How Much Should You Spend on a Diamond?

Buying a diamond means you’re about to take a big step into marriage. Or perhaps you’re shopping for an anniversary gift or another special occasion. No matter why you plan to buy a diamond, it’s a good idea to understand what you can expect in terms of cost.

That way you’re prepared to invest and will find the perfect diamond for your budget. Keep reading to find out how much you should plan on spending.

How Much Should You Spend on a Diamond

The 4 Cs

The biggest influences on a diamond’s cost are the 4 Cs. That includes the color, cut, clarity, and carat weight. A large, colorless diamond that has a very precise cut and clarity is going to cost you a lot more than one that has a slight hue and a smaller carat weight.

You can use the ranking system set for by the Gemological Institute of America to help you find a diamond with the quality you want at a price you can afford.

Your Budget

Before you begin shopping for diamonds, you need to have a budget in mind. Of course, you want the most fabulous gem out there, but you need to make sure you find one that’s a price you can afford.

In recent years, polls have found that most people are comfortable spending 1,000 dollars or less on a diamond. A smaller percentage of people felt that a month’s salary was the perfect amount. Just make sure that whatever number you come up with is one you can truly afford.

The Average Cost of a Diamond

Of course, you’ve also got to consider the average price of a diamond. As mentioned above, several factors contribute to the cost of a diamond or a piece of jewelry containing a diamond. For example, the average engagement ring bought in the USA cost $7,7750 in 2019, according to Business Insider.

The most important thing you need to know is that a bigger diamond doesn’t just cost more because it is bigger. The price of diamonds increases exponentially with weight. This is because prices increase both due to the increased weight and that increased weights also have a higher price per carat. That means you pay more per carat, the bigger the carat weight – unlike so many other commodities where there is an economy of scale.

How to Save Money on a Diamond

If these numbers are surprising to you, there are some ways to save a little cash and still get a diamond you love. Online retailers can often offer lower prices since they don’t have the overhead costs of running a brick and mortar store. Choosing something that’s not trendy with a unique cut and color can also make the diamond less costly. Shop around to find the best deal before you make a purchase.

The bottom line when it comes to diamonds is to choose one that you both love. The rest of it doesn’t matter as long as you’re spending what you can afford and the diamond sparkles and shines in just the right way.

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