Ostentatious jewels and status bags are on their way out, so what will this mean for the ultimate status show down – awards season?

Rachel Zoe, who will be styling best actress nominee Anne Hathaway and presenter Cameron Diaz for the Globes, doesn’t think the move away from bling and glitz will necessarily mean boring black.

“My instinct is always escapism,” she told WWD. “Red-carpet and awards shows to me are not pretentious. It’s an escape from reality….[In the] recession, everyone’s getting hit. People look to Hollywood for an escape. People need an escape, life is tough enough.”

Stars will likely step out in bold colors rather than bold jewels, like Amy Adams at the Critics Choice Awards. She wore a striking blue Oscar de la Renta in just the hue Catwalk Queen’s Gemma predicted for the Golden Globes.

Designers will be relying on the red carpet more than ever to generate sales and increase brand awareness, so the dresses will be chosen to stand out.

As for the jewelry, New York-based jeweler Lorraine Schwartz said stylists were looking for colorful stones in unusual cuts and settings instead of the eye-popping 200-karat necklace.

“[It] is important for the industry, because creating new ideas for customers, whether they go buy the original or a copy, is important for stimulating the economy right now,” Schwartz said.

We’re super excited that the impetus to spend less has translated into an urge to be more creative with fashion. Be sure to come back Sunday night and Monday for plenty of Globes coverage to see if our predictions come true!

[Source]