Wedding Engagement Gifts, Including Diamond Rings Larger & More Valuable in 2004

According to a Conde Nast survey wedding engagements are lengthening. The average wedding engagement is about 16 months. Up considerably from 11 months in 1990. As a result, wedding engagement gift professionals are reporting that engagement rings are becoming larger and more expensive. And pre-wedding gifts in general are of more value and worth, they added.

Matthew Rosenheim, owner and president of Tiny Jewel Box in Washington, D.C., confirmed that "people are buying larger, finer-quality stones. The store's average engagement ring sold for $7,500, up 20 percent from last year. Additionally, a lot of people want unique rings."

According to the Jewelers Board of Trade Red Book, engagement rings account for approximately 1.6 million sales each year, accounting for close to $3 billion of the $12 billion people spend each year on diamond jewelry gifts.