White and gray are replacing red as the traditional color of Valentine's Day, according to Robbins Bros.

The engagement ring store, which claims to be the largest in the world, has stated that sweethearts are hoping for platinum jewelry rather than chocolate and flowers this Valentine's Day.

Steve Robbins, the company's chief engagement officer, added that a princess cut diamond engagement ring will be topping many women's gift list saying they "are far more likely to make the romantic impression of a lifetime".

"For the price of dinner, drinks, chocolates, flowers and entertainment for two, you can get a stunning ring that will last forever. But more importantly, you'll have memories that will last a lifetime," he continued.

Meanwhile, many high-end jewelers will be hoping to boost their sales with Valentine's Day.

According to Antwerps Facets News Service, Americans spent £12.35 million on fine jewelry in the week before Valentine's Day.

February is traditionally the fourth highest selling month for jewelry.