I like it! The curve of the neck coming out of the shadows and the angle of the head is very graceful. The lighting is spot on, highlighting the contours well. I just keep getting the feeling I have to pull that piece of hair under the necklace out......
I thought about taking a similar picture (but did not). I would have tried to make a picture real close, showing the neckline and juwelry, emphasising the gracefull lines. Now it is less sure what the subject is.
Nice composition and exposure, I can see how a person would percieve this as a subject for the contest.
The lighting seems rather flat, as if she is almost 2 dimensional. Was she illuminated by an on camera flash? If so, I might suggest picking up an optical slave (if you don't already own a slave) to help provide some key lighting for highlights in future images. Another (off camera) light source would add a whole new dimension to this image.
This is probably just a matter of personal taste but the dark eyemake up, multiple earings, and the spot on her nose (?) don't suggest grace to me. The rest of the clothing does... black dress, necklace, and hair style do portray that image.