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Love & Money: J-Lo’s engagement ring is reportedly worth $1 million — is it time to ditch the diamond?

Are diamonds more of a frenemy to the financial lives of young couples — rather than a girl’s best friend?

Singer Jennifer Lopez and Alex Rodriguez, the former professional baseball player, announced their engagement over the weekend, and Lopez showed off her square-cut diamond engagement ring on Instagram FB, +1.46% to her 88.5 million followers. Lifestyle magazines have been asking jewelers to pitch their estimates on how much the ring might be worth. Assuming the ring is 15 carats, colorless and of pristine clarity, it could be worth $1.4 million, one jeweler told Cosmopolitan. Others speculate that the ring could be valued at multiples of that.

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