A two-carat diamond ring is undeniably impressive- with sparkling beauty and a certain wow factor that is impossible to fully replicate. Unsurprisingly, it can come at quite a cost.
It is not surprising to hear that larger diamonds usually cost more, but there is a lot more to it than that.
Diamond pricing works based on many factors- and one two-carat diamond can be worth far more or less than another. Understanding what contributes to the overall value of a diamond and the ring it is part of can help buyers work out what option is best for them.
In this guide, we cover the average costs of two-carat diamond rings, the key influences on the final cost, and a little more information about how diamonds are valued.
What Is the Average Cost of a Two-Carat Diamond Ring?
Before we get into the details, let’s begin with the rough average price range for a two-carat diamond ring. We should start by saying that the variation is pretty vast, with prices coming in anywhere between $8,000 and $50,000- sometimes less or even more!
Most people will pay somewhere in the vicinity of $8,000 to $12,000.
This may seem a little vague and unhelpful, but when you understand more about how diamonds are priced and the many variables that apply, it is clear why the price tags can be so vastly different.
You may be able to find a lower quality two-carat diamond ring for between $5,000 and $7,000, while the very high-quality diamonds on offer can cost ten times that amount.
Understanding Cost by Carat Weight
The first thing to know about diamond values is cost compared to carat weight. Diamond carat weight is used to measure the diamond mass, with one carat being equal to 200mg. It has nothing to do with the size or shape of the diamond, and two diamonds with the same total carat weight could look completely different.
Diamonds with a higher carat weight cost more, assuming the quality is an equally high standard. For example, a ‘perfect diamond’ in a round brilliant shape that weighs one carat could cost almost as much as a lower-grade two-carat weight diamond in a less expensive diamond shape.
In short, carat weight increases the price- but it is not the only factor. To know how much specific two-carat diamonds will cost, you need to take much more into consideration. More on this later.
How Much Should I Expect to Pay for a Two-Carat Diamond?
Be ready to pay at least $10,000 for a decent quality two-carat diamond (most minimum spend recommendations are between $13,000 and $18,000 depending on the cut).
What Factors Influence the Cost of Two-Carat Diamond Rings?
If diamond prices vary so significantly, what details matter the most? No one thing makes the difference when it comes to diamond rings- it is a combination of several factors.
When pricing a two-carat diamond engagement ring, these are the most important details to consider.
Diamond Quality
As you may expect, a high-quality diamond costs much more than the average stone. Rare diamonds are also more expensive- and a stone’s rarity is directly linked to its quality.
A diamond’s quality is determined by its ratings against the four Cs. The four Cs are:
- Cut
- Color
- Clarity
- Carat weight
Cut, color, and clarity grades are every bit as important as the carat weight and will play vital roles in establishing how much it is worth. Here is a closer look at each one.
Cut
The cut of a diamond is arguably the most important element, as it changes the brilliance and shine of the stone. An excellent-cut diamond reflects the most light, giving the stone the unmatchable sparkle people expect from the best rings.
A poor-quality cut makes a diamond look dull and lifeless, ultimately reducing its value.
It is only generally round brilliant cut diamonds that are assigned cut grades since other shapes are not quite as standardized. The shape your diamond is cut into also influences the price- since some reflect light better than others and are more intricate.
Color
Diamond color grades are awarded on a scale of D to Z, with D being the best possible grade. The better the color grade, the more expensive the diamond.
Anything from a D to an H color grade is considered very good, but you will pay substantially more for a D or E. Many people opt for an F or G-grade diamond if they want the brilliant white diamond color without the top-end price tag.
Some colored diamonds are still very desirable. You can find diamonds with deeply saturated blue, yellow, or black tones, which are appealing in their own right as alternative choices. Natural pink diamonds also exist but are very rare and, therefore, very expensive.
Clarity
A diamond’s clarity grade tells you how flawless the stone is. An F clarity grade suggests the diamond is truly flawless and will have a fairly staggering price to go along with it.
Flaws or inclusions affect how the diamond reflects light, and the more it has, the less valuable it tends to be. Diamond clarity ratings can be a little confusing, but there are plenty of guides available to help.
Carat Weight
As we already mentioned, the carat weight also influences the cost of a diamond. Generally speaking, as the carat weight increases, so does the price.
Of course, it all comes down to the combination of all four Cs.
Diamond Shape
As well as the four Cs, the shape of a diamond can alter the price. Some are more desirable and valuable than others.
Round diamonds are the most standardized but also the most expensive diamond shapes. A stone of the same carat weight in a different cut will likely cost less than an equivalent round diamond.
Fancy-shaped diamonds are priced depending on how painstaking the process is to cut them. The more complex and intricate the work is, the more the diamond costs.
Oval-shaped diamonds are the most expensive alternative shapes, while Ascher and princess-cut diamond shapes are lower on the scale.
Diamond Production
Despite being effectively impossible to tell the difference, lab-grown diamonds are significantly less expensive than natural diamonds.
Contrary to popular belief, lab diamonds are real diamonds and are just as beautiful as their natural counterparts.
The only difference between them is how they are produced. Natural diamonds are mined, while lab diamonds are created in a- you guessed it- diamond lab. There is nothing fake or synthetic about it- it is purely a more cost-effective and less labor-intensive way of producing beautiful stones.
Buying a lab-grown diamond is likely to save you anywhere from 20 to 40%- purely because of how much more expensive it is to ethically procure naturally mined diamonds. Those costs are worked into the sales price of stones.
It is easy to get caught up in the idea that natural diamonds are better, but there is nothing that suggests this is true. If you have your heart set on a natural diamond, you should expect much higher price tags.
The Setting
Engagement rings come in all kinds of designs, and the setting you choose will impact the cost. A simple solitaire setting is generally the most affordable- since it holds a single center stone in place without much else going on.
This works well with two-carat diamonds- since it really lets their beauty shine. However, other options include multiple settings, with several smaller diamonds sitting beside the primary stone or embedded around the band.
If you want multiple stones with different settings, your diamond ring is likely to cost more than it would if you chose a classic solitaire ring setting. You also need to consider practicality, wearability, and stone security over time. More expensive is not always better, as overcomplicated designs can be a little tricky to wear.
Choice of Metal
Last but not least, the metal you choose for the band matters. Although the stone itself is the biggest budget buster, your choice of metal can still change the cost by a fair amount.
Silver is a popular choice for engagement rings, as is yellow gold. A solid yellow-gold band will cost more than silver or rose gold. A platinum band is the most expensive choice of them all and is the best choice if you are looking for a ring that will hold its value over time.
It is a minor detail but worth considering in the grand scheme of things.
Summary
There is no definitive answer to how much a two-carat diamond ring should cost, but knowing what factors determine the price can help buyers navigate their purchase a little better.
If you are looking for the best value, consider lab-grown diamonds in a princess cut- a popular choice for engagement rings but generally one of the less expensive options. Big spenders looking for the best in cut, color, and clarity for their two-carat stone should be ready to fork out tens of thousands of dollars.