The 48-year-old actress has been working in showbiz since she was just four years old and at the age of seven she was cast as Mytyl in George Cukor's fantasy film 'The Blue Bird' in which the late screen icon portrayed the Queen of Light.
In between takes, Taylor took a shine to young Patsy and would let her play with the 33.19-carat diamond that was bought for her by her two-time husband Richard Burton in 1968.
As a child, Patsy had no idea what she was holding in her hands but she can recall her mother Margaret being terrified she would lose the precious gemstone.
In an interview with The Daily Telegraph newspaper, she shared: ''Me and Elizabeth Taylor would play catch with her Krupp Diamond and she used to let me wear it, too. I remember my mother's heart being in her mouth because she always thought I was going to lose it.''
The Krupp Diamond, now known as the Elizabeth Taylor Diamond, was among a number of significant pieces of jewellery owned by 'Cleopatra' star Taylor; her expensive collection also included the 68-carat Taylor-Burton Diamond, which was bought by the couple in 1969.
After Taylor's death in March 2011, The Krupp Diamond was sold by her estate later that same year for $8.8 million.
Patsy - who can currently be seen in ITV drama series 'Tina and Bobby' about late England soccer captain Sir Bobby Moore alongside Michelle Keegan - met many major stars in her childhood and she can vividly remember going to ballet lessons on Saturdays at the Bolshoi Ballet and seeing acclaimed Soviet ballerina Ludmila Semenyaka.
The 'Lethal Weapon 2' actress said: ''It was fantastic, although I was no swan, believe me. I remember Ludmila Semenyaka, who was the prima ballerina, arriving in this full-length fur coat. I was just smitten.''
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