When planning a proposal, the cost of an engagement ring is a focal point. While plenty of myths exist about an engagement ring costing two or three months salary, these are simply guidelines. Although we’ve previously covered topics such as how to budget for an engagement ring and 10 things to know when shopping for a ring, cost deserves some special attention. What, exactly, does an engagement ring cost? The answer, as with most things, is a little more complex than “X amount of dollars.”
If you’ve ever thought about an engagement ring before, you’ve thought about the diamond. In fact, the solitaire engagement ring is perhaps the most iconic of all engagement rings. The single diamond atop a gold ring is so well known that it even exists as an everyday emoji. However, the diamond is mostly known only for carat weight. While the number of carats is great for pop culture and celebrity gossip, diamond cut actually has the greatest effect on diamond quality. When it comes to engagement ring cost, the ring’s center diamond will be the most expensive element. One carat diamonds can range from $5,000 to $15,000, and as a one carat diamond is the most popular choice, a typical engagement ring’s cost will begin in that range.
While the solitaire band may be the most traditional, it certainly is not the only engagement ring setting available. These days, ring styles range widely from vintage engagement rings with simple accents to modern pave settings, and prices do as well. When considering how much it affects engagement ring cost, consider the complexity of the band. If a particular ring incorporates more diamonds, such as pave rings or three stone rings, it will be more expensive than a simple and dainty 2mm gold band. Again prices range widely between $200 and over $7,000 depending on the style, additional diamonds or gemstones, and ring metal.
Finally, the type of metal an engagement ring will affect engagement ring cost. Quite simply, 14k gold is less pure than 18k gold, and therefore an 18k rose gold engagement ring will cost more than its 14k equivalent. Additionally, because platinum is the most rare previous metal on the planet, platinum engagement rings will typically be more expensive than gold. However, it is possible an extravagant 18k rose gold halo ring could be more expensive than a simple 14k white gold engagement ring. Overall, though, the metal will probably have the least amount of effect on engagement ring cost. 14k gold rings start around $200 while their platinum counterparts are closer to $550. 18k gold engagement rings tend to fall in between, closer to the 14k side of things.
The Total Cost of A 1 Carat Engagement Ring
A one carat engagement ring, will cost somewhere in the range between $5,400 and upwards of $25,000. However, that $25,000 one carat ring would require a flawless diamond and an opulent platinum engagement band filled with additional diamonds. When considering how to pay for a one carat engagement ring, start with budgeting at least $5,400. From there, consider the sense of style and personality of your bride to be. This will help you find the right engagement ring to fit your relationship and fit into your budget.
And if you can’t find something perfect, you can always consider designing her an engagement ring that will match her uniqueness.