Platinum engagement rings are currently in great demand and European jewelers are apparently clambering to reap the benefits.

A report in the Wall Street Journal claims that high-end jewelers from Europe have been unable to ignore the escalating popularity of diamond engagement rings. It represents something of a U-turn for many of these jewelers, who previously shied away from the showiness of these jewels.

As the Wall Street Journal observes: "For years, most European high-end jewelry houses turned up their noses up at engagement rings.

"Brands such as Cartier and Italy's Bulgari SpA were content to leave this firmly entrenched American tradition to Tiffany & Co, which dominates the $9 billion US 'bridal jewelry' market, a category that includes diamond engagement rings and less-lucrative wedding bands."

The report recalls that the diamond solitaire only became popular in the US after World War II, when the Diamond is Forever campaign from De Beers stirred up huge enthusiasm for these rings.

In subsequent decades, diamond engagement rings have become popular the world over and the soaring popularity of platinum settings has only accelerated demand.

''The engagement-ring phenomenon has gone worldwide,'' De Beers chief executive Guy Leymarie told the Wall Street Journal.

According to the report, "the engagement ring market isn't easy", and it is because of this that many jewelers are turning to innovative sales techniques.

"Van Cleef & Arpels ... earlier this year opened its first 'bridal bar' in its Paris flagship. Salespeople serve Champagne and chocolate to customers seated on stools at a counter," wrote Christina Passariello, the European luxury and fashion correspondent for the Wall Street Journal.

Platinum and diamond engagement rings are far from new, however, as is evident at the ongoing Princess Grace exhibition at Sotheby's in New York. Grace Kelly's stunning platinum engagement ring is currently on public display, 25 years after the iconic princess passed away.