You could spray paint it a bright color or cover it in a ribbon you like OR you could wrap it with yarn or embroidery thread!

sew a colorful fabric tube to slip over it, or wrap ribbon around it.

Personally I have a rule against using spray paint on electronics or near heat sources but to each his own.

Ballard Designs http://www.ballarddesigns.com had a large range of cord covers - sort of scunchis for cords. Perhaps too traditional if your place is more modern, but you can always make your own with some fabric & velcro or even double-sided tape. Depending on the decor, you could also wrap it in leather cord or sisal cord for a more rustic look.

Oh God not the chain! I hate chains! sharpie marker it a great color, but please say "no" to the chain!

attach to the cord two or three small, white figures of mountain-climbers, scaling the cord.

You could also try a cord chain. The chain snakes through the cord and voila. Or a thin metal tube. Oh, how about lifesavers? And there's another idea -- if you could find a bead store with large-hole beads and make the cord sparkle! Or roll the cord in glue and the roll the cord in glitter. Guess it all depends on what look you're after.

You cna replace it with a brushed chrome downrod. http://www.csnceilingfans.com/Ceiling-Fan-Down-Rods-C14865.html Or check your local big-box store in the ceiling fans section. Simple hack; just thread the cord thru the downrod. Voila!

I'd spray paint it a bright orange, green or black- including the base, to make it more exciting. If you're feeling really crafty you can do the base and cord in contrasting colors to make the shade pop. My feelings about 'cord scrunches': GAG!

Haha! Love the mountain climber idea!

cut paper butterflies and attach them on the cord.

wait, is that safe? :D

I think the scrunchi idea is the best. it will add color and texture to the "chandlier" which is pretty basic. and if you like it basic, pick a basic or linear scrunchi. i bet you could make your own!

In the past I have wrapped cords with bias tape. You can get it at any fabric or sewing store. It comes in many different colors and is cheap - $1 for 3 yards. I usually use single fold tape 7/8" wide, then unfold it when I wrap the cord so I can get more mileage out of it. It is perfect because it doesn't add any bulk to the cord, just color.

Its tough because I don't know your style and how much light shines through the shade but I would hang, on mono filament, hand blown glass orbs or ornaments ( I would chose colors that accented the room or table accesories) different sizes and at diferent heights around and cord. this way they become a work of art, kind of like a 3-D medalian of points of light. Look in your area for any glass manufacturers or glass blowers.

I would suggest wrapping the cord with bias tape, per J Dandy's suggestion (good one!) or a simple sort of yarn/string. Maybe a thicker twine or jute? I'm not sure if your goal is for the cord to disappear or become more modern or?? Good luck. Post follow-up photos!

If it is easy to unwire and rewire, you can take the lamp off the cord and slide the correct length of copper, stainless steel, brass, aluminum, etc. tubing over the wire and reattach the lamp. That would give it a nice modern look.

Are you a knitter? You could knit an I-cord for it or break out the knitting nancy (AKA knitting spool).

No to the chain. No. All you will end up with is a messy looking chain with wire running through it.

Use vinyl paint to spray paint it a bright color.

"Chandelier" is not a "strong" word for this, it's the wrong word for this. A chandelier is a branched, suspended light fitting with multiple bulbs (or candles, originally, hence the name). IKEA itself refers to it as a pendant light.

Some large beads (big chunky ones - think 70s costume jewelry) threaded onto the cord will add colour and texture while still looking neat and tidy. Not the whole cord - just half a dozen or so at the bottom.

I would caution against putting fabric or tape over the cord -- it could be a hazard.

But Blandwagon's bead idea is brilliant and very workable. I would use large wooden beads -- 2 inches in length or so. Simple shapes either natural wood stain or bright colors, depending on your own preference and decor. I'd also string them the entire length of the cord.

And if that doesn't float your boat, how about replacing the cord with something from here: http://www.sundialwire.com/
This site has colored cords, braided cords, cotton, rayon, metallic, etc. Also in different sizes and gauges.

Or you could just buy a colored extension cord, and have an electrician swap it out (this is really easy and you could even do it yourself with a little know-how). You can buy so many different colored cords... even striped cords. Here's just a quick example:

http://www.amazon.com/gp/product/B0015XKIKS/ref=noref?ie=UTF8&s=hi

By the way, all of these options will probably cost 3x what the light originally cost! So it goes. I have this same light, and I like the cord but HATE the canopy...

Electricians tape comes in a variety of colors - you could just wrap the entire cord or even give it a candy-cane stripe.

Wrap the cord with gaffer tape. It's available in dozens of colors, is safe around electrical and heat sources, and removes cleanly if you change your mind.
I just LOVE gaffer tape.

Lots of retailers now sell coloured flex to use for light fittings - not sure of the practicalities of changing the flex on an IKEA lamp but here are some examples, hope it helps!

http://www.husandhem.co.uk/89-lampshades-accessories?orderby=name&orderway=desc
http://www.rockettstgeorge.co.uk/coloured-cord-flex-light-fittings---various-colours-available-4285-p.asp
http://www.rubyroost.com/coloured-fabric-flex-634-p.asp
http://www.colouredcable.com/
http://www.notonthehighstreet.com/papilio/product/coloured-lamp-flex?utm_source=GoogleShopping&utm_medium=Home%20&%20Garden&utm_campaign=137139