Lady Gaga, winner of the award for bestsong “Shallow,” arrives at the Vanity Fair Oscar Party on Sunday,Feb. 24, 2019, in Beverly Hills, Calif. Her fashions for theevening included a 141-year-old Tiffany diamond valued at roughly$30 million. (Photo by Evan Agostini/Invision/AP)

Some people may struggle to understand the fashion hullabaloothat surrounds red carpet season, which culminates with the annualAcademy Awards.

But there's more to it than clothing, jewelry and “glam squad”eye candy.

Consider that these glitzy presentations are promptly followedby prom season, in which American families spend an average of $900on clothing and accouterments, according to Money magazine,and wedding season, where bridesmaids now spend an averageof $1,300 and brides often spend between $1,500 and $3,000 onfashions for their special day.

The styles for all of these milestones are informedby what stars don each year on the red carpet.

Among the most memorable looks this year: The relativelyunderstated black ball gown by Alexander McQueen that Lady Gaga'schose to frame a 128-carat Tiffany diamond purchased byCharles Lewis Tiffany himself in 1878, according to a press releasefrom Tiffany & Co. “It was an honor to wear it and made myunforgettable night even more special,” Gaga posted on Instagramabout the necklace, which was last worn by Audrey Hepburn whilepromoting “Breakfast at Tiffany's,” and is valued at around $30million.

Indeed, special occasions are an ideal time to trot out theproverbial family jewels. Removing such high-dollar baubles fromsafe keeping, however, may present a significant risk.

Laura Doyle, vice president and Art, Jewelry & ValuableCollections manager for Chubb Personal Risk Services,provides insight below on protecting valuables.

PC360: What are the major risks associatedwith a piece of jewelry as significant as the Tiffany diamondloaned to Lady Gaga for the Oscars?

Doyle: Theft and “mysteriousdisappearance,” which is a term we use for a stone falling out of asetting or a clasp coming undone and the item disappears. The pieceworn by Lady Gaga is a historic piece and is typically on displayat Tiffany's on Fifth Avenue. There is a greater likelihood of losswhile the piece is outside its case.

Because high profile jewelry items can be the target of theft,the necklace would likely have been delivered to her in an armoredtruck, and there was likely a security guard in close proximitythroughout the evening.

PC360: How should a risk specialist adviseindividuals who own such pieces to abate theserisks, particularly in light ofhigh-profile incidents like the Kim Kardashian 2017 Paris hotelheist? (That case spurred AIG to sue the star's bodyguard for negligence as a resultof the multi-million dollar loss.)

Doyle: Keep a low profile and do not publicizeyour location on social media when wearing high value jewelry.Also…

• When wearing vintage jewelry, it's important to always checkthe clasps and settings to ensure nothing is loose.
• If you are wearing jewelry to an event and staying in a hotelafterwards, store the items in the hotel vault and not in yourin-room safe.
• Consider leaving your most valuable pieces at home whentraveling.

PC360: Please outline the specific insurancecoverage needed to protect this type of jewelry.

Doyle: Jewelry owners and borrowers needworldwide, all-risk coverage.

…Many of the stars borrow items for awards shows. In some cases,the jeweler will insure the items. But in many cases, the personborrowing the item is responsible for coverage. In that case,borrowers need a policy that provides a limit of coverage for itemson loan to them.

Additional information about protecting valuables isavailable on the Chubb website.

See also:

• Million-dollar red carpet gems require uniqueprotection
• 8 tips for Valentine's Day jewelryprotection
• 4 things to do to protect yourjewelry