This year, Valentine’s Day is the perfect time to “pop the question”, and not just because of the holiday’s romantic nature. Diamond prices remain at very affordable rates, though they are not expected to stay at the current cost levels.

Man puts ring on finger after proposing.

Due to plenty of supply and a decreased demand, diamonds are hovering at very accessible price points. Though the cost of a diamond is determined by its cut and rarity, the market has a wealth of inventory to suit a variety of budgets. The recent economic downturn has lowered demand for diamonds and consumers are reluctant to purchase luxury items in a climate of frugality.

Approximately half of the world’s diamonds are purchased by Americans, according to sources. As the American economy struggled, diamond purchasing was on the decline. However, as the financial picture currently brightens, the prices remain at significantly lower levels than were seen over the last year.

“This is a very good time to buy diamonds,” says Dione Kenyon, president of the Jewelers Board of Trade, an industry credit bureau. “There is a fair amount of inventory still out there because of the weak demand and because of a general aversion to wearing bling during these economic times.”

For those ready to propose, it is a buyer’s market.