The former Victoria's Secret Model - who has been romantically linked with the billionaire over the last year, despite repeatedly insisting she is single - was given a pair of stunning diamond earrings by the Australian tycoon around a month ago.
A source said: ''He bought them for her about four weeks ago.
''They're amazing earrings - the sort of Christmas baubles every girl wants!''
Though the 31-year-old beauty - who split from Orlando Bloom in 2013 after three years of marriage - recently insisted she is ''single, very single and really happy to be single'', friends claim she and James are still dating casually.
A source told Australia's Woman's Day magazine: ''They still see each other when they're in the same country but also see other people.''
Perhaps Miranda received her gift early to avoid awkwardness with her former spouse as the 'Lord of the Rings' star recently revealed they are spending Christmas together for the sake of their three-year-old son Flynn.
Orlando said: ''He's four in January. So his mom is really close, which is great. So we'll be able to do Christmas together.
''Her family, my family. We'll all kind of come together.''
'No Turning Back' was released on this day (January 3rd) in 2003.
Bastille rocked up at The Winter Gardens in Margate for their 'Doom Days Club Nights' tour, making sure they were playing in more unfamiliar towns...
Stealing Sheep made their way down to Elsewhere in Margate to put on their wholly unique and utterly captivating live show.
Listen to her new single 'Down'.