Costume jewelry is made out of a variety of materials, which can be pure silver, glass beads, kundan, semi-precious stones, metal, etc. The value of the metal used in it makes a difference between cheap costume jewelry and fine costume jewelry. So the price mainly depends on the material used. Also, as per the style you want to portray you can choose that kind of jewelry. As per your requirements, there is cheap costume jewelry as well as fine costume jewelry.
I like both cheap and expensive jewellery and it depends all on my likes whatever i like in jewellery, i just go for it and buy that for wife.In fact I would say not all cheap things are bad in their quality. It's just a people's perception. Sometimes Expensive ones also have a defect.Basically i look for more Fashion and Styling ones in jewellery.
I have both expensive and cheap jewelry. I think if it's a style that you are gonna wear a couple of times and move on, cheap is fine. But something classic that lasts then I'd go for good quality and higher price~
Cheap jewellery can be prove if purchased from the good brand. As for the functions or parties one should purchase matching cheap jewellery, only for one function it could not be good to purchase costly jewellery.
If you mean cheap jewelry as far as quality goes then NO- Cheap makes you look CHEAP !
But there are some stores where you can get high quality jewelry at LOW / CHEAP prices, my items DON'T look cheap and i feel wonderful when i use them :)