Blake Lively bares sculpted midriff in plunging peekaboo outfit as she leads the stars at Gem Awards in NYC

Blake Lively - who was recently announced as one of the hosts for the prestigious MET gala this year - turned up the heat as she led the stars attending the Gem Awards held at Cipriani 42nd St in New York this Friday evening. The 34-year-old movie star flashed the flesh at the glamorous affair, which as its name suggests is held to honor jewelers and watchmakers.

For her latest public appearance, Blake showed off her cleavage in a plunging charcoal top that also allowed her to bare her enviably sculpted midriff. She selected a blouse that featured full sleeves as well as shoulder pads in a fashion statement reminiscent of the 1980s.

Sharpening her screen siren features with makeup, the wife of Ryan Reynolds swept her blonde hair tightly back that evening. Blake - who directed BFF Taylor Swift's music video for I Bet You Think About Me - added a splash of glitz to the look with a pair of drop earrings, sliding into a midnight blue pencil skirt that accented her trim waistline.

She balanced expertly on a sky-high pair of jeweled heels and rounded off her chic-to-the-hilt getup with a diamond print gold clutch.

Watch Blake arrive at the glitzy event below!