look up any word, like the eiffel tower:
 
1.
diamonds or other jewellery that is fake.
my friend Joe bought some Foolgazy Diamonds From the Jeweller the other day, he was rather upset.
by kidsanchez January 16, 2008
 
2.
Only a fool looking at something fake would believe it is real.
It is a fool gazy diamond meaning someone thinks it is real when it is not.
by Golf57 June 22, 2013