The egg has been cut out of a solid piece of heliotrope jasper, also known as bloodstone. It has then been decorated with gold and brilliants in a rococo pattern. The inside is lined with green velvet, and when you open it, the surprise is revealed as...
...a miniature replica of the Imperial Russian Navy cruiser "Pamiat Azova" ("The Memory of Azova"). This tiny ship has been constructed with platinum and red and yellow gold, with small diamonds for windows. The name "Azov" even appears on the ship's stern.
The whole thing has then been set on a piece of aquamarine, representing water.
The Pamiat Azova itself, was built for the Imperial Russian Navy in the late 1880s. In 1909 she was taken from front line service and converted into a depot ship. During the Russian Civil war she then sunk by British torpedo boats.
The "Memory of Azov Egg", was made to commemorate the voyage made by future Tsar Nikolai and Grand Duke George, a trip made after a suggestion by their parents to broaden their views.