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2013 Oscar Week Parties: Drew Barrymore Talks Baby Olive, Elizabeth Taylor Jewels

Drew Barrymore, Julianne Moore Charley Gallay/Getty Images

Drew Barrymore left hubby Will Kopelman and her baby girl at home last night to check out some jewels in Beverly Hills.

And not just any jewels. Barrymore stepped out to have a look at eight pieces of Elizabeth Taylor's Bulgari jewelry that were on display at the Italian jewelry house's Rodeo Drive flagship store.

While Barrymore gushed over the exquisite collection, she says she'll be a bit careful about exposing four-month-old daughter Olive to the world of expensive bling.

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Naomi Watts, Liev Schreiber Michael Buckner/Getty Images

"I'm trying to get her priorities in the right place," she said. "But you know what, if and when she decides to get into girlier things I will introduce her to the wonderful world of things like Elizabeth Taylor's jewels!"

So what went else went down at the very chic soiree? Here's the scoop...

Diamond Girls: Joining Barrymore were Kirsten Dunst, Naomi Watts, Kate Walsh and Julianne Moore, who had the honor of wearing Taylor's iconic $6.1 million emerald and diamond necklace that Richard Burton gave her for their wedding in 1964.

"A girl gets a little giddy anytime she walks around precious stones like these," Watts said.

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Weather or Not: Cold temperatures and rain didn't dampen the spirit. Ushers held umbrellas over guests as they made their way from their cars into the party.

When in Rome: After drooling over checking out the baubles, about 60 VIPs were treated to a private rooftop dinner. Long tables were covered with pristine white linens and flower arrangements included lemons and roses. Music was by performance duo, DJ Mia Moretti and electric violinist Caitlin Mo.

That '70s Show: Instead of a dress, Barrymore opted for black Max Mara pants and a cream top. "I was sort of feeling like a little bit groovy '70s woman out on the town," she beamed.

Speaking of Dresses: Watts, who is nominated for an Oscar for her work in The Impossible, said she still doesn't know what she'll be wearing on Sunday. "We tend to pull it together at the last minute," she said.

Tune in to E! News Wednesday at 7 p.m./11:30 p.m. for more on the Bulgari event.

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