Ready to settle down and pop that question?
When proposing to your special someone, you’re expected to show up with an engagement ring. And like how you shouldn’t rush your decision to marry, you must choose this significant accessory carefully.
You need to consider different factors when shopping for one. This includes the price. If you’re asking, “How much is a 1 carat engagement ring?” this read is for you.
What Determines The Price When Buying Engagement Ring?
An engagement ring will cost an estimated average of $5,000 to 7,000.
But as getting engaged is a momentous occasion, many people are ready to pay for more. In fact, about 20% of couples spend at least $10,000 for an engagement ring. Some even shell out about $13,500 to put a luxury engagement ring on their fiancé-to-be’s finger.
As far as “luxury” is concerned, thousands of bucks can seem insignificant compared to other rings worth millions. When it was bought, Grace Kelly’s engagement ring (given by Prince Rainier III of Monaco) came with a price tag of $4 million. Now, its value is a whopping $38.8 million.
The price range of this piece of jewelry is indeed wide. But what determines its price?
- Center gemstone. The cost of a ring will be affected by its type of gemstone, carat weight, grading, and whether it’s natural or lab-grown.
- Metal and setting. The price of 1 carat diamond engagement ring, for instance, will also depend on the metal used (e.g., platinum, white gold), setting style, and finishing touches.
- Design. A ring with a center gemstone with a fancier shape tends to be pricier. Also, expect to shell out more money if the ring has a halo (small stones surrounding the center gemstone) or has side stones.
How Much Does A 1 Carat Diamond Engagement Ring Cost?
Knowing how much is a 1 carat diamond ring — the most popular engagement ring option — is important. After all, it’s just one item on your list of expenses for your proposal (and your wedding).
To give you an idea, a good quality 1 ct diamond ring can cost $3,000 to $7,500. You can find a ring priced at $1,500, but don’t expect it to be as flawless as pricier ones. The 4Cs generally determine the price of a diamond ring: clarity, cut, carat, and color.
The cut refers to the quality of the diamond’s angles, proportions, and finishing touches. It significantly impacts the ring’s beauty and price: The better and more intricate the cut is, the more material is wasted, and the pricier the ring will be.
The most common and generally least expensive cut is the round cut. Other options include:
- Oval-cut diamonds
- Pear-cut diamonds
- Princess-cut diamonds
- Emerald-cut diamonds
- Cushion-cut diamonds
- Asscher-cut diamonds
- Heart-cut diamonds
- Radiant-cut diamonds
- Marquise-cut diamonds
In diamond language, diamond color is how colorless the gemstone is. Diamonds are typically graded from D to Z — with D being the most colorless and Z being the most noticeably yellow.
The more colorless a diamond is, the more expensive it will be.
In reality, the human eye can’t readily distinguish the color of a diamond. If you want to be more practical, it’s wiser not to opt for clear diamonds.
Here’s a guide for your reference:
- D to F range – perfectly colorless but expensive
- G to I range – nearly colorless and great value for money
- J to L range – slightly yellow tint (can work well in some situations, i.e., the color of the metal is yellow or rose gold)
- M to O range – noticeably yellow tint
Clarity is defined as how flawless the diamond is. Intuitively, the fewer its inclusions and blemishes are, the higher the clarity grade is — along with its price tag. A diamond’s clarity can fall under the following grades:
Similar to color, the naked eye can’t perfectly see the inclusions and blemishes of a diamond. Experts agree that the sweet spot for clarity grade is VS2 (where the flaws will be too insignificant to be seen or noticed by people).
Carat refers to the weight of the diamond — not its size. One carat weighs about 0.2 grams.
On its own, this element doesn’t necessarily dictate the price of a ring. A near-flawless, Marquise-cut 1 carat diamond ring will be more valuable than its yellow-tint, round-cut counterpart.
Other Price Determinants
Apart from the 4C, the cost of a diamond ring will also be determined by the ring’s material, design, and style. Natural diamonds are typically 40 to 60% more expensive than lab-grown diamonds.
If a ring is certified by the Gemological Institute of America, it will usually be on the pricier end of the spectrum.
How Much Should You Spend For An Engagement Ring?
There’s no set rule about this one. You can buy something that falls within the average range — or even go above it. Many grooms splurge on an engagement ring. Primarily, its’ because the public sees the ring as a symbol of your affection for your fiancé-to-be.
Here’s a quick buying engagement ring guide to help you decide.
Assess your financial situation
You have to balance buying a great ring and not breaking the bank. Be honest with your financial capacity.
Take note that the proposal is just the beginning of what could be a life-long journey with your special someone. And realistically speaking, you need to be financially stable to support your marriage.
Factor in the preference of your fiancé-to-be
Your fiancé will be wearing the ring, so buying one that fits their personality and style preferences only makes sense. For instance, if they hugely support sustainability, you might want to buy an ethically sourced diamond ring.
Disregard the “two months rule”
Diamond sellers and marketers have promoted a rule that your engagement ring should be worth two months of your salary. While it’s an oft-heard benchmark, you don’t have to be forced to follow it.
Shop from a trusted jewelry store
Apart from ensuring that they’re selling top-quality rings, you can get professional guidance about the 4Cs of diamond rings. Most reputable shops also offer customization and after-sales services.
Now that you’ve learned how much is a 1 carat engagement ring, you can now wisely shop for this jewelry piece, pop the “Will you marry me?” question — and hopefully get that sweet-sounding yes.