05/15/2014 09:49 EDT | Updated 05/15/2014 09:59 EDT

Nicole Kidman's Cannes 2014 Dress Is Fit For A Princess (Of Monaco)

Nicole Kidman should be officially declared the princess of Cannes 2014!

The Aussie actress channeled her inner royal at the "Grace of Monaco" premiere and opening ceremony on Wednesday, wearing a breathtaking Armani Privé dress and a romantic side-swept ponytail (a style that Blake Lively also used for her Cannes appearance).

The strapless blue gown featured exquisite silver embellishments, dreamy paillettes, detailed embroidery and several skirt layers (including a gorgeous lace overlay) that made it the perfect gown for the glamorous festival.

Of course, one can't pose on the Cannes red carpet without a bit of bling! The 46-year-old added even more sparkle to her ensemble with a diamond bracelet and diamond earrings, all from Harry Winston.

Kidman, who plays the late Princess Grace of Monaco a.k.a. Grace Kelly in the film, kicked off the festival with a bang, wearing two other chic outfits, including a black curve-hugging Alexander McQueen and a dreamy white Altuzarra look.

Unfortunately, her film hasn't been getting the greatest of reviews, with the Guardian calling it, "a royal biopic worse than 'Diana.'"

Well, at least Nicole's red carpet prowess is still spot-on.

Check out more looks from the 2014 Cannes Film Festival:

Photo gallery Cannes Film Festival 2014 Red Carpet See Gallery