While many of us struggle through the financial crisis, spare a thought for the wealthy. The A-listers who received an invitation to socialite Nicky Haslam's credit crunch-busting party were instructed to wear diamonds - and dress only in couture.

The bash for 1,500 of his close personal friends, at a Roehampton villa last night, is thought to have cost £200,000, though Haslam, 69, is cagey about sums.

Shimmering shimmying: silver-clad Paris Hilton hitting the dancefloor last night

And guests such as dames Vivienne Westwood and Judi Dench, Sir Mick Jagger, Martin Scorsese and Uma Thurman were requested to do it justice by dripping in jewels and wearing heart-stoppingly expensive outfits - black for men, violet for women.

Vogue editor Alexandra Shulman said it was more "stress code" than dress code. However, guests managed to look as if they were having a good time, with Paris Hilton and Jemima Khan working the room, while Princess Michael of Kent glided on the dancefloor.

Host: Nicky Haslam, right, with Lucian Freud

Outside the 18th century villa, the trees were sprayed silver, while inside the house was covered in fresh violets. Haslam flew in a 14-piece orchestra from Paris to play Cole Porter - ironically, the songs that were hits during the Great Depression of the Thirties.

Guests, who also included Bryan Ferry, Joely Richardson, Sarah Ferguson and Lily Allen, enjoyed food from Mayfair restaurant Le Caprice and drank vodka and champagne.

Arriving in style: Jemima Khan and Trinny Woodall

Let's hope they got their fill - with recession and redundancy in the headlines this could be the last party of its kind for several years.

Having a ball: Zandra Rhodes and sculptor Andrew Logan with friend