CARATS OR THE STICK? DIAMONDS ARE A MAN'S BEST FRIEND IN VALENTINE'S DAY GIVING.

Byline: Dana Bartholomew Staff Writer

Love usually finds expression today on Valentine's Day in a dozen American Beauties, a heart-shape box of chocolate, a cozy dinner for two.

But nothing meant more to many lovers shopping Wednesday than sparkling diamonds - and they found some were cheaper than a $100 bouquet, chocolate assortment, dinner package or cozy pied-a-terre.

``The glow is always there, just like someone's love,'' said John Lashon, manager of Jewelry Liquidators in Woodland Hills, from behind a counter of heart-shape balloons and glittering cut-rate stones.

``How much are a dozen roses, $80 or $90? You can get diamonds for $49 - that's a deal.''

Diamonds, once the rocks of queens and kings, have fueled a discount boom recently made possible by new deposits and overseas polishers. Diamond tennis bracelets that once went for $300 now go for $99. Miniature diamond hearts that might have once sold for $99 now sell for $24.

``I'm speechless,'' said Imelda Yu, of downtown Los Angeles, who drove to the San Fernando Valley to buy a cheap diamond ring, but ended up purchasing a $985 1.5-carat diamond solitaire from Liquidators that once would have sold for $3,200.

``I'm so happy,'' said her husband, Jun, of his Valentine's Day present. ``I thought I would buy for her, but she's the one buying for me.''

Across the Valley on Wednesday, men and women shopped for last-minute love tokens sure that if they missed their mark, all would be lost. Hot items included:

An expected sellout at the 94th Aero Squadron Valentine's Day dance and dinner (``a sumptuous meal that will melt your heart'') at its Red Baron Ballroom near Van Nuys Airport, at $125 for two.

Lines at Victoria's Secret in Woodland Hills, where a run on a $38 sequin baby doll panty and sheer-top get-up cleaned out its crimson collection.

Lines at Godiva Chocolates, where a 50-piece Extra Large Romantic Velvet Heart mix went for $135.

And lines at Mark's Garden in Sherman Oaks, where florists feverishly wrapped dozens of American Beauty roses in French tissue and satin bows for $100 a throw.

``Oh, my God, it is insane, mayhem, chaos,'' said Karen Bailey, struggling to field the calls of suitors and spouses alike. ``We only have five choices of love by the dozen, and the phone hasn't stopped ringing in weeks.''

But despite the allure of soft petals on a cheek, an oily rubdown of the shoulders, sticky truffles to the tongue and the unspeakable intimacy of a Valentine Jacuzzi suite, many said nothing can match the bond of cut stones, no matter how expensive, for Valentine's Day.

``My husband is 6-foot-1 and a half,'' said Judy Mitchell, a ``well- seasoned'' woman from Tarzana in the jewelry department of Robinsons-May in Woodland Hills. ``And if I dont't get a tiny velvet box, he'll be 5-foot-4.''

Mitchell said she won't settle for anything less than a .5 carat in each ear. The $24 diamond heart pendant advertised by Robinsons-May, she said, ``may be fine for teen-agers, but you just can't see them on a woman my age.''

Marvin Hernandez, 25, of Tarzana, perused a 10-karat gold case full of discount citrine and ``created rubies'' for his girlfriend's Valentine.

``Diamonds, they're way out of my budget,'' he said, but scoffed after learning of the $24 pendant display. ``It's like a car: If you buy something new, make sure it's a Lexus rather than a Toyota.''

Norma Martinez, 24, of Reseda, looked at Victoria's Secret lingerie but gems were on her mind as well. ``I'm hoping for a diamond, I need it,'' she said.

``I love diamonds, I'm a girl,'' said Lesley Marvin, 34, of Woodland Hills, wearing a heart-laced jersey while towing two boys in a tram Wednesday. ``But the problem with diamonds is they're made with a lot of slave labor.

``I don't want the roses, either, the prices are too high. I just want clothes.''

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Photo:

(color) Robert Symms and Cynthia St. Holmes examine a diamond ring from Jewelry Liquidators to mark their official engagement today.

Charlotte Schmid-Maybach/Staff Photographer