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You’re thinking about buying an engagement ring, but have no idea what to expect. You’ve seen the saved pins on Pinterest and rings on Instagram, but how much are those rings really? While the price of an engagement ring can vary greatly, there are a few big factors that go into the price of any engagement ring.
Let’s break it down..
Center Stone
The majority of the price of an engagement ring will come from the cost of the center stone. Diamonds are the most commonly used stone in an engagement ring, and for good reason! They’re a symbol of everlasting love and have physical characteristics that make it durable enough for everyday wear. When choosing a diamond for your engagement ring you may see earth mined diamonds and lab grown diamonds. Earth mined diamonds take millions of years to form deep within the earth while lab grown diamonds are grown in a controlled laboratory environment within months. Because lab grown diamonds are produced in a controlled environment they are much lower in price compared to the earth mined equivalent. For example, a round brilliant 1.00ct G/VS2 lab grown diamond may cost around $2-3000 while an earth mined 1.00ct G/VS2 may cost around $8-9000. Read more about the pros and cons of lab grown diamonds here.
You may also have heard people talking about a moissanite engagement ring. A moissanite is a lab grown gemstone that’s as affordable as it is beautiful. While not a diamond, it does look very similar to a diamond and is safe to wear every day! An approximately 1ct moissanite may be about $500. Moissanites are a great way to get a large look and a lot of sparkle with that beautiful 'rainbow effect' at a lower price. Most of the engagement rings we make feature a diamond center stone, but we’ve created custom rings with sapphires, moissanites, and other gemstones. (Pro tip- be wary of choosing a particularly soft gemstone that won’t hold up well with daily wear and tear).
Setting Style
The setting style of the ring will also help determine the overall cost of the engagement ring. There are simple designs and very elaborate designs that require a custom design process. For example, a dainty polished gold solitaire setting may start around $700, while a diamond halo setting may start around $1900. Another thing to consider with setting styles is that larger accent stones will cost more than smaller accent stones. A three stone setting will cost more than a simple diamond accented setting style. The biggest questions to think about here are “are there any accent stones?” and “how big are those accent stones?”.
Metal Choice
The metal that the engagement ring is made with will also be a determining factor in the price of the engagement ring. The most popular choices are 14K gold white, yellow, or rose gold, and platinum. 14K white, yellow, and rose gold will be about the same price, but platinum is more expensive due to its high density. For comparison, if a solitaire setting in 14K gold costs about $700, the same ring in platinum will costs about $1250. The most important thing to remember when shopping for an engagement ring is not to stress! It should be a fun and easy process! There is always a way to get the look you want within budget!