HOW GWYNETH GLITTERS

Wednesday March 31, 1999 12:00 AM EST

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That 40-carat, $160,000 diamond necklace adorning Gwyneth Paltrow at the Academy Awards was a loaner from jeweler-to-the-stars Harry Winston. Only the trinket is a loaner no longer. "My daddy's buying me the necklace," the Oscar-winner told a Winston rep at a Sunday night party, reports The New York Times. And so, Bruce Paltrow did. Early during the Oscar ceremony, Bruce Paltrow told The Times, "I looked over at her. She was so beautiful, so ravishingly beautiful, I said, 'Why don't we buy you this necklace to celebrate your being nominated?' The conversation started before she won, to celebrate the year, the work."