Cardboard Carats

"Good taste is available anywhere," says Manhattan Designer Barbara Marsten. "But you have to come to us for something garish." So one does, judging by the brobdingnagian baubles designed by Marsten's firm, appropriately named Caveat Emptor. The latest in nouveau gauche is a collection of oversized diamonds, rubies, emeralds and other jumbo gems made of mug-proof cardboard. The paper jewels, actually collages made from color photographs of real gems, are meant to dangle from the neck on elasticized "platinum-colored" chains. On the back of each cutout is a wry put-on and putdown of the world's most illustrious jewels and jewel collectors.

There is, for instance, the 16,000.83-carat "Vulgari Emerald." In no way connected with famed Bulgari diamond merchants, of course, the Vulgari is surrounded by "diamonds and pearls. . . except for the third pearl from the left, which is courtesy of Woolworth's." Other gems are the " 'La Fabiola' Faerie Diamond," the "Royal Order of the Corset" rubies, and the social climber's special--an outsized pendant dubbed "The Fitz-Hall" ("and it does"), featuring France's Regent diamond, now barricaded in the Louvre.

The idea for the ponderous pendants was dreamed up "as a lark" by Marsten, her Caveat Emptor partner Richard Neibaur and Illustrator John Johnson. They call their creations throwaway chic, but at $2.50 each, the necklaces are no giveaway. Still, Bonwit Teller, Jordan Marsh and Filene's of Boston, among other stores, have placed orders, suggesting that the eggplant-size paper rocks will be at least as much of a hit on the party circuit this fall as, say, pet rocks were last year. In fact, orders are pouring in so fast that the ersatz emeralds, diamonds and rubies are now in their second printing.

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