In 1719 Peter the Great (1672-1725) established the Diamond Fund, in order to organise the riches accumulated by the Romanov dynasty. An inventory was created and detailed procedures were set out for storing the treasures behind three locks, with three officials each having a key to a single lock. Jewels could only be removed by an order from the Tsar himself and were stored in the Diamond Room of the Winter Palace, St. Petersburg, under the care of an appointed keeper.
Over the centuries the Tsars amassed an enormous quantity of personal jewellery and precious objects. Outwardly Peter the Great espoused austerity, but his own purchases of jewellery for his wife, Catherine, and their daughter Elizabeth, equal around a fifth of the total of the Diamond Fund. Catherine II (1729-1796) acquired jewels which account for two-fifths of the Fund, however, she lived at a time when jewellery was being made to a very high standard and she would certainly have had access to the most skilled of makers. About a quarter of the Fund’s inventory is accounted for jointly by Alexander I (1777-1825) and Nicholas I (1796-1855) with the balance acquired by later Tsars.