Americans, who buy half the world's diamonds, are resisting the lure of the sparkle, apparently foregoing fancy engagement rings for now.

CNN broadcast a harrowing interview with one woman who has fallen into poverty. She lost her job, sold her television and furniture, even her wedding rings, and depends on charitable food handouts.

Amanda Gizzi from the Jewelry Information Center recently told GalTime. com that 'engagement rings for men are a new concept here in the United States.