Sofia Vergara's Stunning CFDA's 400 Carat Necklace

The Council of Fashion Designers of America (CFDA) held their annual Fashion Awards Monday night at the Lincoln Center in New York City, where the who's who of fashion paired up with Hollywood's top fashionistas for a star-studded red carpet.

One of the stand-outs of the night was Sofia Vergara in an emerald green Herve L. Leroux dress, which she paired with a whopping 400-carat emerald necklace by Lorraine Schwartz.

Pics: Fierce Fashions -- The 2013 CFDA Awards

Though she hilariously had trouble pronouncing her dress designer's name, she had no problem pronouncing "Lorraine Schwartz," whom she accompanied to the event.

"I mean it's unbelievable, I think every girl should own one of these little things because it makes you look young you know?," she told ET about her show-stopping necklace. "I love it. I love jewelry."

Another stunning attendee was Nicole Richie, who sported a slinky metallic Marc Jacobs dress and Jennifer Meyer jewelry.

"Jen [who's married to Tobey Maguire] is actually a good friend of mine, and I'm here to support her, and having a great time doing it," Nicole explained.

Pics: Worn Out -- Stars Step Out in Same Style

Among this year's CFDA winners are Womenswear Designer of the Year Jack McCollough & Lazaro Hernandez for Proenza Schouler, Menswear Designer of the Year Thom Browne and Phillip Lim for 3.1 Phillip Lim who took home the Accessories Designer of the Year Award. A highly anticipated moment of the night was Hilary Clinton's tribute to Founders Award recipient Oscar de la Renta, whom she met while hosting the Kennedy Center Honors in 1993.

"I'm just nervous because Hilary Clinton is gonna see me telling jokes -- some about her -- so I don't know how that's going to go," the evening's host Andy Cohen joked.

Check out the video for a look at Kerry Washington, Rooney Mara, Hailee Steinfeld and more at the fashion industry's big event!