Celebrity guests, including Felicity Huffman, Teri Hatcher and Demi Moore, ogled displays of diamonds overlooking a grotto-style pool with views of Los Angeles below.

Rose-cut diamonds adorned a thick Rajasthani-style necklace by Indian designer Munnu for The Gem Palace, who also showed an elaborate ring of a gold bird carrying a small diamond in its beak.

Diamonds in the shape of a serpent also encrusted a Fred Leighton wood bangle, while New York-based VBH used small black diamonds to create avant-garde Goth-inspired looks.

Young actresses “are wearing more sophisticated pieces in more avant-garde ways,” Morrison said, in their hair or in mixed-media pieces that don’t look overdone. The trick, she said, is not to look “too blinged out.”

That’s the risk faced by the wearer of a $30 million diamond bikini on display by designer Susan Rosen, seen recently within the pages of Sports Illustrated.

Despite its beauty, the swimsuit is sadly impractical, Morrison said. “The only way to wear it is with a lot of security.” We will have to check out the pools in Vegas to see if the famous suit shows up.

If you weren’t on the list of invites for the diamond show, and you miss the Oscars this weekend, the next best thing is to do your homework, know what you are buying, and hit the stores. Bling-Bling!