Every year, February 14th is a good day for buying jewellery and, making wedding proposals.

This year American consumers spent a record $6.4 billion on Valentine’s Day jewellery.

According to Ankur Daga, founder and CEO of jewelry e-commerce company Angara, that amount of money represents 10% of the total annual spending.

In general, this year has seen a strong preference for coloured gemstones, which have largely replaced the classic glamour of diamonds.

In particular, demand for engagement rings with coloured stones such as sapphires and rubies increased significantly, while traditional diamond rings recorded a decline.

Around 5% of engagement rings a decade ago were made up of coloured gemstones, whereas today the figure is more than 15%.

The shift toward colored gemstones also reflects the customer’s desire for a “more personalized gift,” according to Beth Gerstein, Ceo of Brilliant Earth, who notes that gemstones, in general, “are keeping pace with the Gen Z audience, as young consumers want something unique that reflects their own personal style.”

According to CNBC, industry representatives believe this change is due to both the growing popularity of man-made diamonds and the limited supply of natural gemstones.

Wholesale prices for sapphires, rubies and other gemstones have risen significantly in recent years, making them increasingly attractive to consumers seeking unique gifts.

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“There is only one mine in Madagascar that produces the most in rubies, globally,” Daga said.

“If we focus on sapphires, the mines in Burma and Kashmir are now closed, so the only producers are Sri Lanka and Madagascar.

In terms of emerald production, we see that sourcing from Zambia and Colombia is much more difficult and expensive than in the past.”