Nice and simple, easily memorized. I like knitting lace socks better than any other technique for "fancy" socks.
I used a KnitPicks yarn, Stroll Glimmer in the color called Fiji. It's a pretty intense turquoise.
This is more true to the color of the socks, but the glimmery bits (sort of like really fine tinsel plied in with the yarn) don't show up so well in the photo.
I chose the yarn and pattern for Reasons.
I think Rarity approves. (Her "cutie mark," for non-fans of the show, are three diamonds that are sort of a turquoise color. On the Rarity stuffie shown here, they're a lot paler than they are in the actual cartoon.)