And this year's event held at United Nations in NYC witnessed some of the leading ladies of this time, including Allison Williams and Karlie Kloss, who wowed in jaw-dropping numbers on Thursday.
The 28-year-old actress showed off her svelte figure in a black-and-white dress while the 24-year-old model turned heads in a fitted metallic gown.
The Girls star - who is a longtime friend of the 70-year-old designer after meeting her at former President Obama's Inauguration - went for a classic look.
Top model Karlie - who's set to receive this year's Inspiration Award - is being honored for her organization, Kode With Klossy, and her gluten-free cookie line.
She empowers women and girls to learn computer coding along with expanding access to coding education and opportunities.
And the blonde bombshell certainly looked the part in a dark blue shimmering dress - displaying her flawless figure - as she paired the look with metallic silver pumps.
Her locks were tied up in a high bun as she accessorized with long silver drop-down earrings.
As part of Women In The World conference, each person honored will receive $50,000 towards their nonprofit work.
Telling CNN in a recent interview, Diane said: 'These are the women that, when I listen to their stories and I see what they do, I feel so small and unaccomplished because they are so strong.'
Adding: 'I love working, talking to women, to young girls and giving them the strength. That is what gives me strength and purpose.'
Primatologist and animal activist Jane Goodall was also honored with the Lifetime Leadership award for her fight to conserve and protect the Earth.
Other attendees were Tracee Ellis Ross, Lindsay Ellingson and Kate Bosworth - who spoke at the awards ceremony.
In addition to Karlie and Jane, Cuban journalist Yoani Sanchez, human rights lawyer Baljeet Sandhu and education advocate Louise Dubé were honored at the event.
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