It’s no secret the diamond industry has seen much more decadent times, but we’re sure Bulgari’s news of having to close “a number of unprofitable stores” since their earnings “fell more than 45% in the last year” comes as a shock to the many red carpet starlets that reguarly borrow their jewels for free.

So here’s something surprising:

Every once in a while, the U.S. Treasury auctions off diamonds - we’re assuming they’re of the “seized” variety - and there’s a big preview of a huge stash at the New Yorker hotel next Wednesday and Thursday, for those who don’t mind a little competitive shopping (ok, and maybe some creepy feelings, too) in exchange for non-retail prices.

Not that this has anything to do with those Bulgari customers, though this could probably make for a decent episode of The Real Housewives of New York.

Well, at least the New York Public Library thinks you are.

Starting on the 1st of January, there’ll be an online auction (through the 31st) to benefit the 87 branches of the NYPL and their teen programs. And what will everyone bid on? Tiaras designed by the likes of Vera Wang, Tommy Hilfiger, Nicole Miller, Bobbi Brown, Lauren Conrad, and Austin Scarlett from Project Runway (among others), in honor of the Princess Diaries.

If you believe none of this, please visit the official site.

LC’s, which we knew we had to pull from the gallery for you, is at left.

Happy clicking.

Will you be in / around LA tomorrow? How about nearby EM & Co, the boutique on 3rd St?

Are you a fan of Vivienne Westwood’s Spring 09 Anglomania collection? Or that wedding dress? (Translation: Are you super rich?)

If you can answer yes to all of the above, you’re in luck. EM & Co’s hosting a one-day only trunk show of Dame Viv’s most recent creations, and taking guest measurements if they’re so inclined as to purchase replicas of the wedding gown made famous by Carrie’s flower bashing scene.

The bad news? Only a limited number of the gowns will be produced, so we’re guessing that means you’ll have to bid to get your way. The other bad news? The event if invite only, so unless you can get down there and charm the sales people, you’re out of luck. But, if all you want to do is appreciate the dress in person just once anyway, the gown’s hanging in the store, right now, and will be there through Friday. And hopefully that’ll be enough for you.

C’est la vie.

While some companies are trying their hardest to come across as inexpensive as possible through advertised (and constant) sales and “everyday” low prices (Olay, Target, Bloomingdale’s), other companies, we’ll call them “luxury,” simply aren’t, because the general consensus has been that the luxury market is doing just fine.

But a big impressionist and modern art auction at Christie’s last week wasn’t just uneventful - it tanked.

44% of the works, including 19th century landscapes by Monet, failed to sell, with the auction’s sales totaling to less than one third of the pre-sale lowball estimates.

So what could this mean? Either people at the tip top of the financial echelons are hanging on to their money a little tighter these days due to their own financial woes - or, it’s simply become distasteful to drop jillions when news like this comes out.

Either way, it’ll be interesting to see how all the high-end jewelry companies respond to this holiday/bonus season. Harry Winston on sale? Let us pray.