As millions of Americans struggle to pay their monthly bills, the word on Main Street is that this is no time for the affluent to be showing off with flashy cars and lavish jewels.
But over in Hollywood, the show does goes on, with the biggest stars of movie and TV dressing up in diamonds and gemstones for the winter awards season, thus providing that window into the glamorous life the public so craves.
Fears that the economy might inspire drab attire and pared-down accouterments at shows such as the 81st Annual Academy Awards, 66th Annual Golden Globes and the 15th Annual Screen Actors Guild (SAG) Awards proved to be unfounded, with color and flash out in full force.
Pulled-back hair, fishtail-style gowns and classic diamond jewelry were among the style hallmarks of the Oscars, with Hollywood's leading ladies forgoing potential fashion risks and instead turning to elegant, sophisticated looks. In terms of jewelry, the most popular combination appeared to be diamond studs or drop earrings paired with a diamond ring and diamond bracelets at the wrist.
Kate Winslet, who snagged the Best Actress award, accepted her Oscar in a Chopard bracelet featuring 117 carats of multi-cut diamonds, which she paired with pear-shaped diamond cluster earrings in platinum and a diamond ring.
At the Globes, statement necklaces made a major appearance. Actress and singer-songwriter Beyonce donned a dazzling Lorraine Schwartz platinum loop necklace featuring a whopping 200 carats of diamonds, and Eva Mendes sported a much-talked-about collar-style turquoise and diamond necklace from Van Cleef and Arpels. Meanwhile, at the SAG Awards, diamonds falling all at once from the ears, neck and wrist proved ubiquitous, with actress Christina Applegate serving as a prime example by wearing looped diamonds-by-the-yard necklaces, stacked diamond bangle bracelets and drop-style diamond hoops, all by Lorraine Schwartz.
Michael O'Connor, a style expert and consultant for Platinum Guild International USA, says the stars excelled in playing the roles that they know best: being celebrities.
"A lot of people asked [prior to the shows] if the mood was going to be more somber, and my thought on that is that people don't go to the movies to live in their own reality, and they don't watch any awards shows to be in their own reality," he says. "I believe that if Hollywood did not dress up and really look glam, they were not doing their job, which is helping to alleviate people's reality and the stress of everyday life."
Andrea Hansen, international communications director for Brazilian jeweler H. Stern, had similar thoughts.
"At the end of the day, do we appreciate [celebrities] for the entertainment they bring or do we want them to emulate us?" she asks. "They have to make good movies; that's what they are paid for. They are not paid to fix the economy."
Hansen says that while a few socially and politically minded celebrities laid low amid the economic downturn (Angelica Huston, for example, skipped the September Emmy Awards, which took place the week Lehman Brothers closed), Hollywood remains relatively insulated, and box-office revenues remain strong, paving the way for business as usual.
Michael Coan, the chair of the jewelry design department at New York's Fashion Institute of Technology, says Hollywood has not, historically, dialed down the glamour in tough economic times.
"If you look at the 1930s, [the times] couldn't be more depressing than they are now," he says, noting that the era was a heyday for Hollywood glamour. "I think the ostentation is going down, but the elegance is in. Overall, they're going classic, as people do in times of trouble."
Classic diamond jewelry, including studs and small drops, had a strong showing at both the Golden Globes and the SAG Awards.
Newcomer Freida Pinto, a breakout star from the film Slumdog Millionaire, wore a bolder look to the Globes, but at the SAG Awards, she donned more traditional diamond designs from Martin Katz: drop earrings, a blue and white crossover ring, and a seven-row bracelet, topped off with a second bracelet in her hair.
And some of the shows' biggest winners wore simple diamond looks too, including 30 Rock's Tina Fey, in Judith Ripka stacked diamond bracelets and diamond pendant earrings at the SAGs, and Kate Winslet, who chose Chopard oval-shaped diamond drop earrings and a five-row diamond bracelet for the Globes.
Coan says that celebrities appeared to be most playful with their choice of earrings.
"They're bold, large and oval," he said, calling out a prevalent drop-hoop style at the SAG Awards.
Consumers can easily emulate the bold earring designs, such as those worn by Applegate and the yellow gold and ruby Bochic pair chosen by Jane Krakowski for the SAG Awards, Coan says.
"The outline is very replicable and that's very important to know," he says. "Everything they were wearing in jewelry can be modified to any price point."
And in terms of diamond jewelry, customers may be asking jewelers for lower-carat-weight versions of Hollywood pieces they like, but experts say it's a good time for sales associates to emphasize the idea of "fewer, better things," as promoted in De Beers' 2008 holiday campaign.
"Fashions come and go, but during a recessionary period, what you have to do is invest in pieces that you can mix and match with your outfits to create totally different looks," O'Connor says.
From Hollywood to hockey moms
--Classic diamond jewelry will always be a winner. Emphasize the lasting power and versatility of traditional designs.
--Hoop earrings, from small diamond versions to oversized drop styles, were red-carpet favorites, but lightweight versions offer a big look without the big price tag.
--Style expert Michael O'Connor and H. Stern's Andrea Hansen both call out long chain necklaces, which can be worn in numerous ways: long and simple, layered a few times around the neck or twisted around the wrist.
