Miss Universe 2014 crown
Encrusted with 311 small polished diamonds, the newly crafted Miss Universe crown weighs 411g. Miss Universe Organization

All the 88 contestants from across the globe have unveiled the new diamond encrusted Miss Universe crown.

Created by pageant's sponsor, Diamonds International Corporation (DIC), the crown marks the beginning of a decade long relationship between DIC and the Miss Universe Organization.

DIC will also make crowns for the next ten Miss USA and Miss Teen USA titleholders.

"The new Miss Universe crown was designed to blend the Czech roots of DIC with the beautiful skyline of New York City, home of the Miss Universe Organization and its titleholders," the organisers of the beauty pageant said in a statement.

"Craftsmen spent over 3,000 hours to create this beautiful and timeless crown with a very unique infrastructure, inspired by design elements of various royal crowns throughout history."

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The crown, the makers say, is a symbol that will truly capture the elegance, poise and beauty of the titleholders. It symbolises and expresses the beauty, stability, confidence and power of women around the world, according to Miss Universe Organization.

The newly crafted Miss Universe crown weighs 411g and has an estimated value of $300,000 (£200,140).

It contains 33 natural, translucent and colourless Bohemian crystals that are cut, polished and metalised on the rear side to enhance light reflection.

Five large light blue topaz stones, each weighing 18.6 karats, adorn the crown. According to the makers, these stones symbolise strength and loyalty.

The crown also features 198 dark blue sapphire stones, symbolising faith and wisdom, weighing a total of 29.7 karats.

Encrusted with 311 small polished diamonds that weigh 10.37 karats, the crown has a base consisting of 18-karat white gold strip that is two cm tall, 0.5 mm thick and weighs 220g.

The crown has been kept in a case made from the highest quality Italian leather.

One of the lucky contestants will adorn the new crown at the 63rd annual Miss Universe pageant in Doral, Miami, tonight. Click here to watch the event live.