I've seen several piezo driver circuits and claims. One required 200+ volts to drive the piezo element and others used 3-5V.
I have a piezo element and have used a simple method to drive it described in some document I can't find now. A resistor is in parallel with the piezo and a low side switch is used to ground the element. This allows the element to be switched between VCC and GND. I've tried both 5V and 12V but the sound is quite low(using several frequencies from 1k to 3k). Sounds like a mosquito near your ear.
Obviously with some type of acoustical amplification it is significantly louder. I know one can get the elements in a housing that is designed for amplification. My question is, how loud should they be when there is no acoustical amplification? I've seen greeting cards that have them built in and they are about 10x louder than what I have and they do not use an housing(that I am aware of).