On the Red Carpet, It's All About the Bling

When you hear people asking, "Who are you wearing?" on the red carpet at the Oscars, they'll be referring to more than just the dresses and the tuxedos. In recent years, style-watchers have kept a much closer eye on the stars' accessories.

For Hollywood trend-setters, that usually means bling, specifically diamonds, which have become the must-have for stars who really want to turn heads on the red carpet.

"The jewelry is so important to the dress," said celebrity stylist Jessica Paster. "A piece of jewelry can make or break the dress."

Celeb Stylist Phillip Bloch agreed.

"It's all about the jewels," Bloch told "Good Morning America Weekend Edition." "Now more than ever it's not just about the classic diamond. … People are more willing to take chances and do different things with jewelry … just to jazz it up."

And the it's not just rings and necklaces. From hair clips to clutches to shoes, on Sunday celebrities will be bejeweled literally from head to toe.

In Hollywood's heyday, owning your own diamonds was seen as the ultimate status symbol. But today, designers battle it out to have their jewels grace the red carpet.

"It's important to have celebrities wear them and show how they really look," said Gianluca Maina, the vice president of marketing at Harry Winston.

Just as an Oscar is forever, so are the celebrities' diamonds -- until it's time to give them back.

"That is a very interesting and stressful process," Maina said. "In general, they have bodyguards that keep an eye on them, but for jewelry, it's important to have additional security."