The size of diamond is also influencing current styles, and according to Diamond Information Center, traditional one carat solitaire diamond engagement ring has now grown to three and four carats.

One only had to witness jaw dropping display of jewels at this year's Oscars - some $40 million worth - to reinforce notion that in minds of most celebrities "bigger is better". Never mind that their cherished booty had to be returned to vaults from whence they came next morning.

But our ever-increasing fascination with all things "bling" begs question "What about poor sucker who has to PAY for this excess?" The traditional measurement for any would-be suitor to determine how much he should be willing to part with for engagement ring was arbitrarily set at three months's salary, which is fine if he's earning a healthy six-figure salary. But try telling Joe Schmo, whose monthly budget doesn't extend much beyond local Thai take-out, that he's up for what could be many thousands of dollars, and you'll see his face (not to mention his wallet) crumble.

Which brings me to my final point. The value of your engagement ring is not simply measured in monetary terms. nor is it measured by whether your best friend's diamond is bigger, or whiter, or more extravagant. And it's certainly not measured by whether it looks just like J.Lo's most recent accessory (and I mean ring, not husband!)

Your engagement ring is a measure of value of your relationship and what it means to both of you, now and in future. It's a symbol of all that two of you share, whether you're wearing a 2-carat rock or a dime-store copy.

Just remember, your local jeweler is probably a whiz at re-modelling, so you can always upgrade later!

Diamond cuts have also changed dramatically over years. Contemporary diamond cutters use modern faceting techniques to show a diamond off at its brilliant best. Although a diamond will sparkle even when its been poorly cut, don't expect same razzle-dazzle you see today from diamonds in antique engagement rings.

Also keep in mind that antique engagement rings were often made with stones that don't stand test of time. Turquoise is a gem to steer clear of because it has a nasty reputation for discoloration. As do pearls, which lose their sheen and opals, which will gradually wear away.

Another thing to be wary of is that lesser-quality garnets were often marketed as rubies in vintage engagement rings, so be sure to have your ring valued if you badly want a ruby-red engagement ring.

An antique engagement ring is not a ring you can wear every day in our rough-and-tumble world, but it's preciousness makes it a treasure that, with right care, will give you pleasure every day for a lifetime.