Reuters – Flashiness is out and subdued celebration is in among wealthy Americans on Valentine’s Day.

As the economic crisis spreads and conspicuous consumption loses its luster, hedge fund millionaires and oil barons are shunning eye-catching items like yellow, red and blue diamonds in favor of lower-key gifts, luxury industry watchers say.

In Hollywood, it is easier to book reservations at marquee restaurants than last year for the romantic day on Feb. 14, a restaurant publicist said, noting entertainment big shots now tend to favor eateries that have cut their entree prices.

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