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The first lady is wearing a hand-draped, off the shoulder, red matte jersey gown by Prabal Gurung at the White House Correspondents' Dinner this evening. Stunning!
Update: On the jewelry front, it appears that the first lady wore pieces by Bochic and Sutra Jewels. The bottom gold cuff is a Sutra Jewels piece, created from 10 carats of raspberry tourmaline, flanked by rose cut diamonds in a star-burst motif. The top cuff appears to be a Bochic piece, constructed from white bakelite, gold filigree and rose-cut diamonds, seen here.