This method lacks the facets, but the shine is the best I've found so far. Of course, it costs a lot to do it because it's made with gold and silver leaf, but oh well. By using wafer paper that's covered with gold leaf and punching out the holes you get a realistic sequin look, not just a disc. You would just have to make sure to charge the client for the leaf and your time.
The pattern for this design was inspired by a vintage dress that had swirly designs with different textures in them. If I had done all of the swirls with the sequins it would have been too flat, but by adding the trim and the glitter it breaks up the flatness of the sequined areas. It also uses the gold leaf that you discarded from making the sequins, so you don't feel like you're tossing $$$ away.
Kara Buntin owns A Cake To Remember LLC, online cake supplies at www.acaketoremember.com and www.acaketoremember.etsy.com