Diamond Engagement Ring Cost & How To Calculate Price?

Diamond Engagement Ring Cost & How To Calculate Price?

An engagement ring symbolizes everlasting love and a promise of togetherness. People of all cultures have carried on the tradition of exchanging engagement rings for generations. As a result of its cultural and emotional significance, we can also see the evolution of engagement rings over time. 

Nowadays, there is an increasing demand for beautiful diamond engagement rings and styles. A diamond ring is not only something that symbolizes the bond between the couple but is also a charming gift for the bride-to-be.  

Diamond engagement rings come in all shapes and colors, each with a unique meaning. So if you are also planning to gift your partner a diamond ring, then you should definitely consider looking at the average cost of a diamond engagement ring while choosing a perfect engagement ring,   

Check out these engagement rings collections

7 Reasons Why Are Diamonds Gets Expensive?

Various factors contribute to the high pricing of diamonds. Some of these factors are as follows:

1. Difficult to Mine

Diamonds are found in nature under very high-pressure conditions beneath the surface of the earth. This makes acquiring diamonds an extremely dangerous and expensive process, and it depends upon the region that specializes in diamonds. It requires heavy machinery, trucks, and costly equipment to mine it, with its value remaining intact. 

2. Processing Charges

After a diamond is mined, it undergoes various processes, such as cutting and polishing, before reaching customers. Thus, the cost of a diamond ring also depends on these processing charges. 

3. Rarity 

Most of the diamonds that are available in the market are common. However, if you wish to acquire a rare diamond, you must pay a higher price. Moreover, only a small percentage of extracted diamonds can be used in jewelry. So the rarity of the diamond inflates the average cost of a diamond engagement ring. 

4.  Durability

Diamond is the hardest mineral in the world. This makes it indestructible in almost every circumstance. The durability of diamonds allows them to last longer than any other piece of jewelry, such as gem, gold, and silver. This inherent durability makes diamonds an expensive mineral.  

5. Cut

Diamonds used in jewelry are cut out of larger pieces of diamond. And the precision and style with which these diamonds are cut determine their price. A precisely cut diamond will be very expensive in the market, whereas a misproportioned cut in them reduces their values drastically. 

Diamonds are available in a wide range of shapes, such as emerald, princess cut, pear, heart, round, cushion cut, and many more. So the shape in which a cut is made will definitely affect the cost of diamond rings. 

6. Increased Demand

As discussed earlier, we all know that diamonds are not available easily. This makes the supply of diamonds very less in the jewelry market. On the other hand, the demand for diamonds is rapidly increasing due to their wide popularity and because many people see it as a style statement. So the increased demand for this limited mineral makes it a very expensive piece of jewelry. 

7. De Beers Price Manipulation

De Beers is a company that controls almost 40 percent of the world's rough diamonds, and thus it has the power to dictate global diamond prices. They are the ones who decide what kind of diamond they are willing to sell to a company and at what price. These price manipulations favor De Beers Corporation, making it difficult for diamond jewelers to cut down diamond prices. Furthermore, this corporation also controls the flow of diamonds in the market. Thus, it can increase or decrease the prices whenever they want by changing the diamond supply in the market. 

How to Calculate the Price of a Diamond Ring?

The price of diamonds is set per carat. But this price is primarily influenced by the 4C’s - cut, color, carat weight, and clarity. So the better the 4C of a diamond, the higher its price. Hence, the cost of a one-carat diamond can range from $1500 to more than $15000, depending upon how it is cut and the quality of the stone. While a 2-carat diamond will cost as little as $600, it can go as high as $70000 due to a higher 4C. 

Price table of the diamonds

Here is a price table for you that will help you understand the cost of diamonds in the market. 

The price of one carat stone of diamond ranges between $1300 to $16000, depending on the 4Cs. So the average cost of a diamond, depending on the cut that you want, is as follows:

Source 

How Much Should a Person Spend on Their Diamond Engagement Ring?

The jewelry industry data estimates that the price of a diamond engagement ring ranges between $3500 to $5000. This price includes the making charges and all the additional costs that are included in the ring, such as its metal type, the type of ring design, and also the kind of additional stones that you wish to add to a diamond ring. 

While evaluating the price of a diamond ring, your main focus should be on the quality of the diamond. You should always focus on the prices you are paying for the appearance of the diamond rather than other factors that do not contribute to its appearance. Here are some tips that will help you keep a check on the price of the diamond engagement ring that you are buying. 

• Choose the ring with a diamond below the landmark size. For instance, you can get a .95 carat instead of 1 carat. This slight difference in size can reduce prices to as low as 20 percent of the landmark price. 
• If you love a ring that a particular designer offers, it is priced at a very high premium. Then you can consider other jewellers for designs that is slightly similar to it but at a lower cost.
• You can also look for a different type of diamond to adjust the overall making charges and ensure that it falls into your budget. 
• You can also reduce the cost and save money by replacing the ring's platinum with white gold, which will cost you a little less but look the same. 

An engagement ring has a sentimental value attached to it; thus, it is not easy to follow your budget as you want the best for your partner. However, if you sort a diamond in this way, you can significantly reduce the average cost of a diamond engagement ring. 

Related Blog:  8 Tips for Buying an Engagement Ring for Men and Women

4 Things to Consider While Buying a Diamond Ring

Once you have got the diamond at your desired price, here are some things you need to follow to get the best item for yourself. 

1. Check its Certification 

The diamond that you buy for yourself should have a valid certification. These certifications should come from GIA (Gemological Institute Of America) and AGS (American Government Simulation) labs, as these are the ones that provide valid and trustworthy certifications for diamond jewelry. An EGL (European Gemological Laboratory) Certification is also a valid proof of the diamond's purity.  

2. Buy from a Trusted Source

A diamond ring is indeed a very expensive piece of jewelry, and you should always ensure that the source of that diamond is genuine. For instance, you can trust brands like NETCARAT, which offers a wide variety of diamond pieces of jewelry at an affordable price and with a fine finish. Their diamonds come with a certificate of authenticity from EGL. 

3. Quality Check

Look at the quality of diamonds mentioned on their certificate and then cross-check the value of that quality of diamonds for assurance. Check the diamond in your ring by looking at its 4Cs. 

4. Compare Prices of the Same Style of Ring

The best way to get the right price is to look at the average cost of a diamond engagement ring. You can check the online price of similar rings and choose the best price. This will ensure that you are paying the right worth for the engagement ring. 

Related Blog: 2023 Engagement Ring Trends: What's Hot Right Now

What Netcarat offers?

The above-mentioned are some of the tips that you can use while choosing the best engagement ring for your partner. If you wish to look at some of the best options, you can visit Netcarat and explore different types of diamond rings, or engagement rings you can get for your partner. They are a direct-to-consumer brand with fair and consistent pricing as a standard. A reputable agency fully checks every piece you get from them.