How Much do Diamonds Cost?
Diamonds are intrinsically valuable; the gemstones are unrivalled in their rarity and beauty. There are, however, a number of properties that can vastly alter the cost of a diamond: not all diamonds are created equally. When it comes to selecting a diamond for your engagement ring, cost may be the last thing you want to think about, but defining a budget can be a great way to begin your diamond search.
The easiest way to define how valuable a diamond is, is to understand the 4Cs - cut, clarity, carat and colour. These are the 4 most important characteristics of any diamond, and the more optimal each characteristic, the more the diamond will cost. The biggest determinants of a diamond’s value are its carat weight and cut grade. Diamond value increases exponentially, so, for example, a diamond with a carat weight of 1ct could be three or for times more expensive that a 0.50ct diamond with the exact same cut, clarity and colour grades.
There are a number of ways to optimise your budget, one of which is purchasing ‘undersized’ and ‘oversized’ diamonds. Diamonds are usually priced according to rounded decimal numbers; 0.50, 0.75, 1.00, and so on. Choosing a stone that actually weighs slightly over or under these boundaries can offer great value for money. For example, a 0.97ct diamond will be priced within the previous bracket to a 1ct diamond, despite looking virtually the same size as 1ct diamond - at which point prices hugely increase. Oversized diamonds will weigh slightly over the previous bracket, but will not carry the increased price of the next carat weight increment. Such diamonds are hard to come by, so keep your eyes peeled.
The good news is, our gemmologists are experts in knowing which characteristics to favour and which to compromise on to get the most beautiful looking stone for your budget. Our consultants will also take the time to to understand which characteristics you feel are the most important to you - you may want the biggest possible stone for your budget and therefore decide to compromise on the cut, colour and clarity, or you may want the sparkliest and brightest stone possible, so should focus on a high cut and colour grade as determinants of where your money should go.
Ultimately, grades provide a great guide to the quality and characteristics of each diamond, but you may decide the choice can only be made upon seeing the diamond in person - after all, each diamond is as unique as a snowflake. In which case, we encourage you to visit our Hatton Garden store to make your decision from a selection of diamonds in person, with the guiding aid of our gemmologists. Just get in touch to book your consultation, and let us know an idea of what you’re after and a guideline of your budget - our gemmologists will do the hard work and source a selection of stones to suit you.
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