At Los Angeles-based Angara.com, an online jewelry retailer, emerald engagement rings are the No. 1 colored gemstone choice in the category, according to Zameer Kassam, Angara.com's vice president.

Ankur Daga, chief executive of Angara, created the online jeweler after seeing fellow Harvard Business School classmates struggle to purchase engagement rings.

Angara Inc. was created for people like Mr. Bilimer- those willing to spend big bucks for baubles online. The company is one of a number that for the first time are taking e-commerce to the upper reaches of the jewelry market. They are challenging the long-running dominance of such titans

See Angara's $40,000 diamond bracelet in America's Next Top Model

Angara’s three-piece jewelry line for babies is designed for your tot’s safety and made from nickel- and allergy-free metals. Earrings include clear, rubberized backs so your little one can wear diamonds to sleep without discomfort.

Ankur Daga, a Harvard Business School graduate and founder of Angara.com, an e-commerce business specializing in diamond and gemstone jewelry, said the site's main business was engagement rings. Angara offers custom engagement rings and other jewelry categories at prices generally 35 to 50 percent cheaper than at traditional retailers.