But in these troubled economic times, a more prudent alternative has emerged - although it might not bode well for a lengthy marriage.
Britain’s supermarket giant Tesco is to sell engagement rings for just £15, and they'll throw in a wedding ring for another £15.
The engagement ring is made from gold-plated silver, while the stones are the finest zirconia - the sort of man-made substance made popular by TV shopping channels.
The wedding ring, which weighs 0.55g, is made from nine-carat gold.
A spokesman rather optimistically claimed: 'With gold prices rocketing - they reached £860 per ounce in June - we have found an affordable alternative to help recession-hit Brits get engaged in style.'
The supermarket insists the ring looks just like alternatives costing more than £500.
'Most people - other than jewellery experts - would not be able to spot the difference between a gold-plated silver ring with cubic zirconia and a diamond solitaire ring,' the spokesman said.
Jan Marchant, Tesco director of buying for ladieswear, footwear and accessories, added: 'Gold-plated silver is set to become a huge trend.'
Fourteen-carat gold-plated silver pendants and earrings are on offer at £15 online from Tesco. A nine-carat gold version would cost more than £50.
Zirconia is the crystal form of zirconium dioxide. The hard, usually colourless material is sometimes marketed under the name diamonique.
It has been used as a cheap alternative to diamonds in jewellery for more than 30 years.
