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StyleLab's Oscars Jewelry Suite: Horror Stories, Predictions, More

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If driving a brand-new set of wheels off the lot is enough make us watch our every move, we can't imagine what it's like to wear thousands of dollars worth of diamonds for the sake of a little Hollywood affair that rhymes with Schmoscars. The chance to see inside a VIP jewelry suite has become somewhat of a rite of passage for many starlets, whose rising star meters (and presumably, bigger bank accounts) invite all sorts of fancy opportunities—such as being entrusted to show off expensive gems on their décolletages.

Once again, StyleLab and celebrity stylist Michael O'Connor took over a very hush-hush Beverly Hills location for their Oscars jewelry lounge and of course, we jump at any excuse to gawk at incredibly sparkly gems worth more than our annual salary. But first, a question: What does it take to borrow these pricey accoutrements? Apparently, stars are just one insurance waiver away from renting out their uberluxe adornments, StyleLab tells us. Once they sign a little dotted line, celebs are totally responsible for any lost or damaged merch—which could cost them a very pretty penny if any harm comes to the precious jewels. Who knew it was that easy?

O'Connor tells us while he's never had a no-show come Monday ("knock on wood!"), when the borrowed bijoux are usually due, he does have a few funny stories to share. After the jump, see more dazzling trinkets, plus read the tale of a forgetful actress and the time when two stars came head-to-head over a piece of jewelry.

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