburn and singer Lady Gaga.

Beyoncé and Jay-Z's photo shoot marks the first time the diamond has appeared in an ad campaign, Tiffany's said in the news release.

Beyoncé shared some of the images of her on her Instagram page.

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— Daniella Mestyanek Young 🇺🇸🇧🇷🇲🇽 Tue Apr 06 17:04:06 +0000 2021

In one of the photos, Jay-Z, 51, leans back in a chair as he watches the "Lemonade" singer channel her inner Hepburn in a black dress, paired with black opera gloves and an elegant updo hairstyle. A painting from Jean-Michel Basquiat's private collection called "Equals Pi," which resembles the signature Tiffany Blue, serves as the backdrop.

Jay-Z adds some luxury to his black tuxedo by wearing Jean Schlumberger's legendary "Bird on a Rock" brooch, reconstructed as a unique pair of cufflinks.

"Beyoncé and Jay-Z epitomize the modern love story," Alexandre Arnault, executive vice president of product and communications, said in the statement. "As a brand that has always represented love, strength and expressiveness, we couldn't think of a more iconic couple that better embodies Tiffany's values. We are honored to have the Carters as part of the Tiffany family."

The "About Love" campaign, shot by Mason Poole, will launch globally on September 2.

As part of the collaboration, Beyoncé and Jay-Z also shot a publicity video that will feature Beyoncé's performance of "Moon River," the famous song from the 1961 film "Breakfast At Tiffany's."

Audrey Hepburn, about to start filming on Breakfast At Tiffany's, is wearing one of the most expensive diamond necklaces in the store. Credit: Bettmann/Getty Images

Tiffany & Co has said it will donate $2 million for scholarship and internship programs for Historically Black Colleges and Universities (HBCUs). These are institutions of higher learning in the US created before the Civil Rights Act of 1964 and designed to serve the black community.