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Rose then throws the necklace off the Keldysh, just above the Titanic. By throwing the necklace into the Atlantic ocean, Rose finally lets go, becuase she is ready to make peace with Jack and the other Titanic victims, as she is finally ready to die, and can now no longer go on.
The necklace was fashioned from a blue diamond and worn by Louis XVI. The Heart of the Ocean is modeled after the Hope Diamond. It is said that shortly after his execution in 1793 that the diamond was recut into the heart shape and became known as the Heart of the Ocean. The story is much like that of the Hope Diamond except that the Hope Diamond was worn by Louis VIV in a necklace rather than a crown. The Heart of the Ocean resurfaces in a drawing of first class Titanic Passenger Rose DeWitt Bukater played by Gloria Stewart and Kate Winslett in the film.