While finding out who won best picture is all well and good, there is a far more important reason we tune in to watch the Academy Awards – fashion!

Glenn Close's Diamond Jewellery at the Oscars (Photo Credit: Mingle Media TV Network)

Don’t deny it. You know you have fun looking at (and critiquing!) what your favourite celebrities are wearing. And it’s not just the clothing; accessories – especially jewellery – often take centre stage. Every year, the stars shine while showing off amazing necklaces, rings, bracelets, earrings, and more. These are pieces of jewellery worth hundreds of thousands, and even millions, of dollars!

The 2012 Oscar ceremony was no exception, despite the 84th Academy Awards being a bit of a throw-back with a silent film taking Best Film and two Octogenarians nominated for Best Support Actor. Even the jewellery itself called for a bit of nostalgia with many stars opting to go for classic elegance over modern styles.

Necklaces weren’t as popular as in other years, and those that did get shown off on the red carpet were not big or bold. Instead, the trend seemed to be toward more subtle and traditional styles, such as the Riviera-style necklace from Chopard worn by Penelope Cruz (along with diamond ear clips). Natalie Portman also went simple and elegant with a V-shaped diamond necklace and diamond earrings.

Gwyneth Paltrow at the Oscars (Photo Credit: Mingle Media TV Network)

Other earrings also followed this trend towards the classic with most at modest lengths, such as the diamond dangle earrings from Neil Lane worn by Octavia Spencer, the diamond drop earring worn by Angelina Jolie, and the 18k white gold earrings with round brilliant-cut diamonds worn by Glenn Close.

But size did come into play for rings and bracelets, with many actresses testing out the old “bigger is better” mantra. There were many large, beautiful cuffs, such as the one worn by Gwyneth Paltrow. From Anna Hu Haute Joaillerie, the million-dollar Hearts of Winter cuff bracelet was made of 2,368 rose-cut, round diamonds and weighed in at a whopping 163 carats! Her double hoop Duchess Hibiscus Ring (valued at $160,000) was 18-karat white gold and set with rose-cut, round diamonds and purple sapphires.

Leslie Mann's Sapphire Jewellery at the Oscars (Photo Credit: Mingle Media TV Network)

Many actresses, including Octavia Spencer, Milla Jovovich, Meryl Streep, and Melissa McCarthy, also sported sparkling clutches to complete their ensemble.

The most popular gemstones sparkling on the red carpet were emeralds and diamonds, and green, red, and blue would have won the award for most pervasive colours. Thankfully, the vast majority complemented the outfits nicely, such as the very beautiful sapphire dangle earrings worn by Leslie Mann.

Some brands that were noted include Harry Winston (worn by the beautiful Jessica Chastain, who seemed like she was in everything this year), Fred Leighton (likely winner of Most Worn, with Meryl Streep, Emma Stone, and Michelle Williams all donning his brand), Chopard, and Piaget, as well as pieces by famous jewellery designers Lorraine Schwartz (worn by Stacy Kiebler, George Clooney’s date) and Neil Lane. Surprisingly, Tiffany was not prominently featured on the red carpet, except for the million-dollar jewellery diamond necklace choker worn by Cameron Diaz.

Michelle William's Diamond Necklace at the Oscars (Photo Credit: Mingle Media TV Network)

If you’ve got a big evening planned soon, you could do worse than taking your cues from the celebrities at the big event this year. Keep it simple and classic with your necklaces and earrings – save the real jaw-dropping jewellery for your bracelets and rings. And if you really want to catch the celeb fashion wave of the moment, find a fancy, diamond-studded clutch while you’re at it!

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