STERLING ANNIVERSARY: Tiffany & Co. feted one of its star designers, Paloma Picasso, on her 25 years with the company on Thursday night.

The party, held at New York’s Museum of Modern Art, was ablaze in Picasso’s signature red. Everything from the miniature champagne bottles to the walls was doused in scarlet. Even the models wore red Valentino gowns, accessorized with Picasso’s 25th anniversary jewelry collection.

The jewelry comprises many large colored stones, including tanzanite and beryl, within settings bearing two Xs and a V, representing 25.

“I have always loved jewelry,” said Picasso, who lives on Lake Geneva in Switzerland. “Even as a girl, although I was very much a tomboy, I wore it all the time.”

IN THE PINK: Bijou Phillips, Marley Shelton, Alexandra von Furstenberg, Lisa Loeb and Illeana Douglas — and her little pooch Godfrey — were among the pals of Tarina Tarantino who walked the hot-pink carpet Wednesday for the grand opening of the designer’s pink-washed boutique on Melrose Avenue in Los Angeles.

The jewel box of a space, with its Swarovski-filled shingle above the front door, is Tarantino’s first in the U.S., after an in-store shop in Milan. It’s only the start of a series, with the next opening in Tokyo.

Tarantino, crowned with freshly colored hot pink ringlets, and her business partner and husband, Alfonso Campos, welcomed what had to be the most sparkling hundreds of guests at a recent party — thanks to all the Swarovski-speckled Tarantino jewelry and hair accessories they were drenched in.

Inside a tent at the back, the powder-pink poufs and crystal lamps furthered the notion of a jewel box — all the way to the live ballerina who posed and gently turned on a centerpiece platform.

GOING ONCE: The Sotheby’s sale, “Important Jewels,” in New York on Sept. 28 proved to be a sparkling affair.

Canary yellow and fancy yellow diamonds were hot tickets. One fancy, intense-yellow diamond ring was sold for $168,000. There also continues to be a market for flawless diamonds. A 5.58-carat D-Flawless round diamond ring sold for $385,600, while a pear-shaped ring in D-Color went for $126,000. The sale brought in a total of $5.3 million.

This story first appeared in the October 10, 2005 issue of WWD. Subscribe Today.

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