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1.
Originally a reference to jewelry made by Daniel Swarovski. Eventually became a term used to describe most Austrian crystal jewelry. An Austrian crystal is the same as a rhinestone, only without a mirrored back. These are high quality synthetic stones made from glass.
"Swarovski" jewels are becoming popular in hair jewelry this year.
by Derek B. June 28, 2005
 
2.
A term used to describe the drug "Crystal Meth/Methamphetamine". Sometimes used by drug addicts and drug dealers as Slang, Nickname or Code name to hide it's true identity from law enforcement or other parties. Usually used over the phone.

Since "Swarovski" is a company that specializes in Crystal.
Do you sometimes crave Swarovski?
by Richhe November 10, 2010