The 37-year-old Spanish actress sparkled in Chopard jewelry and a midnight off-the-shoulder custom gown from Marchesa with embroidered feather and jet crystal detail.
Her platinum and diamond earrings are in the trendy teardrop shape - like Kate's royal wedding sparklers - and a whopping 57-carat platinum and diamond bracelet finished off the ice for this winning look.
But Penelope wasn't the only brunette bauble belle of the ball. Eva Longoria rocked teardrop danglers and a white shift dress - a great combo for spring/summer.
Emma Roberts wore a beaded Saloni dome necklace and Dana Rebecca Designs earrings to liven up her 'little black dress'.
Vanessa Hudgens decorated her ring fingers with a turquoise Herndon Heald ring and a skull silhouette.
And Teri Hatcher sported a great gemstone bangle look and her favorite accessory, daughter Emerson!
But perhaps the most photographed celebs of the night were superstar, Johnny Depp and 'Orignal Gansta' pirate, Keith Richards - Depp's good friend and well-known inspiration for his iconic Jack Sparrow role.
Both wore their signature rocker beads - and a laugh that sounded something like the one you take 'all the way to the bank'....