The Canadian model aspires to look as elegant and sophisticated as the late Hollywood icon and is a big fan of the screen siren's vintage jewellery in particular.
She told Nylon.com: ''I've always been obsessed with Elizabeth Taylor's style. I got to see her jewellery collection a few years back and it was completely unbelievable. She had amazing style and I can only hope to one day be that glamorous in my everyday life.''
Coco believes jewellery is best when it has sentimental value and admits nothing will ever top the custom-made wedding band her artist husband James Conran designed for her in 2010.
The 25-year-old star enthused: ''My wedding ring will always be my most treasured piece. My husband James designed it himself and I had no idea what it would look like. He created a really classic timeless ring which makes me think of him every time I look down at my hand.''
Coco has collaborated with accessories company BaubleBar on a line of jewellery, priced from $24 to $68, and says her go-to piece of choice is a bling-tastic necklace.
She added: ''I definitely lean more towards statement necklaces. An earring or bracelet can be covered by clothing or hair but the necklace is always out there, always a conversation piece.''
Take a look back at October's inaugural event.
The film is expected to continue without Mendes' involvement.