How Much Does An Engagement Ring Cost? Here's The Breakdown

How Much Does An Engagement Ring Cost? Here's The Breakdown

How Much Does an Engagement Ring Cost?

Here's What Goes into the Price of an Engagement Ring:

Congratulations, you found the one! Now, what’s next? When it comes to planning a proposal, the first step is setting your engagement ring budget. So, let’s break down what factors influence the cost of an engagement ring and how you can maximize your budget.

The Diamond

It’s no surprise that the bulk of your budget will go towards the center stone of the ring. The cost of a diamond depends on several factors such as cut, carat, color and clarity, most commonly referred to as “The 4 Cs”.

  • Cut: This refers to the diamond’s proportions and positioning of its facets, which determine how well it reflects light. 

  • Carat: Carat weight (size) is the most obvious factor influencing price. Larger diamonds are rarer and more expensive, but smaller diamonds with excellent characteristics can also be valuable.

  • Clarity: This measures the presence of internal and external flaws in the stone. Diamonds with fewer flaws (higher clarity grades) are most desirable.

  • Color: The less color a diamond has, the higher its value. When it comes to diamonds, color is the presence of trace elements in the stone such as hydrogen. Colorless diamonds (graded D to F) are the most valuable, while those with noticeable color (graded G to J) are more affordable. 

On paper, these categories largely define the price of a diamond. A D color internally flawless diamond will cost you a pretty penny, but the good news is, it’s completely up to your preference. Certain diamond shapes such as a brilliant round cut are great at reducing the appearance of inclusions and traces of color, making them invisible to the naked eye. Diamonds like these allow you to invest more money into the size of the stone over the color and clarity. At the end of the day, every diamond is unique, and it’s all about choosing a diamond that you and your partner truly love. At Korman, our GIA and AJP certified team helps you find the perfect balance between your desired characteristics and your budget, ensuring you get the most value out of your investment.

The Setting

Once you’ve selected your diamond, it’s time to set it! Most ring settings are made of either platinum or gold, and whichever you choose should reflect your vision as a couple. Platinum offers a desirable natural silver hue, but it comes at a higher cost due to its rarity and density. Platinum is much rarer than gold and mined in smaller quantities. In fact, all of the world’s platinum could fit into a standard-sized swimming pool! White gold is an alloy that achieves a similar silver hue by mixing pure gold with other white metals, often nickel, and then plated with rhodium for a bright finish. However, because of its natural yellow color, white gold rings will need to be replated every few years to maintain their silver appearance. Rose gold, on the other hand, incorporates a higher concentration of copper with pure gold, while yellow gold embraces its natural yellow hue. The price of gold fluctuates based on factors like supply and demand, economic conditions, and industrial uses, but is an investment that maintains its purchasing power over time.

Opting for intricate settings such as a diamond halo or pave shank will add to the overall cost due to the additional smaller diamonds used in these designs. On average, a pave setting or halo setting can increase your engagement ring cost by $1,500 or more, depending on the size of the diamonds used in the design.

Other Factors

Other factors contributing to the cost of an engagement ring include designer brands such as Tacori (coming soon to Korman) as well as customizations like engravings and insurance. 

Ultimately, the cost of your engagement ring depends on your priorities and preferences. No matter what your budget, we’re able to source the perfect diamond for you and custom create the ring of your dreams. By understanding the factors that influence price—primarily the diamond’s cut, carat, clarity, and color—you can make an informed decision that fits within your budget. At Korman, we are committed to helping you navigate these choices to find a ring that symbolizes your unique love story without compromising on quality. Book your diamond appointment today to explore our selection and discover the perfect ring for your special moment.