'Around the islands of Cubagua and Margarita, some 200 km north of the Venezuelan coast, was an extensive bed of pearls. One of them, the Peregrina, was offered to the Spanish queens. This pearl later became very famous when Richard Burton purchased it for his wife Elizabeth Taylor.  The most famous Margarita necklace that any one can see today is the one that then Venezuelan President Romulo Betancourt gave to Jaqueline Kennedy when she and her husband, President John F. Kennedy paid an official visit to Venezuela."