Velvet usually comes out of mothballs about once a year: the holidays. Other than that, the fabric that has always stood for wealth and luxury tends to spend more time on settees and chaises than on warm bodies. That is, until now.

Velvet's not so underground anymore thanks to European and American designers who used bolt after bolt of it in the fall 2009 collections. And each one has manipulated the short dense pile into much more than just eveningwear.

Ralph Lauren, Fendi and Bottega Veneta created velvet rose-colored cap-sleeved frocks, neutral strapless cocktail dresses and burnt-orange slouchy day dresses, respectively. Chloé, Sonia Rykiel and Ralph Lauren went for velvet harem pants, mostly in dark green and black. Gianfranco Ferré, Lanvin and Elie Saab blew fashion watchers away with their long black velvet gowns with structured cap sleeves à la the '40s.

Aquilano.Rimondi-a new talented design duo from Italy-draped, cut and sewed bright red velvet into a belted cocoon coat-dress that hits just above the knee. Superb.

But if two designers can turn velvet into a full-blown trend of the season, it's Miuccia Prada and Marc Jacobs. Interestingly enough, both fashion forces took some yellow with their velvet.

Jacobs ran with the '80s-the decade he first hit the fashion scene- with neon yellow cocktail dresses like the one pictured above. Another yellow cocktail dress wraps its wearer like a mummy in wide-bands of velvet. (Fergie took this look out for a spin on the red carpet recently, only in electric blue.)

Prada reached back to a darker mood in the '40s and came up with a more toxic shade of yellow. This disconcerting yellow hovering somewhere between poison and putrid was made into a deep V-neck and stitched to a tweed skirt. Burned-out velvet made appearances on double-breasted coats and V-neck dresses (sometimes awkwardly topped with fur).

Jeweler Damiani and Italian fashion brand Gianfranco Ferre have announced a new jewelry collection. Current Ferre creative directors Tommaso Aquilano and Roberto Rimondi will head the line which will have pieces in gold and silver using diamonds and other gemstones for women and men.

The Gianfranco Ferre fashion house has had a rough couple of years starting with the death of founder Gianfranco Ferre and more recently the bankruptcy of its parent company, IT Holding. The new line with Damiani is part of its relaunching efforts.

The pieces will debut at the spring/summer 2010 fashion shows this fall. Prices will range from 500 to 10,000 euros and the pieces will be sold in both Ferre and Damiani boutiques. There will be four main style themes and one style we can expect to see is a version of the Ferre's signature safety pin which he affixed onto his tie, as shown at right.

Italian design house Gianfranco Ferre has signed multi-billion dollar deal to develop real estate projects with a fashionable flair. Ferre is partnering with Mideast-based GIO Developments on the deal, and the first project, called "Gianfranco Ferre Stresa," will be a mixed-use highrise in Dubai. The $1.2 billion tower will combine residential, commercial and hospitality spaces, and the partnership has dubbed it the first example of "concrete couture." Other similar projects are planned around the globe. Mr. Ferre himself, who was fittingly known as the "architect of fashion," died last year. The company bearing his name already has a strong presence in the region with existing stores in Dubai, Beirut and Istanbul and new openings planned for Bahrain, Qatar, Saudi Arabia and Kuwait within the year. Other design houses currently collaborating on Dubai developments include Versace, Christian Lacroix and Elie Saab.

Where would you auction off a diamond shirt? Where else but the Middle East? The $1.4 million diamond-studded top which was shown on the runway during Milan Fashion Week last February will go on the auction block in Dubai in December. The top was created with the late fashion designer Gianfranco Ferré and diamond company and DTC sightholder Dalumi.The top has more than 900 diamonds stitched along a sheer black vest. The over 300 carats of diamonds are of G color and VS or higher clarity and are set in white gold studs. One dedicated employee hand stitched each diamond on the shirt. No details have been released about the auction but I would love to see some of the proceeds go to charity,

At the Academy Awards people wore diamonds on their wrists, ears, necklaces and even shoes but no one had a little number like this, a diamond top worth $1.3 million. JCK reports that the top was shown off during Milan fashion week. It is represents a partnership between Gianfranco Ferré and Dalumi. The sheer black top is covered with more than 900 diamonds weighing more than 300 carats. The outfit was modeled by singer Skin and also featured tuxedo pants and a silk cape. The shirt will be on display at various events and may actually be worn on some occasions but is not currently for sale.