LONDON, England (CNN) -- At a time of economic uncertainty in the U.S., the writers strike cast a dark cloud over the eternal sunshine of the Californian mindset and its most glittering awards ceremony.



Oscar winner Helen Mirren dazzled in Chopard diamonds last year and gained masses of publicity for the jeweler



Up until a fortnight ago, the million dollar question was whether the Oscars would go ahead as stars refused to cross the picket line.



Make that the 400 million dollar question.



According to the pundits and bean-counters, that's how much the strike would have cost Los Angeles and the industry if Hollywood's most glamorous evening had been cancelled.



Not only would the stars have been robbed of their moment to shimmer along the world's most famous red carpet, but a whole hinterland of ancillary trades would be affected.



Limo drivers driven to despair, caterers with no-one to cater for, make-up artists struggling to make up lost earnings and security teams facing an insecure future -- and the paparazzi would have no-one to focus on.



But it's not just the little guys who would have lost out on the Oscars millions.



Big-name jewelry designers like Chopard traditionally dress the stars. Kate Winslet, Charlize Theron and Hilary Swank are among their successful models at the Academy Awards.



Last year, Helen Mirren wore a 55 carat diamond flower bracelet along with a 62 carat diamond brooch worth $4m dollars to accept the Best Actress gong. It is estimated that having a celebrity pictured in an item of jewelry or an outfit can be worth $1m in publicity for a jeweler or fashion house.



With hundreds of celebrities strutting the red carpet on Oscars night, the scope for generating revenue is seemingly endless.



But even Chopard's famous sparkle was tested by the uncertainty surrounding this year's event.



"Leading up to the Oscars business for the whole of Rodeo Drive was a little sketchy. Everyone was thinking, what's gonna happen?" Wes Carroll, Chopard spokesman, told CNN. "We felt for the writers, we felt for the studios and we wanted a great outcome for everyone. We would have been very disappointed had the Oscars not happened."



Films which achieve success at the Academy Awards can expect a new injection of cash with a boost in DVD sales and renewed interest at the box office.



Robert Buchsbaum, a Los Angeles theater boss, told CNN, "It's not just the studios who are affected by the Academy Awards show. It's theater owners. As a single-screen theater owner, my whole year is based on how well films perform from November through March through the Academy Awards. It's the busiest time of year for me."



"We really try to figure out, not just what the big Academy Award film is gonna be -- the Best Picture -- but also the smaller films, the independent films which might get the edge like Juno and There Will Be Blood, films which will have a lot of legs to them once they get the nomination," he continued.



"It usually means between 25% and 75% in box office revenues alone."



The prime candidate for a new lease of life at the box office is the Coen Brothers' film, "No Country for Old Men." On the opposite side of the U.S., New York critics are expecting it to yield a decent crop of Oscars after taking their own awards night by storm.



Stephen Whitty, Chair of the New York Film Critics' Circle, told CNN, "It won best picture because the direction from the Coen brothers was really assured. They were completely in control of the mood throughout that film.



"I think the screenplay, also by the Coens, while being truthful to Cormack McCarthy's book, managed to turn it into cinema," he continued. "It made it consistently visual and imparted its message and its mood through images. The acting -- and again, Javier Bardem got the fourth of the four awards we gave it -- I thought the acting was spot on
What would the Oscar cancellation have cost? Who would be the worst hit? What can film's, which achieve success at the OScar's, expect? Jewelry designers like Chopard generate how much? What would the cancellation would have cost? What can films that receive awards expect? What can films expect? How much is it estimated the industry would have lost if the Oscar's had been canceled? Amount that the Oscar cancellation would have cost the industry?
400 million dollar Los Angeles and the industry box office revenues or an outfit can be worth $1m in publicity for a jeweler or fashion house. 400 million dollar a new injection of cash with a boost in DVD sales and renewed interest at the box office. a new injection of cash 400 million dollar 400 million dollar
question: What would the Oscar cancellation have cost?, answer: 400 million dollar | question: Who would be the worst hit?, answer: Los Angeles and the industry | question: What can film's, which achieve success at the OScar's, expect?, answer: box office revenues | question: Jewelry designers like Chopard generate how much?, answer: or an outfit can be worth $1m in publicity for a jeweler or fashion house. | question: What would the cancellation would have cost?, answer: 400 million dollar | question: What can films that receive awards expect?, answer: a new injection of cash with a boost in DVD sales and renewed interest at the box office. | question: What can films expect?, answer: a new injection of cash | question: How much is it estimated the industry would have lost if the Oscar's had been canceled?, answer: 400 million dollar | question: Amount that the Oscar cancellation would have cost the industry?, answer: 400 million dollar