This is concept art for the Pony Emblem project.
Damn you and your hair, Rarity! Anyway, I crammed as many gems into this outfit as I thought I could get away with. She’s got 3 for earrings (I borrowed these from her Gala dress), 1 on the front of her cloak clasp, 3 each on the foreleg bracelets (although the rear one faces the gems away from the viewer), 9 on her quiver, which includes 3 in the shape of her cutie mark. Plus 3 more on her bow and at least the arrow she is currently nocking is diamond tipped. Which also makes this one of the most impractical outfits I’ve ever designed. Good luck hiding from anypony to do your sniping, Rarity.