Done with diamonds? Gemstone engagement rings are capturing hearts and market share

Roses are red, violets are blue, gemstones are hot and prices are too.

Valentine's Day has long been one of the most popular days of the year for jewelry and engagements. U.S. consumers will spend a record $6.4 billion on jewelry around Valentine's Day this year, representing 10% of the total annual spend, according to Ankur Daga, founder and CEO of fine jewelry e-commerce company Angara.

This year, the contents of those ring boxes may look a little different from the traditional, natural diamond solitaire.

"We're seeing a shift in much larger center stone engagement rings, primarily as a result of lab-grown diamonds, and sapphires and rubies tend to be very hot," Daga said.

A decade ago, about 5% of engagement rings were colored gemstones, according to Daga. Now, it's more than 15%.

More than 20% of people would upgrade their engagement ring to a colored gemstone — such as an emerald, yellow diamond or pink sapphire, for example — if they could, Daga said, citing results of a survey Angara commissioned of more than 2,000 people.

Industry giant Signet Jewelers is seeing the same gemstone trend in the wedding category as well as in fashion pieces. It's seeing particular pickup in sapphire, morganite, London Blue Topaz, aquamarine and green quartz stones, according to Signet, which sells jewelry under brand banners including Zales, Jared and Kay.

Beyond engagement rings, Signet said amethyst and ruby are always popular stones for the Valentine's season. Amethyst is the birthstone for February, and ruby red evokes the color of love.

But the shift toward colored gemstones could also be a reflection of the customer who wants a "more distinctive piece," said Brilliant Earth CEO Beth Gerstein. The company, which specializes in