Los Angeles, California, 90027

Everyone from Angelina Jolie to Heidi Klum displayed their finest diamond jewelry and gemstone jewelry in Los Angeles last night at the 81st annual Academy Awards.

Jolie, who was nominated for Best Actress, looked fabulous in a black Elie Saab Couture gown accessorized with a 65-carat Colombian emerald ring and 115-carat emerald earrings from Lorraine Schwartz.  Lorraine Schwartz has been the hottest name in diamond jewelry lately, dressing everyone from movie stars to First Lady Michelle Obama.

Other celebrities wearing Lorraine Schwartz to the 2009 Oscars included Beyonce, with her yellow-gold diamond leaf Lorraine Schwartz rings, and Heidi Klum, whose $900,000 worth of Lorraine Schwartz diamond jewelry complemented her asymmetrical Roland Mouret gown.  Klum wore the bold crimson gown to draw attention to the Heart Truth campaign, which raises awareness about heart disease among women.

Best Supporting Actress nominee Amy Adams made the largest jewelry statement of the evening, topping off her crimson Herrera bustier dress with a Fred Leighton bib necklace that contained 39 carats of diamonds and 630 carats of emeralds, rubies and sapphires.  But the Oscar winner for Best Supporting Actress, Penelope Cruz, also scored with her outfit: a 60-year old vintage Pierre Balmain gown which she accessorized with a whopping $3 million worth of Chopard diamond jewelry, including a 69-carat diamond necklace. 

Other fashion winners included Best Actress Kate Winslet with her Chopard diamond bracelet, Halle Berry with her H. Stern diamond jewelry, and Marisa Tomei with vintage jewels from Van Cleef & Arpel that included a 1941 diamond and sapphire bracelet, a 1960 diamond ring, and 1973 lapis and diamond earrings.