No room on the credit card for Chopard? No matter. This holiday season, costume jewelry just might be the smartest gift.

With fashion houses such as Yves Saint Laurent, Louis Vuitton and Christian Dior turning out increasingly sophisticated designs (some of which cost as much as the real thing), the stigma of fake jewelry is gone. Today it's not uncommon to see the most chic women mixing fine and faux in the same outfit.

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