The Queen of Spain wowed in a black velvet halterneck dress with embellishment down the front, by the designer Teresa Helbig.
This halterneck dress is no longer in stock so it is unclear how much the garment cost, however Letizia does not appear to have worn it before.
Queen Letizia accessorised with earrings designed by Spanish jeweller, Joyería Coolook.
Specifically, the Queen opted for “Venus Hoop Earrings in White Zirconia” which she has worn since 2018.
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Letizia then wore her classic black slingback pumps boasting an elevated vamp, a pointed silhouette and a stiletto heel from Carolina Herrera.
These black open-heel shoes feature a red lining to add a nice touch of glamour.
The Queen also carried her Felipe Varela “Black Satin Clutch bag” for the occasion.
Finally, Queen Letizia accessorised with her iconic Karen Hallam ring.
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The gold-plated sterling silver ring is from Karen Hallam, a Spanish brand set up by a designer originally from London.
The ‘Signature Ring’ as it is known, is sold from anywhere from £93 to £724, depending on the size of ring you purchase.
Smiling and happy, the heir to the throne Princess Leonor looked confident in her very flattering pink trouser suit with a matching pink jacket for this occasion.
She also could be seen wearing a black blouse underneath.
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The royal, who is studying overseas in Wales, completing her high school studies at UWC Atlantic College, returned to Spain for the annual awards concert.
Infanta Sofía, meanwhile, wore a dress by The Are at the Princess of Asturias Awards Concert.
The teal mini dress was long-sleeved and cinched in at the waist.
Royal fan @RegalFille tweeted: “Spanish royal ladies are out tonight to kill.”
Another fan, @Dama_Cristal, commented on Princess Leonor’s wavy hairstyle, writing: “Leonor is inspired by Letizia’s ‘news hair’ for the Princess of Asturias Awards concert.
“In love Letizia’s velvet and jewel neckline!”
Similarly, @Informalia added: “Letizia is pure glamour with a Hollywood look.”
Referring to a blue dress Queen Letizia wore earlier this week, @Jaleos_EE said: “Letizia, spectacular, repeats formula and shows off her back for the second time in the same week.”
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