US News

BE MY CUT-RATE VALENTINE

Cupid is a cheapskate this Valentine’s Day.

Web searches for “cheap engagement rings” are off the charts in the run-up to the romantic holiday compared to last year, according to data released by Yahoo! yesterday.

Other popular penny-pinching searches include “cheap lingerie” – getting nearly triple the hits from last year – and “cheap flowers,” up 55 percent.

The recession-romance sentiment was echoed in Manhattan’s Diamond District.

Phil Walker, 50, a correction officer from Long Island, and his soon-to-be fiancée Maureen Gallagher, 53, were looking for a cut-rate engagement ring for a Valentine’s Day proposal.

The couple initially wanted a $5,500 ring but settled on a three-diamond piece for $2,900 instead.

Anthony Ianelli, owner of Ianelli Diamonds, said, “Basically, people are buying little pendants and earrings, more in the trinket variety. People really want to spend between $300 and $500 instead of $3,000 and $4,000.”