The cost of being able to pop the big question with a platinum engagement ring has been reduced as the diamond industry is hit by the recession.

 

Online retailers such as Amazon are now offering platinum and diamond engagement rings with discounts of up to 50 per cent - good news for those planning a wedding on a budget during the economic downturn, according to the New Zealand Herald.

 

Jewellery has been rendered more affordable due to a considerable drop in the price of diamonds and Amazon currently has a platinum ring with a 0.5 carat diamond for $1,675, a reduction from the list price of $3,425.

 

The owner of JP Diamonds in Hatton Garden, London, Joe Boll, told the newspaper: "People are not buying earrings, bracelets, things they can do without if they want to tighten their belts. They are still buying rings for weddings, engagement."

 

Engagement ring and wedding band specialist Verragio recently announced its new Couture Collection, which includes platinum rings for both men and women.