Venice Film Festival 2021: Penelope Cruz looks effortlessly chic in a shimmering silver off-the-shoulder gown while Maggie Gyllenhaal wows in white as they lead the stars on the red carpet for the glitzy closing ceremony

Penelope Cruz looked effortlessly chic, while Maggie Gyllenhaal wowed in white as they led the stars on the red carpet at the closing ceremony of the 78th Venice International Film Festival on Saturday. 

The Vanilla Sky actress, 47, stunned in a shimmering silver off-the shoulder gown as she posed for the cameras on the final day of the annual event.

As Donnie Darko star Maggie, 43, looked as glamorous as ever in a plunging white gown as she worked her best angles for the camera.

Penelope oozed grace and glamour as she glided across the carpet in her jaw-dropping gown which featured a metallic lace overlay, a dropped waist and a voluminous tulle underskirt.

The Vicky Cristina Barcelona star accessorised her showstopping gown with a pewter clutch back and towering silver and black heels.

Penelope left her caramel tresses to fall gracefully on her shoulders, while she enhanced her beauty with a sleek palette of make-up. 

And it certainly was a magical evening for Penelope as she later picked up the Coppa Volpi award for Best Actress for her role in the film Madres Paralelas (Parallel Mothers).

The Spanish star, who plays Janis in the Pedro Almodóvar directed film, looked delighted as she accepted her prize from jury member Saverio Costanzo.

At one point Penelope even planted a kiss on her huge trophy as she dazzled up on stage, before reading an acceptance speech. 

She was later seen clutching her trophy tightly as she posed at the award winner's photocall. 

Elsewhere, Maggie added a stylish twist to her outfit by wearing a black and green patterned bandeau under her low-cut dress which was visible from the sides. 

She completed her beautiful look with a pair of simple black heels and kept her accessories minimal other than a couple of silver bracelets.

The film producer wore her brunette tresses in a chic cropped do and opted for a pretty and natural makeup look complete with a slick of light pink lip. 

It proved to be a great night for Maggie as she later picked up an award for Best Screenplay for her movie The Lost Daughter.

The stunner, who directed the film, looked overjoyed as she was handed the gong by jury member Cynthia Erivo.

Sarah Gadon meanwhile was sure to turn heads at the closing ceremony as she walked the red carpet in a billowing hot pink gown. 

The Canadian actress, 34, shared a glimpse of her toned midriff in the cut-out number which featured spaghetti straps and a flowing skirt with a daring split.

The beauty accessorised her look with a silver chain necklace and matching silver heels, while she further upped the glam with a pop of bright red lipstick. 

Meanwhile, Cynthia Erivo set hearts racing as she sizzled in a semi-sheer floral dress while posing for the cameras.  

The actress and singer, 34, put on a very racy display in her barely-there gown which allowed her to showcase her toned legs beneath. 

The backless style also saw her displaying her array of back tattoos, with the beauty, who is on the jury at the festival, flawlessly working all her best angles for the camera.

Elsewhere, Nicole Scherzinger performed at the amfAR Venice gala in a striking strapless white dress.

The Pussycat Dolls star, 43, looked great in her billowing, ruffled gown as she belted out a track on stage. 

The 2021 Venice Film Festival has taken place from 1-11 September, and is considered one of the world's oldest awards ceremonies and one of the 'Big Five' events.  

The jury is headed by Parasite frontman Bong Joon Ho, who said he is 'honoured to be woven into its beautiful cinematic tradition. 

'As president of the jury — and more importantly as a perpetual cinephile — I'm ready to admire and applaud all the great films selected by the festival. I'm filled with genuine hope and excitement.'

The jury is also comprised of  director Saverio Costanzo, actress Virginie Efira, star Cynthia Erivo, actress Sarah Gadon, documentarian Alexander Nanau, and director Chloé Zhao. 

This year's festival has also invited two Afgan filmmakers, Sahraa Karimi and Sahra Mani, to discuss the Taliban's takeover of the country, with 'particular attention to the situation of filmmakers and artists,' in a panel taking place on 4th September.  

The topic of the panel will be 'the dramatic situation of Afghan filmmakers and artists in general, the need for the creation of humanitarian corridors and the guarantee of the granting of political refugee status, as well as concern for their future and the need to provide for their accommodation once they arrive in Europe.' 

Oscar-winning Italian director Roberto Benigni, who helmed the acclaimed Life is Beautiful, will also be honoured with the Golden Lion for Lifetime Achievement.

In a statement he said: 'My heart is full of joy and gratitude. It is an immense honour to receive such an important recognition of my work from the Venice International Film Festival.' 

This year's festival has also seen the grand return of its star-studded red carpet premieres, after last year's event was drastically scaled back due to the Covid pandemic.

Last year's occasion saw a significantly smaller number of guests in attendance, will all red carpet arrivals required to adhere to social distancing, with temperature checks and mask wearing mandatory at the event.

Despite its return, this year's festival is still adhering to strict Covid guidelines, following a rise in cases in Italy.

Public access to the red carpet is banned, and more than 10 testing stations have been set up.

All attendees must show proof of a negative test or vaccination to enter a screen, and masks are required indoors.