Will Oscar Jewelry Fashion Shine or Slump?

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!