According to a recently released survey by Brides.com the average cost of an engagement ring has risen to $6,348. This represents a 43 percent rise over 2006's average engagement ring cost of $4,435.

"Clearly, the sparkle – and value – of diamonds has captured the attention and wallets of couples who are keen on making a significant investment when it comes to engagement rings," said Michelle Preli, Brides.com editor-in-chief.

By contrast, the 2009 American Wedding Survey revealed that the average cost of weddings rings has fallen. A typical pair of bands costs $1,575, a 24 percent decrease from the 2006 price of $2,079.

For jewelers who manage to sell all three rings together, the combined cost currently totals $6,835, marking a 12 percent increase over the 2006 combined average of $6,085.

The survey also found that 82 percent of couples are setting a budget prior to the wedding. Despite this, the average price of a wedding is virtually unchanged over 2006 with less than a 1 percent increase ($28,082 versus $27,852).