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The letters K & P" separated by an ampersand is the maker's mark denoting a specific manufacturer, designer or brand.
18ct is the gold purity; it denotes high-quality solid gold. 18ct yellow gold was favoured during the Victorian and Edwardian eras because its rich, buttery, yellow colour was a perfect background to bring out the "play-of-color" in Opal gemstone Jewelry.
Queen Victoria delighted in Opal Jewelry and whatever Queen Victoria decided was in fashion , her loyal subjects followed.