We're sorry to be the bearer of bad news, but you might not receive that yellow diamond you've had your eye on for Valentine's Day this year. Sigh. Your blue and red diamonds will have to be content with only each other's company—perhaps you'll complete your collection next year.
According to a survey by the National Retail Federation, flash is out in 2009. Wealthy folks are cutting back in lavish V-day gifts, but not necessarily because they can't afford them. According to Reuters, who interviewed a luxury marketing researcher, "the super-wealthy were anxious about 'being labeled as ostentatious' and were 'pulling back substantially.'"
But don't fret! You might get a white diamond, which, after all, matches all your Gucci gowns, not just one or two.
"It's back to basics," said the president of the trade group Jewelers of America. "There is a simple style, a more conservative style that is less conspicuous."
But if you are planning to splurge, you're in luck. Reservations at high-end restaurants are down about 25% and it's easier to get a table at Hollywood hot spots. Try calling John Mayer, we hear he's single.