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The average diamond engagement ring costs $3,500, but those prices don't appear to deter those in love. Still, you don't have to overspend en route to "I do." Soon-to-be-wed DailyFinance reporter Ross Urken did his homework before hitting the jewelry store, and shares what he learned.

When the global economic crisis set in, few segments of the luxury market took it harder than jewelry. Big brands have been laid low and some fairly major retailers, including Fortunoff, Whitehall and Robbins Brothers have filed for bankruptcy. And hit hardest of all has been the diamond industry....