"Today everybody likes custom even though it costs more. Each woman wants an engagement ring designed exclusively for her,” says Herold. “Most couples find it easy to choose their setting, but selecting the diamond takes more time.” He typically sells engagement rings in the neighborhood of one and a half carats with a price tag of $10,000 to $12,000. Seventy-five percent are round diamonds, and 15 percent are princess cuts.

Most of Herold’s brides select a wedding band with a diamond pattern that complements the design of the engagement ring. Occasionally a couple will ask for a colored stone—such as a sapphire—to be included in the band, but that’s not as common as it has been in the past.

As for men’s wedding bands, most grooms prefer to wear a simple band in white gold or platinum. “Men don’t get too excited about their own rings, but their fiancés usually insist that they wear one—and the ladies are undoubtedly the driving force behind that purchase,” says Herold.

Ninety percent of the stones in his shop arrive pre-certified by the Gemological Institute of America (GIA), the world’s foremost authority in diamond grading. “The GIA certificate is important because it’s basically the pedigree of your stone,” says Herold. “But a one-of-a-kind diamond doesn’t come with a model number, and its real beauty can’t be adequately expressed on a certificate.”

For most grooms, the selection of an engagement ring is obviously a huge purchase decision. “Buy the best engagement diamond you can afford based on its cut, color, clarity, and carat weight—but select it because you love it, not based on investment value,” says wholesale dealer Robert Hodulich of Mendham, owner of Smart Buy Diamonds (973-476-0319) in New York City’s diamond district. “Never buy an engagement ring for investment purposes alone because diamonds don’t earn interest and don’t appreciate.”

Hodulich has seen the industry through thirty years of ups and downs. His best advice is, “No matter where you buy your diamond, be sure it is fully certified by the GIA or the European Gemological Laboratory so that you get what you’re paying for.” Keep in mind that the GIA doesn’t certify your ring, it certifies your diamond.