You are looking to buy something that is beautiful, unique, and lasts forever. Without even knowing what it is, that criteria alone sounds pricey. Then you find out we are talking about a diamond ring, and you just feel the dollars falling off the money trees.
Diamond rings have an average cost of $3,000 to $6,000 including the diamond and setting/band. The average cost of the diamond is $4,000. The average cost of the setting/band is $1,000.
Wait, Diamonds Are an Investment?
They sure are! Like any other investment, like a bond or gold, diamonds fluctuate in prices. So if you research how much your dream diamond is today, be aware it might not cost the same tomorrow. Diamonds.net is a great resource for keeping track of how much diamonds are currently worth.
When you are buying diamond rings, you are essentially buying two things: a diamond and a ring. No! Get out of town!
Both of these factors need to be taken into account when the price of a diamond ring is being determined. The final cost of your jewelry will be based on the materials that are used to create the finished product. Let’s look at some of the differences between these items.
How Much Does the Band Affect Cost?
Diamonds are usually set on gold, but in some instances, they are paired with platinum. Platinum is the most durable of metals used when manufacturing rings. Minus the cost of the stone, platinum rings are twice the price of 18ct white gold rings.
As I mentioned earlier, gold is the most common metal used for diamond rings. Gold is measured in karats, with 24K being 100% gold, and the most expensive…shocking I know.
Gold also comes in different varieties. The most common for diamonds are white, yellow, and rose gold. When picking out a band, it’s just a matter of style preference because the prices don’t vary much.
When searching for a princess cut 10k gold diamond ring on Amazon, white, rose, and yellow gold all fell within the price range of $109.00-$139.00. So it’s how much gold is in your band that really determines the change in the price of diamond rings.
Now About That Diamond Cost
One of the determining factors of how much a diamond is worth is the carat or weight of the stone. As seems to be the trend, the higher the carat, the higher the cost. If you can’t tell, we are breaking a bunch of new ground here today.
We compared some prices on Amazon and sorted our results from highest to lowest. So before you blow a gasket, these may not be the prices for YOUR diamond ring. This is only so you can idea of price differences between carats.
To keep things consistent we did a price search for princess cut diamond rings and found that 1 carat ranged from $5,700 to $9,400. Jumping up to 2 carat, prices saw an increased range of $17,300 to $18,400. Finally, 3 carat diamonds ranged from $20,900 to $30,400.
So How Much Should I Expect to Pay for a Diamond Ring?
Now that you know what factors go into how jewelers price diamond rings, let’s look at how much the average couple spends on diamond rings. Jewelers of America conducted a study in 2012 to determine that exact average. They found that most couples spent roughly $4,000 for the diamond alone.
When buying a diamond ring, you are not just buying the rock. You need to also pay for the setting. According to the same study, an average of $1,000 more was spent on the band.
However, it takes two to tango. To get a better overall image of the cost for a couple to both have a ring, you can tack an additional $500 for the male. That comes to a grand total of $5,500 for a couple looking to tie the knot.
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In the same referenced article, it states that this number is down almost $1,000 from the same study conducted in 2006. This means that diamonds dropped in value following the recession.
As Americans climbed out of the recession, the demand, as well as the price, of diamonds has increased. This trend continues to slowly climb as couples spent around $3,500 just one year before this 2012 study where they spent $4,000.
It is hard to calculate just how much a diamond ring costs. There are many factors that go into it, but you now have a ballpark range to work with.
Make sure you as start this process, that you are educated and have an idea of what you are looking for. This will help you, in the long run, finding the right diamond that fits within your price range.