How much does an engagement ring cost?

The ‘three months of your salary’ rule of yesteryear was created as part of a marketing campaign in the 50s and 60s. Dated and exclusionary, it’s not really legitimate advice for would-be proposers. What matters most is that you’ve found the love of your life; your ring should be a reflection of that bond, not an object that’s only about a price tag.

Among our customers, the overall average carat weight for a centre diamond is 0.90ct. But this varies between diamond types. For a natural diamond, the average carat weight sold is 0.83ct. For a lab grown diamond, this average rises to 1.15ct.

While it has a nice ring to it, a 1 carat diamond is by no means the ‘right’ size diamond for your engagement ring. Because of their reputation, 1ct diamonds actually carry a price premium and cost disproportionately more than a diamond that’s only a little bit smaller or even a diamond that’s a bit larger.

The only person who should be deciding what the right size diamond is for your ring is you. So we say skip the hidden cost and choose either a 1.01ct or 0.90ct diamond instead.

In the case of a marginally smaller 0.90-0.95ct diamond, you probably won’t be able to tell the size difference, plus you can reallocate the savings to another aspect of your design, like side diamonds or pavé.

And sometimes with diamonds that are slightly (1.05-1.01ct), you’ll find that the price per carat works out to be less than on a 1ct diamond. This means you’ll be getting better value for money on a (marhinally) larger centre diamond.

Understanding the system of appraisal for grading a diamond’s quality is, frankly, a bit complicated. If you want a deep dive into all of the standards diamonds are graded on, you can read our Diamond Expert Guidance page. To get the details we find make the biggest impact on diamond cost vs. appearance, read below.

*Note that this section refers only to our stance on natural diamonds. For more information about our lab grown diamond certifications, click here.

Due to their exceptional reputation, we only offer natural diamonds that have been graded by the Gemological Institute of America (GIA).

The GIA is an international non-profit organisation dedicated to producing consistent, accurate and unbiased diamond grading reports. Each stone is graded twice, by different graders, to ensure their findings are as accurate as possible.

If you look across the diamond market, it can seem like diamonds with GIA certificates are more expensive than comparable diamonds with no report or a report from a less reputable institution. But that’s not entirely true.

GIA graded natural diamonds are more expensive because the GIA has graded each diamond to a higher level of scrutiny than anywhere else. Other laboratories either do not inspect their diamonds thoroughly enough or produce a certificate that inflates the quality claims about a given diamond. For example, we’ve seen diamonds graded by non-GIA labs receive a report that claims the diamond is 1-2 colour grades away from what the GIA would rate that diamond. So while someone might think they’re getting a deal on a D colour diamond with a non-GIA certificate, they may just be overpaying for what’s actually an E or F colour diamond.

You deserve the peace of mind that your natural diamond is the exact quality we claim it to be. This is why we’re confident that when a natural diamond is priced based on a GIA report, you’re getting the most honest and fair cost available on the market.

Swipe through the photos below to see how some inclusions on diamonds of the same quality grade look to the naked eye. Clarity is one of the most fundamental features to consider when choosing a diamond, which is why our diamond experts inspect every diamond we offer to ensure they don’t have any visible clarity characteristics. It means that no matter the clarity grade you choose, you can rest assured your diamond won’t have any visible inclusions.

We’re big fans of lab grown diamonds as they offer high quality diamonds without having to disturb the earth through mining. In the cases where suppliers are off-setting their emissions, the production of these special gemstones is getting more eco-friendly each day. Read our full lab grown diamond guide here.

One thing to bear in mind however, is that lab grown diamonds are not expected to retain their market value in the future in the way a natural diamond might do. For many of us, purchasing a diamond is not only an emotional investment but a financial one.

Alternatively, sapphires, rubies and emeralds are a popular choice for a unique engagement ring. They tend to carry a slightly lower price point, meaning you can allocate more of your budget towards a centre stone with a higher carat weight or accent diamonds.

Fancy shape centre gemstones

Did you know that differently shaped diamonds of the same carat weight are priced differently? Round diamonds carry a premium over other shapes such as a cushion, oval, or princess cut because the round cut requires a higher proportion of the rough diamond to be cut away during the cutting and polishing process.

Choosing a fancy shape will often provide you with better value than choosing the much sought-after round diamond. Elongated diamond shapes like the marquise, oval, or emerald cut can also appear visually larger despite being the same carat weight.

The chart below shows the prices of a one carat diamond in various shapes.

As an example, a 1ct G colour VVS2 round diamond retails for around £7,000. A 1ct pear shape with the same quality grade retails for around £5,800. This demonstrates the potential savings you can find in an alternative diamond shape, not to mention the stunning results of having a unique diamond engagement ring.

Each engagement ring can feature a number of finishing touches—a design element, small or large, that gives the final ‘look’ to your ring. These range from milgrain (small beading used to frame a ring’s design) to engraving or filigree metal cut outs.

These design elements will add to the overall cost of your design because they require more time and craftsmanship. However, these can be great ways to add detail to a design that features a single stone.