Sporting a beautiful sparkler to show you're off the market is no longer the preserve of the ladies.

Over the past year the demand for men's engagement rings, or “men-gagement” rings, has soared. Jennifer Hudson is the latest celebrity to buy a ring for her beloved, dropping $15,000 on a diamond-studded gift from Neil Lane for fiancé David Otunga, and jewellers from high street to high-end are getting in on the act.

But why now? Many say it's merely a reflection of modern times. Women also want to buy a gift for their fiancé as a romantic gesture. But more cynical types think it may be a way for them to “brand their man”.

Earlier this year, H Samuel started stocking men's engagement rings. Buying controller Natasha Gregory says: “The rings aim to redress the balance of one side of the couple giving and the other simply receiving. Both can now wear a symbol to celebrate.”

At the other end of the spectrum, business is also booming. Islington jeweller Stephen Einhorn has been making men's engagement rings — both bespoke and 16 designs in the ready-to-wear range — costing up to £36,000. Einhorn says it's becoming more acceptable for men to wear jewellery. “As long as the ring retains a sense of masculinity, it works. You can't just rehash a women's engagement ring.”

Couples come to him in a number of ways. “Some women choose to surprise their fiancé and often a couple will come in together to choose for her but the man also ends up getting a ring.”

Ian Mitchell, a 40-year-old surveyor, proposed to his wife and after putting the ring on her finger she decided she wanted to buy one for him too. “I was surprised because it's not conventional and I'm not the kind of man who is into jewellery but I thought it was a great idea. It's a very romantic gesture. “There have been a mixture of reactions but in London most people think it's cool.”