Princess Charlene Makes an Elegant Entrance in Glittering Gown at Monaco's Red Cross Ball Gala

Princess Charlene looked elegant as ever as she and her husband Prince Albert II made their entrance at Monaco’s annual Bal de la Croix Rouge on Friday.

Charlene, 40, wore a silvered Versace floor-length gown, which she accessorized with glamorous jewelry from Repossi.

Meanwhile, Albert, 60, wore an off-white tuxedo jacket, which he paired with black pants and a red bow tie.

Speaking with PEOPLE ahead of the 70th anniversary of the black-tie event, Albert, who serves as the event’s patron, called it the highlight of the principality’s summer calendar.

“The Red Cross Gala is unique,” he said. “There’s great history there. It’s the highlight of the summer in terms of social and charity events.”

RELATED: Prince Albert Reflects on Mom Princess Grace’s Influence on Monaco’s Most Glamorous Night

Albert discussed event’s history, explaining that even though the annual ball started under his father, Prince Rainier, it really took flight under his mother, Princess Grace: “Pretty soon after their wedding, in ’58, Mom took it on and then, it became something else.”

Employing Hollywood contacts and her personal style, Grace transformed the bash — infusing it with celebrity guests, fashion designers and top entertainers.

“I remember we would see Mom and Dad get ready for it when we were kids,” the Prince recalled. “It was always something to see. I didn’t attend it until I was 16. But I haven’t missed too many years since then.”