It's not exactly news that rich people will spend too much money to look cheap, but the latest accessory from designer Jil Sander is still noteworthy for being hilariously expensive and useless.

• Mayor Bloomberg has pronounced it "Sparkle Week" in NYC as part of an effort to give a boost to the jewelry industry. They sure could use the help: Retailers in the Diamond District report that sales have dropped by more than 50 percent over the past year. [NYM, Crain's]
• Jil Sander's new Madison Avenue store has…

• Is Anne Hathaway going to replace Victoria Beckham as Marc Jacobs' latest muse? That's the rumor, at least. [Daily Mail]
• One more rumor: It's said Olivier Theyskens may be taking over at Halston. [Hint]
• It's not all bad news on Madison Avenue: Jil Sander and Nanette Lepore both have stores opening in the next…

• It's been a busy few days for Valentino. He's taped appearances for Oprah and Martha Stewart; Valentino: The Last Emperor, the new documentary about him, debuts in NYC tomorrow; and it's rumored that despite his very public retirement in early 2008, he remains in charge of his eponymous fashion house. […

Jil Sander, the designer best know for her well-tailored, kinda-but-not-really-affordable careerish clothes, has left the company which bears her name after continual fighting with the Prada Group and its head, Patrizio Bertelli. Sander's most recent collection received solid reviews in Milan, but Sander apparently…