Meet the jeweler who glams up Hollywood for the Oscars

LOS ANGELES -- When the Oscars red carpet opens up on Sunday, Hollywood's biggest stars will be bejeweled in a dizzying display of diamonds.

Many of them have Martin Katz, Hollywood's jewelry genius, to thank for their bling. The borrowed jewelry trend began decades ago when Sharon Stone called Katz asking to borrow a necklace and a set of earrings to wear at the 1992 premiere of "Basic Instinct."

"I thought she wanted to buy them. I'm sorry, I don't loan jewelry," Katz told ABC News, adding that he eventually relented and loaned Stone the jewelry, changing the game forever.

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These days, some stars wear as much as $20 million of jewelry at once, though that does come with a risk.

"Minnie Driver had a ruby bracelet caught on her dress," Katz recalled. "The beads went flying, and she and James Cameron are on their hands and knees in the auditorium picking up the ruby beads. But we got them all back."

Don't miss the Oscars LIVE on Sunday, Feb. 24 at 8 p.m. ET | 5 p.m. PT on ABC.

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