5 Easy Steps to Buy a Diamond Engagement Ring
How much to spend on an engagement ring?
In the United States the average price for an engagement ring ranges from between $2,000 to $7,000, with only about 5% of people spending more than $25,000. What you want to spend is completely up to you and should be determined based on what you are comfortable with. Don’t be disillusioned by De Beers’ famous marketing campaign in the 1930’s which said you should spend 3x your monthly salary. On this site, we’ll show you ways you can get more bang, for less bucks! Whether you plan to spend $500 or $50,000 this guide will help you pick the perfect forever diamond with confidence.
Large online jewelers like James Allen and Blue Nile typically offer the most for your money as they operate with smaller margins, and do not have the brick and mortar store costs like utilities, rent, staff, etc. Alternatively, going to a local jeweler will probably cost an additional 10-30% for the same ring, but you’ll get a personalized experience from an expert.
Roughly speaking, expect to pay the following per carat for a nice quality diamond *Note: Prices can range widely based on many characteristics and round diamonds are typically more expensive than other shapes due to their popularity (updated 2023).
1. Determine your Budget
Curious what the differences are between Lab grown and Earth created? Be sure to check out The Basics to equip yourself with the diamond fundamentals.
Diamond Manual Tips:
1. Typically online jewelry prices are not negotiable, but it can’t hurt to politely ask for a discounted price at a local jewelry store
2. People tend to spend 75% of their budget on the diamond, and 25% on the setting
3. If you do go to a jewelry store, don’t feel pressured to buy from the first store/diamond you see
4. Keep in mind that most jewelry prices you see don’t include sales tax!
5. Resale value of Lab grown is significantly lower than earth created
If you’re not thinking a diamond is for you, that's OK! Check out The Alternatives.
Round
The most popular! Known for their sparkle, and the amount of light they reflect, this almost century old shape is a timeless classic. It can be set with a large variety of ring styles and provides nice flexibility in balancing diamond characteristics to stay in budget.
Celebrity examples: Mila Kunis, Emily Blunt, Miranda Kerr
Oval
Similar to a round cut in its characteristics, the elongated nature of this shape can provide a nice visual trick to make your finger look slender. Beware of a bowtie though (a dark area/shadow that runs across the width of the diamond) as they are more common with longer shapes.
Celebrity examples: Blake Lively, Hailey Bieber, Kourtney Kardashian
Pear
Sometimes referred to as a teardrop, this elegant shape showcases both beautiful round and pointed features. It can hide inclusions well and offers impressive brilliance. Keep an extra eye out for good symmetry and minimal bowtie for this shape.
Celebrity examples: Cardi B, Sophie Turner, Victoria Beckham
Marquise
A very long and narrow eye-like shape with pointed ends. When positioned vertically, this shape can give the illusion of a flattering size and thinner finger. Due to its more sharply pointed edges, this shape is more prone to breaking or chipping and should be well protected in the setting.
Celebrity examples: Portia de Rossi, Catherine Zeta-Jones, Ashlee Simpson
Princess
A square cut diamond with pointed corners, resembling almost an inverted pyramid with four beveled sides. This shape can boast nice brilliance, but look out for the outer corners which sometimes show a more yellowish tint depending on the specific color grade.
Celebrity examples: Jaime Pressly, Kate Bosworth
Cushion
Often referred to as a pillow, this shape has rounded corners and large facets which add to its brilliance and fire. Cushions can either be square or rectangle in shape, with the more elongated shapes rarer to find. Be sure to learn about the two main types of cuts, antique and brilliant, to determine which you like better.
Celebrity examples: Sofia Vergara, Chrissy Teigen, Meghan Markle
Emerald
A rectangle with cropped corners and a large open table. This shape gives off a unique “hall of mirrors” effect as light hits it, as opposed to the sparkle look other diamonds have. Given the long visible step cuts, you want to make sure this shape is eye clean since it doesn’t hide inclusions well.
Celebrity examples: Demi Lovato, Beyoncé, Amal Clooney
Radiant
This rectangular shape features cropped corners and deeply cut facets in the pavilion (bottom) and crown (top) of the diamond which is often referred to as a ‘crushed ice’ look making the diamond look as if it's shimmering.
Celebrity examples: Jennifer Aniston, Drew Barrymore
Asscher
Essentially a square version of the Emerald cut, this distinct shape offers many of the same characteristics of an Emerald cut; however, with a slightly smaller table and more facets the light can reflect off of, it provides more sparkle.
Celebrity examples: Pippa Middleton, Gwyneth Paltrow, Jessica Alba
Heart
The symbol of love! While this shape can vary in its length and width, there are no perfect dimensions as the choice is really based on personal preference. As long as you look for great symmetry, the shape should appear full and balanced.
Celebrity examples: Lady Gaga, Nicki Minaj
Popular Diamond Shapes
There are many beautiful diamond shapes to choose from. This guide doesn’t include an exhaustive history of each, because let’s be honest, that's not what you really want to know. So here’s a breakdown of each shape by their most desirable attributes, and some famous people who wear them!
Diamond Manual Tip: People see the SIZE of a diamond, not the WEIGHT of a diamond. So look at diamonds based on dimensions instead of carats.
2. Choose a Diamond Shape
How do I pick a good quality diamond?
You may have heard of the infamous 4C’s (Cut, Color, Clarity, Carat). These are your primary levers for optimizing a diamond within your budget, but don’t be fooled, as there are other levers too which are less talked about. It’s worth checking out The Basics of evaluating a diamond to familiarize yourself with common terminology and what you should expect to see on jewelry websites and official diamond reports so you become a more informed buyer. This can be the most overwhelming topic, so we summarized our take below for those that don’t want to dive into, and possibly get lose in the weeds.
The Diamond Manuals Key Takeaways: (Short and to the point!)
3. Maximize for what’s important
Want to dive deeper? For more information like ideal length/width ratios, and which diamond inclusions you should avoid, check out The Details.
How to Pick a Ring Setting
The setting is the unsung hero of the ring and can often be overlooked when designing the perfect engagement ring. While there are many ways to customize, here are a few of the top things to keep in mind.
Material/Color - Both platinum and yellow gold (either 14k or 18k) are the most popular. However, rose gold and white gold are common as well. A popular design choice is two tones, having a platinum bed/prongs with a gold band. This makes the prongs look less visible, and less yellow color is reflected through the diamond.
Ring Styles - To get more familiar, search for solitaire, pave, channel-set, side-stone, vintage, tension, bezel, and halo to get a better sense of which styles you like best. A well kept secret is something called a hidden halo. This is an understated way to add some surprise sparkle to the side profile of your ring, and it's stunning!
Prong types - While differences may look minor, the prong types you tend to see the most often are round, claw, and tab styles. Many people set their diamonds in four prongs, but six, or even eight prongs are common, too. While less common, double prongs or V-tip prongs are a great choice for certain shapes as well.
Width and fit - The typical width of an engagement band is somewhere between 2mm and 4mm. A simple way to see what this looks like is to use a nickel for comparison which is just about 2mm thick. For ultra thin bands, some jewelers will make bands between 1.6mm and 1.8mm. If you go with one of these, just remember you may be sacrificing durability and longevity, so consider a more durable metal (like 14k gold over 18k gold). The final detail to consider is the way the band fits your finger. Two of the most common styles are flat and domed. Flat bands have a straight, sleek rectangular shape, while domed bands are more curved and rounded. One option is not better than the other (and they make hybrid versions if you like aspects of both); however, domed fits are unusually more comfortable to the person wearing it.
4. Pick a Perfect Setting
Things to get after you buy an engagement ring
Congratulations! You did it! Before you call it a day, don't forget about a ring box and jewelry insurance. Some great options are the traditional ring boxes, or slim fit ring boxes which are great for hiding the ring in your pocket. For more items often overlooked like these, don’t forget to check out The Extras.
Jewelry insurance is also something you may want to consider for peace of mind and to protect your purchase. Unfortunately, many homeowner/renters insurance companies cap jewelry coverage at around $1,500 unless you add a separate personal article policy. Both Jewelers Mutual and Briteco provide fairly comprehensive coverage and rate highly. Expect to pay between 1-3% of the cost of the ring annually for insurance.
5. Ring Box and Insurance
The Diamond Manual’s recommended online jewelry stores