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The walk by celebrities down the red carpet at the annual Academy Awards is probably just as anticipated by television viewers all over the world as the presentation of the awards themselves. The ladies are the stars of the show, and there's just something enthralling about seeing them decked out in all their finery for the event. The gowns and the jewelry they're wearing all reinforce that they are stars, a step above us ordinary mortals.

There have been many examples of female celebrities who have been photographed wearing pieces of jewelry that are simply stunning at the Oscars throughout the years. Madonna, for instance, was wearing $20 million worth of diamonds at her neck, ears, and wrists at the 1991 Oscars. At this year's event, the jewelry worn by the stars were no less eye-catching, and they included just about every design imaginable in just about every hue of the rainbow.

Best Actress nominee Keira Knightley was wearing a vintage Bulgari chandelier necklace of diamonds, rubies, emeralds, and sapphires, whose colors were reminiscent of a peacock's feathers. Jennifer Lopez was wearing dangling earrings and a necklace of gold and diamonds by Fred Leighton, who also designed Dolly Parton's earrings and brooch. Charlize Theron's tawny earrings were supplied by Chopard; so were Hilary Swank's diamond earrings, bracelet and ring. Diamonds were also the favored stones of actresses like Jennifer Aniston, who sported a cleavage-enhancing necklace. Other female celebrities who were seen wearing diamond jewelry were Best Supporting Actress winner Rachel Weisz, Queen Latifah, Felicity Huffman and Jessica Alba.

Diamonds were also the bling of choice for the men of the evening. Diamond studs adorned the earlobes of the likes of Ludacris and Will Smith. But members of the hip-hop group Three 6 Mafia took the obsession with diamonds a little further -- they were wearing everything from diamond bracelets to diamond watches to diamond earrings, and according to some accounts, they even had diamonds on their teeth.

Many of these stars don't own the millions of dollars' worth of jewelry that they were wearing. Giants in the jewelry industry, such as Harry Winston, Michael Katz, and Kwiat, have been lending their masterpieces for celebrities to wear every year at the Oscars. This gives them great exposure, which translates into a sharp increase in sales -- especially for designers whose jewels are worn by an award winner. While the red carpet can symbolize glamour for Oscar viewers around the world, for the designers, the red carpet represents the probability of greater profits both at home and in other countries.

The jewelry worn by celebrities during the Academy Awards adds a greater dimension of glamour to the event. Whether the designs are discreet or ostentatious doesn't really matter. What matters is that with millions of viewers all over the globe, celebrities should look like they have the right to walk down the red carpet. And with the help of the jewelry they're wearing, they do. The stars shine ever more brightly once a year during the Oscars.