Will Hollywood dim the bling for Oscar night?

And it's not just about the viewers. A traipse down the Oscar red carpet in the right dress can land an actress on the cover of thousands of newspapers and countless websites worldwide. Beauty endorsement deals and brand ambassadorships also are riding on a star's style quotient -- best actress nominee Kate Winslet is a Lancome ambassador; Beyonce is a face of L'Oreal.

It's not as though those in the glamour business are in denial. "You would be beyond ignorant not to be acknowledging" the economy, said celebrity stylist Rachel Zoe, whose clients include Cameron Diaz and best actress nominee Anne Hathaway.

But, Zoe added, "there are still movies and movie stars and designers doing fashion shows. My attitude is: Let's put a smile on people's faces even if it's just for an hour."

At this point, no one knows for certain whether the Oscar red carpet will be a sea of black sheaths or a rainbow of pastel hues. Stylists typically pull a few gown options from design houses and decisions are almost always made at the eleventh hour.

Right now, there are whispers of lots of metallics, and nude and taupe tones (seen in prevalence at the Golden Globes). Winslet, who wore a pale sherbet-green Valentino gown to the 2007 Oscars, has worn mostly black on the red carpet this year. Or simple, unfussy dresses like the royal blue Narciso Rodriguez she donned for the Screen Actors Guild Awards.

And it's safe to assume that cameras won't be zooming in on anything like the dark green couture Dior by Galliano gown worn by Charlize Theron in 2006, with a bow the size of a capuchin monkey on her shoulder. Excess is out, and that includes wedding cake dresses with tiers of lace and tulle and trains that require an extra set of hands.

When it comes to jewelry, the aesthetic sentiments are similar. "No one wants to be inappropriate in a time when people are struggling," said Sally Morrison, director of the New York-based Diamond Information Center. "The trend is fairly big, but fairly simple. Classic styles with sizzle that any woman can wear." Other jewelers say colored stones are also being considered over diamonds.

"Rather than making sure that you have the necklace, earrings, bracelet and ring, it's more about the one thing that can say it all," said Rebecca Selva, spokeswoman for jeweler Fred Leighton.

"People are looking for that one statement piece."