You can be the hit of your New Year`s party as you sport lavish diamond jewelry – and you don`t have to break your checking account to do it.

One possibility is to rent diamonds for an entire month at online retailers such as Bag Borrow or Steal. For example, it is possible to rent a Charriol diamond necklace for one month at a total cost of $328. The actual value is in excess of $2,500.

Weekly rentals for items at Bag Borrow or Steal can run from $6 to $265 per week. There is a wide variety of precious and semiprecious jewelry available. Monthly rental rates are from $20-800. The firm also rents handbags by Kate Spade and Fendi, as well as purses from Gucci and Hermes.

You can get the best deals on the most in-demand jewels. The cost of the services is $5 per month for the year, or $9.95 for one month. The cost of return shipping is $9.95, and insurance runs $3-30.
Other online rental stores exist, such as Diamonds of Palo Alto. Their most dazzling piece? An 89-stone diamond necklace with three optional pendants that is worth $96,000. It can be yours for a day for "just" $2,290.