On being practical

Is it practical to buy diamond rings or any jewelries with diamonds in this time of financial crisis? I know for wedding and engagement rings it will be great if they have diamonds but if it is no longer practical then I think it’s ok to get just a simple gold ring. That’s what I told my friend who’s getting married this year when she asked for my opinion. Well, it’s just my opinion because I’m a very practical person. However if the couple can really afford it then having a diamond ring is not really bad at all.