Nude tones were the order of the day at last night's (26.02.12) CM_UID_55499fdaABC0255499fdaabcac with Cameron Diaz, Gwyneth Paltrow and Jennifer Lopez all opting for neutral shades.

Cameron stunned in a floorlength cream strapless Gucci gown complete with a feathered train and more than £630,000 worth of Tiffany & Co. jewellery. Having got ready for the prestigious event at Los Angeles' Kodak Theatre with best friend Gwyneth, the 39-year-old 'Bad Teacher' actress said she struggled to choose from the many ''beautiful'' dresses on offer.

She told ABC News: ''It's a process. I just try to see what's out there gown-wise and this year there were so many beautiful gowns. The train is a little heavy, but it's so masterfully crafted.

''These dresses are works of artisans, and the way that they fit and the way they hold onto [your] body, you know who you're dealing with when you put it on your body,''

The former model co-presented the awards for Best Costume Design and Best Make-Up with Jennifer Lopez, who was clad in a typically daring Zuhair Murad couture gown with a plunging neckline and cut-out sleeves.

Natalie Portman, 30 - who won the Best Actress award for her role in 'Black Swan' at last year's ceremony - debuted her post-baby body in a vintage red chiffon silk Christian Dior Couture gown with velvet polka-dot detail, accessorized with a diamond necklace and drop earrings from Harry Winston.

Angelina Jolie, 36, played it safe in a black velvet gown with a box front and a thigh-high split, while Best Actress winner Meryl Streep encapsulated Hollywood glamour in her golden Lanvin dress.