Will Oscar Stars Shine In Jewels When The Country's In The Red?

As Hollywood gears up for its most glamorous night, many wonder — with the country in a recession, will celebrities be seen wearing millions of dollars in diamonds?

"Would you really want to tune in and see a bunch of women walking down the red carpet in black pantsuits?" Hal Rubenstein, the fashion director of InStyle Magazine tells the Los Angeles Times. "It's a recession, not an apocalypse."

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In the past, celebrities have proudly touted jewelry worth tens of thousands of dollars. Last year, Nicole Kidman wore a 1,399 carat-diamond necklace to the Oscars. Even this year, Beyonce wore her hair in a ponytail to the Golden Globes to display her 200-carat Lorraine Schwartz diamond necklace.

Hollywood is often seen as an escape for many. While much of the country is battling financial hardship, they can forget about their problems for a night by tuning into an event like the Academy Awards.

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Celebrity stylist Rachel Zoe told the newspaper, "There are still movies and movie stars and designers doing fashion shows. My attitude is: Let's put a smile on people's faces even if it's just for an hour."

Still, even the Oscars will be scaling back somewhat this year. The gift lounges are no longer offering many of their extravagant gifts such as the "diamond facial," Oscar parties are using recycled decorations from the past, and many designers are not offering up their million dollar accessories.

Although celebrities aren't expected to forgo their jewels entirely, many stars are expected to only display one signature jewelry item, and many could be wearing colored stones instead of diamonds.

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And at the end of the night, when the cameras stop rolling, even the richest and most glamorous of stars will return their jewels.

As George Kotsiopoulos tells the LA Times, "The jewels go back, the dresses get returned and even the elegant chignons fall into disarray.

"Everyone knows it's make-believe. Everything is borrowed."

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