Originally, costume or fashion jewelry was made of inexpensive simulated gemstones, such as rhinestones or lucite, set in pewter, silver, nickel or brass.During the depression years, rhinestones were even down-graded by some manufacturers to meet the cost of production.ostume jewelry was also made popular by various designers in the mid-20th century. Some of the most remembered names in costume jewelry include both the high and low priced brands: Crown Trifari, Dior, Chanel, Miriam Haskell, Monet, Napier, Corocraft, Coventry, and Kim Craftsmen.