Leonardo DiCaprio and Cameron Diaz in Monaco for TAG Heuer event

This weekend stars are making their rounds along the south of France as the Cannes Film Festival wraps up.

And on Saturday Leonardo DiCaprio and Cameron Diaz jet-setted to Monaco for Tag Heuer's 50 Years of Carrera event at the 2013 Formula 1 Grand Prix.

The pair were on hand to mark the anniversary of the release of Tag Heuer's iconic timepiece, both promoting their own collaborations with the upmarket Swiss watchmaker as they've both as brand ambassadors in video and print advertisements.

Leo, who has taken to promoting a litany of environmental causes over the years, created a partnership with Tag Heuer that for every specially designed TAG Heuer Aquaracer 500M Leonardo DiCaprio Limited Edition watch sold, a portion of the proceeds will benefit the Natural Resources Defense Council and Green Cross International.

But the former teen heartthrob, dressed in a black suit and an unbuttoned blue shirt, didn't seem too concerned about promoting his watch line as he kept his hands hidden in his pocked as he made his way down the red carpet.

Cameron on the other hand was proud to show off her strappy gold timepiece, posing with her right arm prominently placed on her hip and shoulder as she dressed her fit figure in a body-hugging white shift dress.

The 40-year-old has used her star power to benefit and raise awareness for global programmes that empower women, including UN Women.

'I am deeply appreciative that TAG Heuer shares my desire to support women who are not free to pursue even the most basic goals, simply because of their gender,' the Bad Teacher star said in her company bio.

The Bad Teacher star's red carpet appearance comes hours after her arrival in nearby Nice as she plans to attend the closing weekend of the Cannes Film Festival.

Leo has been in the French Riviera for several weeks promoting his latest film The Great Gatsby, which was among the first films to play in front of the star-studded audiences at the prestigious festival.