Here are my tips to help you get best value possible:

* Ensure you get a Gemological Institute of America (GIA) or American Gem Society (AGS) Certificate when you purchase your diamond. A Certificate guarantees that you are getting what you paid for.

* If you are buying at a retail store, ask to see your diamond against a white cloth (or take your own - even a white piece of paper will do trick!). Jewelers typically use a black felt cloth to display their stones because all diamonds look white against black.

* The American Gem Society says that cut of diamond can influence price by as much as 50%. A well-cut diamond, when viewed from above, will sparkle with a brilliance you won't find in any other precious stone.

* Most diamonds have flaws (called inclusions) that developed during its formation millions of years ago. Some are impossible to see with naked eye, others glare at you. The more inclusions, poorer quality of diamond, and less light it will emit. But its all a trade-off - fewer inclusions means a more expensive diamond.

Knowledge is power, and more you understand about how diamonds are graded and how that determines price you'll pay, better you'll be able to judge what is good value.

Above all, remember that you'll be one wearing it, and hopefully for a long time, so final decision is yours. My very first diamond had a hairline crack deep inside it, and I came to love that diamond as much for its tiny flaws as I loved my husband for his!

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!