Engagement Ring Cost

One of the most confusing aspects of how to buy an engagement ring is the engagement ring cost. There are many factors that go into the ultimate cost of a ring, and knowing how each one affects the final price can help couples determine which cost fits within their budget.

Different carat sizes affect ring cost.

There can be great variation in ring costs. Diamond prices, for example, vary tremendously according to the quality of the stone. The price a jeweler will pay is substantially less than the cost of a finished engagement ring because the stone is raw – uncut and unpolished. In general, diamonds with a larger carat weight, fewer flaws and inclusions, less color tinting, and more intricate cuts are more expensive, resulting in a higher engagement ring cost. Because all of these factors drastically affect the final price, however, it is difficult to compare two stones. A finished engagement ring may cost as little as $200 or as much as $20,000 or more, but depending on the quality of the stone two rings with similar sizes, styles, and settings can have remarkably different price tags.

While loose diamonds may seem like a bargain, couples need to consider each factor relevant to the final price of a finished ring, both for diamonds and for the overall ring.

The four Cs of diamond quality have the greatest effect on the stone’s price, but there are ways that couples can use each characteristic to their benefit to find a less expensive option.

• Carat: A carat is a weighting system used by jewelers. The more carats, the heavier the stone, the more expensive it is. There is a drastic price jump as stones increase sizes: a .96 carat weight diamond, for example, will be substantially cheaper than a 1.00 carat stone, though the visual difference between the two is virtually indistinguishable. Engagement ring costs are calculated by the total carat weight of the ring, so a smaller center stone does not necessarily mean a more affordable ring depending on the other stones paired with it.
• Color: Colorless gems are the most rare and expensive type of diamond, while cloudy, tinted, or shaded stones decrease in price as the color becomes more noticeable. Diamonds can be laboratory treated to reduce their color, however, with a far lower price tag than a naturally colorless gem. Couples can also choose a light metal such as white gold or platinum to brighten a slightly tinged diamond. Fancy colors, such as pink, blue, and yellow, are significantly more expensive than even pure colorless stones because of their rarity.

Princess cut.

• Clarity: The more clear a diamond is, the more expensive it will be. Truly flawless stones are very rare and sought after, and mildly flawed stones may be treated to hide their imperfections. Even small flaws and inclusions reduce a diamond’s price, even though they may not be immediately apparent when set properly or enhanced with additional side or accent stones.
• Cut: The cut and shape of the diamond affects its price depending on the difficulty involved. Emerald and princess cuts are among the least expensive because they follow the crystalline shape of the stone, while heart-shaped, pear, and oval cuts are more expensive. Trademarked cuts such as the Hearts on Fire or Asscher are more exclusive and therefore more expensive.

The diamond alone is not the only factor affecting engagement ring cost. Other prominent factors include:

• Setting: Simple prong settings are generally the least expensive and also most common option, followed by channel settings. Settings that must be tailored for a specific stone or ring, such as tension and bezel settings, are the most expensive.
• Metal: Yellow gold is the most common choice for engagement rings, and it is in the mid-range for prices. Silver is less expensive, while high-grade karats of yellow and white gold are pricier. Platinum, titanium and tungsten are generally more expensive, as are two-tone styles utilizing different types of metals.

What cost can you afford?

• Design: Simple solitaires are often the least expensive design because they lack elaborate side stones or other embellishments. More intricate rings, such as Celtic patterns, bridal sets, or three stone rings are more costly.

The most common myth is that an engagement ring should cost the equivalent of two months' salary. In reality, the ring's cost should be what the couple is comfortable affording, whether that means financing the ring for a year or buying a small but meaningful ring. For many couples, discussing the price of the engagement ring is the first step toward financial planning for a life together, and the choice to spend a large sum on a piece of jewelry is one that must be carefully considered.

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