Big "bling" with a platinum setting seems to be the de rigueur for most stars of the moment, reports celebrity jewelry and style expert Michael O'Connor. "Today's celebrities tend to wear their engagement rings more, and although many are still interested in the size of the center diamond, they want their rings to be wearable. Additionally, since the diamonds are still very large, they want to make sure that they don't lose a diamond from the mounting. Consequently, almost all celebrities are choosing platinum for the mounting."

Princess- and emerald-cut diamonds and pave settings have also proven quite popular with recent celebrity brides like Eva Longoria, Katherine Heigl, and Ashlee Simpson. O'Connor admits he's not surprised that these trends have had a trickle-down effect on the general public, given the A-list exposure some of these Hollywood brides have repeatedly received. "The general public is definitely following these trends. In fact, square-shaped diamonds (including rectangular) are the most popular shape for center diamonds. Combine that with the fact that if you look at ring styles today, you'll see a tremendous amount of micro pave work. And when it comes to the mounting, 81 percent of women claim that they want a platinum setting for their ring."

While the celebrity-inspired styles may be popular, the price tags that go along with these high-priced baubles is not. O'Connor insists that you can live the Hollywood dream without the six-figure price tag. "You can still get the high quality of platinum and a high-quality diamond at very reasonable prices," he notes. "DeBeers carries platinum and diamond engagement rings for as little at $850, while Cartier has them starting at about $2,000."

Just make sure you choose carefully, cautions O'Connor. "Couples should choose a jeweler with as much care as they take in choosing a ring. Make sure that the jeweler is reputable and knowledgeable and offers a good selection of styles. Don't sacrifice the quality of your ring merely for a lower price."