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The Oscar hangover continues, jewelry hounds, with a glittering jewelry wrap-up of the after party circuit. The stars attended a bevy of bashes post-Oscar, including the Elton John AIDS Foundation party, Fox Searchlight's celebration and, of course, the always A-list Vanity Fair soiree.

Many of Hollywood’s biggest stars skipped the ceremony altogether, making their first appearance on the Vanity Fair red carpet, including Madonna who was wearing over $1 million in Neil Lane diamond jewels, including layers of black and white diamond beads (500 carats in all), a 50 carat diamond and onyx bracelet, 20 carat pear-shaped diamond earrings and a large cocktail ring.


















Other diamond divas included the always-stunning Kate Beckinsale in huge diamond loop earrings, red carpet staple, Sheryl Crowe, in diamond chandeliers, and the ageless Joan Collins in vintage diamond drops and a diamond cuff as icy as an Alexis Carrington glare. Meow.


















Gold glittered on JT main squeeze, Jessica Biel, Halle Berry, and Debra Messing; and Uma Thurman, Reese Witherspoon, Carrie Underwood and Gwen Stefani kept it classic with simple diamond statements.


















While Angelina and Brad didn’t show to rub elbows with Jen and John (big surprise), Sean Penn and ex, Madonna, shared the same space as did Reese Witherspoon and Ryan Phillipe, who reportedly shunned each other as they walked by arm in arm with their current loves, Jake Gyllenhaal and Abbie Cornish.

Meow indeed!

Let's face it. We're all still drooling over Angelina Jolie's jaw-dropping emerald earrings. Am I right?

We're all wondering how much they cost - and most importantly - how on earth can we afford a pair of our own?

While I am still researching the Lorraine Schwartz price for those jewelry hounds who are gluttons for punishment - I have great news for folks who want to get the same Angelina emeralds for a fraction of the price!

The new Jewelry.com has a brand new feature called, Celebrity Style, where they focus on important celebrity looks you can get for a lot, lot less. Angelina's emeralds, Kate's diamonds, Heidi's earrings and more are featured in the freshly posted Oscar feature.

Check it out here!

Aside from the much-anticipated Angelina Jolie / Jennifer Aniston showdown, jewelry fashion was the talk of the town leading up to last night’s Oscar telecast. Diamonds? Gemstones? Gold? Would the stars bring out the bling, or would the economy force the A-list to keep the diamonds on the down-low?

Well, thank the jewelry gods above that the stars ignored the gloom and doom-ers and positively lit up the red carpet with jewels – from giant statement looks to tasteful, show-stopping diamond glamour.

The Statement Makers included a fiery Amy Adams in red Carolina Herrera and a lobster bib-sized Fred Leighton gemstone statement necklace from the 1950s, a sparkling Taraji P. Henson in Roberto Cavalli and a vintage diamond flower necklace - also from Fred Leighton, and Heidi Klum who rocked a Roland Mouret red dress with $900,000 worth of Lorraine Schwartz diamond jewels. And, of course, my winner of the night, Angelina Jolie, in Lorraine Schwartz emeralds, who reminded me how much fun it is to gasp aloud at the televsion.


















Light colors with tasteful diamond looks also made a frequent appearance last night. Oscar-winner and Woody Allen muse, Penelope Cruz, looked stunning in vintage Balmain and a 69-carat cushion cut diamond necklace, a 21-carat starburst yellow diamond ring, and 11-carat diamond stud earrings - all from Chopard. That’s $3 million in diamonds in case you were wondering. Odios Mio!

And Anne Hathaway surprised us all with her musical-theater skills and her impeccable fashion sense as she glowed in Armani Prive and Cartier. I take back every evil pants-suited remark I made, Anne, after boo-hooing my way through that Shirley MacLain tribute to you.

Also on the light side of fashion was Marisa Tomei in Versace and vintage jewels from Van Cleef & Arpels that included a 1941 diamond and sapphire bracelet, a 1960 diamond ring, and 1973 lapis and diamond earrings.


















Color couture added a much needed rainbow effect as Natalie Portman was the prettiest in pink Rodarte and rocky diamonds studs, Freida Pinto stunned in purple Galiano and gemstone drop earrings, and Alica Keys shimmered in a lilac Armani Prive frock with jaw-dropping diamond-leaf earrings.



















And what is a red carpet without our Metallic Mavens? Viola Davis won the category in my book with a shimmering Reem Acra gold gown and a series of icey diamond bangles. Tina Fey, whose schtick with Steve Martin made me fall in love with her all over again, wore the most stunning silvery Zac Posen number I’ve ever seen on her. And Jennifer Aniston finally gave up the black (and the pants suit) for a bejeweled Valentino number with minimal bling.


















And much like Hugh Jackman’s bizarre interpretive Reader dance and the weird attempt to make a Wall-e/Jai-Ho mash up (Peter Gabriel was SO right to opt out of that one), there were some missteps worthy of mention.

Melissa Leo’s mismatched jewels did nothing to help her unfortunate gown choice, Beyonce totally misfired with this gaudy gold and black number from her mother’s line, and the ‘age appropriate’ police needed to arrest both Miley Cyrus and Sophia Loren. Not a good choice there, ladies.




















And I’m going to get flack for this, but I thought both Kate Winslet and Meryl Streep could have chosen better this year. And Sarah Jessica Parker was just a bit too Glinda the Good Witch for me. There. I said it.




















But all in all, the Oscars gave this jewelry hound a glittering night to remember full of worthy winners, fashion marvels and jewels, jewels, jewels. Weigh in with your own musings, jewelry lovers!

And stay tuned for my Oscar After Party jewelry remix with Halle "can your husband be any more gorgeous?" Berry, Madonna, Mickey Rourke's Loki choker and more…

I'm still sifting through the glittering jewelry looks from last night's Oscar extravaganza, but I'd like to just take a moment to revel in the beauty of Angelina Jolie's shocking Colombian emerald jewelry. If the jewels, the Oscar nomination, the front row seats and the arm candy wasn't enough to put Jennifer Aniston over the edge last night, I don't know what will.

While I am admittedly a card carrying member of Team Aniston, the quiet elegance of Angelina's black Elie Saab gown was perfectly complimented by her Lorraine Schwartz 115 carat emerald teardrop earrings and her silver dollar-sized 65 carat right hand ring. Bravo.
























Despite America's wish for a more dramatic Jen-Angie showdown, it appeared as if the main characters in our favorite media-contructed love triangle weathered the awkward Oscar storm well. Jennifer got through her tepid animation schtick right in front of the stoic couple without stumbling, and Brad and Angie mastered their "I'm so interested. No. Really." for her benefit.

But the emeralds, people. I'm thinking those green Colombian beauties will go down forever as one of Oscar's best jewelry moments. Am I wrong here? Have Angelina's wiccan ways seduced me over to the dark side? Who do you think won the showdown last night?

And stay tuned for more Oscar jewelry gabbing from the red carpet to the glittering after parties. The Amy Adams gemstone lobster bib look has me on the fence. Totally glam or unfortunately gaudy?

Last week, the New York Times featured a surprising editorial from a former jewelry store owner, Clancy Martin, who confessed he wasn’t a huge fan of many of his customers. He particularly dreaded the Valentine’s Day holiday, when last minute shoppers would grab any old bauble, throw it in a box and hand it over like it was anything but a special occasion.

“What upset me more was the ordinariness of the choices. You can give a pair of gold earrings to anyone. But Valentine’s Day is the one day when a present ought to express adoration. Valentine’s Day is for special gifts of intimacy.”

Now before you start to complain that times are tough and folks can’t afford more than a simple pair of gold earrings these days, Martin’s point isn’t that you should spend tons of cash on an expensive diamond or gemstone piece - it’s that the jewelry gift should have meaning.

Buy a pair of gemstone earring to match the color of her eyes, he suggests. Putting thought into jewelry gift giving is, as he wisely points out,

“…the opposite of conspicuous consumption, because it has nothing to do with showing off for others.”

I know I’m always pushing jewelry on every poor bloke who comes within earshot when it comes to gift giving, but I don’t mean that you should grab your nearest pearl strand and call it a day. There is a time and a place for baubles that don’t mean much. But more often than not, putting thought into the jewelry purchase couldn’t mean more. Especially on a day like Valentine's Day.

Click here for a full read of the New York Times editorial piece, and weigh in with your thoughts about the matter.

Does the guy have a heart, or is he just pushing more product?

With Fashion Week frenzy slowing moving into Oscar buzz, there has been much talk about how the economy is affecting jewelry choices on both the runway and the red carpet. Will the Oscars feature lots of bling this Sunday, or will folks leave their diamonds at home?

There are two schools of thought coming from Fashion Week designers and celebrity stylists. One, is to take it down a notch. Basic black littered the runways with jewelry looks relegated to one signature piece. I was stunned to see the elegance of Oscar de la Renta’s line feature more little black dresses instead of his usual floor length gowns. Donna Karan and Reem Acra also featured muted shades with a statement necklace to add sparkle.

But others insist the fashion world is the perfect escape mechanism. In other words? Bring on the bling.

"Would you really want to tune in (to the Oscars) and see a bunch of women walking down the red carpet in black pantsuits?" Hal Rubenstein, fashion director of InStyle magazine, told the Los Angeles Times.

"It's a recession, not an apocalypse."

Indeed!

While there may not be a need this year for Stuart Weitzman’s $1 million diamond shoes, I think people still want to see gasp-worthy gowns and jewels that make our wallets go into cardiac arrest – even though the experts are predicting a return to basics.

"No one wants to be inappropriate in a time when people are struggling," The Diamond Information Center’s Sally Morrison told the LA Times.

"The trend is fairly big, but fairly simple. Classic styles with sizzle that any woman can wear."

All I know is if Angelina or Kate shows up in a pants suit with a tasteful pair of diamond studs, I’m going to throw my TV out the window.

What do you guys think? Should the stars ice it up for the Oscars or keep it cool? Weigh in!