Gorgeous Juliana (D&E) necklace. This set has what is called in Anns' book Gold Fluss cabochons with this one being red but I have also seen them called red foiled cabochons. These gorgeous cabs are accented with red, topaz and AB rhinestones. The metal is gold toned. This necklace is extremely hard to find. Great shape.
Other pieces of this design are shown in the book Juliana Jewelry Reference on page 120 and first seen in the design books in 1966. This necklace in other colors is also shown in the book The Art of Juliana Jewelry on pages 55 & 58.