Womens Engagement Ring : How Much Does it Cost?

All the beautiful sparkles of the breathtaking sparkle of a diamond ring. Diamonds are always the go-to when proposing marriage or marking a milestone anniversary, you won’t be shocked to hear. 

But, how much does a diamond ring cost?

According to the average cost, the price of an engagement ring comes to $5,800. It also turns out that of those surveyed, 25 percent of people spend between $1,000 and $4,000 on a ring. Americans’ 7 percent 'Big Spenders' spent upwards of $10,000. 

Why is the price so all over the place? Continue below for factors that influence the price of a ring, along with how to select a reasonable price range for you, and how to get up to $1,000 credit toward purchase with Accrue Savings.

Factors Affecting Diamonds Ring Cost

The price of diamond rings highly depends on the numerous factors that influence the diamond rings cost. These include:

The 4Cs of Diamonds

Fine diamonds are categorized based on the “4 Cs”: cut, color, clarity and carry weight. They decide how good and worth the diamond is.

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Carat Weight

A diamond’s carat weight is its physical weight in carats. As most folks think it isn't the size. Diamond mass = 200 milligrams (200 mg) or 1 carat (1ct). While two diamonds with the same carat weight can have the same or different size, and therefore might appear larger or smaller depending on their shape and cut. 

Your diamond ring will cost an increasing amount depending on how much carat weight within that metal. If you shop at a retail store, expect to spend $6,500 to $7,500 for a high quality 1-carat diamond engagement ring, $3,000 to $4,000 online, and over $10,000 for a piece at a jewelry store. 

Cut of Diamond

Proportions, symmetry, polish are just a few of the things the diamond’s cut quality exists of. A jeweler determines if it is set at precise angles and facets and determines the diamond’s brilliance. 

A well cut diamond refract light much better than a poorly cut diamond thereby creating more intense sparkle and fire. A cut grade is only given for round diamonds: however, the best and most expensive will be ‘very good’ or ‘excellent’.

Color

Diamond color is rated on a scale ranging from D (colorless) to Z (light yellow) according to whether the diamond is colorless or not. The best quality, most valuable and which have the D to F rating, are lass colorless diamonds. 

The farther down the grading scale you get, the more subtle yellow or brown hues (in the months where the diamond is being cut) you get and the less expensive they are. A diamond’s color is assigned a number in the American Gem Society Color Grade Scale, where 0 would be completely colorless, and 10 would be light yellow.

Clarity

Its measure of purity and rarity, and the clarity in which inclusion and blemishes are viewed within a diamond is its clarity. Minor imperfections naturally occurring when a diamond forms but which do not impair a diamond’s ability to sparkle are called inclusions; a surface defect which is a scratch, chip, not having a cutting edge, etc., not a blemish caused by abrasive force, does are known as blemishes. 

Six grades of diamond clarity on the GIA Diamond Clarity Scale include Flawless (FL) up to Included (I-3). Price tag of Included diamonds is lower because when you look at them under 10x magnification, they have visible inclusions and consequently, they are the least popular diamonds.

Other Factors that Determine the pPice of the Diamond Ring

There are of course some other factors besides the 4Cs that can impact the price of your diamond ring. The ring you want, handed in diamond shape, with metal choice, ring design, and the brand you choose to carry all bloom into the cost factor of your dream engagement ring.

Shape

A diamond shape is the stone’s geometric appearance categorized into two main categories: Round brilliant or fancy. The most expensive shapes are round diamonds. The modern round brilliant cut which maximizes brilliance, fire and scintillation has 58 facets. On all facets light reflects, refracts and disperses off, creating intense sparkle. Instead, princess, cushion, pear, are more affordable than traditional shapes.

Type of metal

The design of your ring band and setting will also impact the cost of your diamond ring, of which the metal you choose for both (setting and band) will factor into the whole. For example platinum, 18K yellow gold, 14K white gold, rose gold and mixed metal. 

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Platinum is the most expensive and the most durable metal; yellow and white gold are also expensive. The least expensive of all is rose gold. White gold must be replated with lots of rhodium every one to two years to maintain its bright white hue.

Ring design

The more intricate the shape of the design the more expensive it gets. Classic solitaire engagement ring designs have one diamond in the center, three stone settings have two diamonds on either side of the center stone. 

Also increasing the cost will be unique design elements including decorative metalwork, diamond accents and details, intricate side stones, milgrain edges, and engraving.

Brand

You’re definitely looking for a quality guarantee and your craftsmanship when it comes to branded jewelers, but you’ll pay the price. But there may also be some other benefits to choose from for established brands — complimentary cleaning and repair services as well as an extended warranty to protect your investment. 

A Quick Glance at Engagement Ring Prices by Geographical Region

The price of engagement rings varies depending on size and quality of diamond, type of metal used in the ring band and the setting, plus complexity of the design. A diamond that has been colorless will be more expensive than a diamond with a less raved color grade even with visible inclusions. 

The average price range of a one carat diamond ring runs between $2,500 and $18,000 depending upon the cut, clarity, color, and carat weight of the stone. The cost of a 2-carat diamond ring depends on the amount it costs, between $8,400 and $58,000. The cost of a 3 carat diamond ring varies from $21,000 to $153,000. Where you get your diamond ring can matter greatly to the bottom line.

In the End

There’s no reason a tight budget shouldn’t get in the way of you getting the diamond ring of your dreams. Accrue Savings lets you save for your dream ring and other big ticket items easily and without stress to fit your lifestyle.

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