09/22/1998 AT 12:00 AM EDT
Elizabeth Taylor will be made a Dame by Queen Elizabeth in a ceremony in London on May 24, reports Reuters. The Oscar-winning actress ("Who's Afraid of Virginia Woolf?," "Butterfield 8"), who was born in London, will also receive a "Diamond Tribute" for her work on screen by Britain's Film Institute. While holding court at Buckingham Palace, La Liz, 68, will take the opportunity to host a charity gala to benefit AIDS and will reportedly donate diamond jewelry for an auction. Meanwhile, an American star of the small screen, Barbara Walters, also 68, will be receiving a lifetime achievement award at the May 19 Daytime Emmy Awards ceremony. The Hollywood Reporter says that the National Academy of Television Arts & Sciences has asked Oprah Winfrey to present the Emmy to Walters at the ceremony at Radio City Music Hall in New York.