The picture above shows a few of the effects I've achieved using masses of low intensity lights placed near transparent objects with a high level of specularity.
Here is a simple recipe to test this technique. Add an object, and set its surface attributes to the following:
Next, make a mass of lights. Create a simple, small object such as a primitive disk with 50 or more facets. Go into pick faces mode, and select all. Fracture the object, using a scale of .001. You should see some very tiny dots where the disk previously was. Use the command Object/Slice, and the individual granular faces will turn into seperate objects grouped to a parent axis. Select a single child, and set its light attributes to the following.
Move the group of lights close to the objects surface. from 1 to 4 imagine untils (closer is better). Quickrender with lights off and global background color = 0,0,0. You should get a bit of a glint. More and more lights, w. different colors makes the shine much better.
Here are some links to pages of examples. Each page is somewhat over 100K.
Note: this technique is processor intensive. On my p166, an array of 1700+ lights took about 17 minutes to render a 320 x 240 pic. However, some of the images were done with as few as 150 lights.