The Duchess of Sussex, Meghan Markle and Prince Harry released their first portrait since giving up their Royal titles- but it’s what Meghan Markle might be wearing that has the internet abuzz.

In the new black and white photograph shot by celebrity photographer, Matt Sayles the couple can be seen sitting side by side as they share a smile. Meghan Markle is rocking her now infamous long, loose waves while sporting a suit by Alexander McQueen. Royal fans everywhere, however, have zeroed in on the watch the Duchess is wearing on her left. Because the watch is pretty much identical to one that Princess Diana would often wear, fans from around the world believe the Duchess is paying homage to her late mother-in-law.

If the watch is in fact Princess Diana’s, this would not be the first time that Meghan Markle dons her mother-in-laws jewelry. On the day of the Royal Wedding, Meghan Markle was photographed wearing Princess Diana’s aquamarine ring, a piece she has worn multiple times since.

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Meghan Markle’s engagement ring also pays tribute to her late mother-in-law. Prince Harry had the custom-made engagement ring made with stones from Botswana, and also included two small diamonds that had previously belonged to Princess Diana. Many would be surprised to find that Princess Diana’s jewels were always meant to be for her son’s future wives. In fact, in a letter referred to as the “letter of wishes”, Princess Diana explained exactly what she wanted done with her jewels, “I would like you to allocate all my jewelry to the share to be held by my sons” she wrote. “So that their wives may, in due course, have it or use it.”

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However, some fans are speculating this could be a watch Meghan Markle actually bought for herself a couple years back. Speaking to a source back in 2015, Meghan is quoted as saying, “When I found out Suits had been picked up for our third season which, at the time, felt like such a milestone, I totally splurged and bought the two-tone version.” The Duchess of Sussex, referring to the two-tone Cartier French Tank Watch valued at about $20,000. If the watch is indeed Meghan’s own, it speaks to her incredible independence and should inspire all of us to treat ourselves every now and again.

TORONTO, ON – MAY 19: Actress Meghan Markle attends Sephora Unveils Toronto Eaton Centre Remodel at Toronto Eaton Centre on May 19, 2016 in Toronto, Canada. (Photo by GP Images/WireImage)

So what do you think, is the watch Princess Diana’s? Let us know your thoughts in the comments below.