The Cannes Film Festival is not only known to be Europe’s largest and most legendary film festival, but is also reputed to turning out some of the most glamorous, stylish and elegant fashion in the world, and has become an event that is as much about seeing what movie stars are donning on the red carpet as it is to honoring the best films, movie stars and producers in their class.

This year, at the 64th annual Cannes Film Festival, luxury jewelry and fashion houses raised the stakes to a new level of cutting edge trends at the premier of Woody Allen’s ‘Midnight in Paris’ screening, where crowds where dazzled when supermodel Bianca Balti stepped out wearing an angelic Alberta Ferretti gown and a frosting of exquisite jewelry with a magnificent necklace laced with five pear shaped cabochon emeralds and a dusting of diamonds accompanied by a matching earring and ring set, encrusted with Colombian emeralds and baguette diamonds, all creations from the famed jewelry house of de Grisogono.

Jewel creator extraordinaire, president, founder and owner of de Grisogono, Fawaz Gruosi, played escort as he proudly paraded his prized jewels down the red carpet with one of the world’s most beautiful women playing the part as ambassador to his high jewelry creation. The house of de Grisogono is renowned for creating some of the most decadent and dynamic jewels, that are considered to be more than just a stunning accessory, but as a “symbol of power, passion,love ..in one of the finest forms of artistic expressions”.

De Grisogono was not the only fashion house that had onlooker’s taking a second glance whilst at the exclusive event, as model Karolina Kurkova attended the opening ceremony at the Palais des Festivals wearing Cartier jewelry and Vahina Giocante kept the time with a Jaeger-LeCoultre luxury timepiece

The 64th annual Cannes Film Festival graces the banks of the French Riviera from May 11 to May 22, 2011 and judging by the jaw dropping jewels and fashion that celebrities, actresses/actors and the social elite and arriving in at the beginning of the festival, it is sure to be perhaps the most decadently dressed affair to date!

Stay tuned for more coverage straight from Cannes.