Wearing velvet can give you a polished look especially if you are wearing it on the red carpet.
Keep in mind that this fabric stands out a lot, so it would be wise to wear it in calm shades like deep red, black or even green. Anything bright will come off looking cheap and tacky.
My personal favourite velvet looks are the floor length dresses with the turtle necks. Complete this look with a thigh end slit.
The other thing to note is that you do not have to clog your velvet item with many other accessories. Keep the jewellery simple and on point.
If you decide to wear velvet to the office, keep it minimal, with a pencil skirt or a blazer.