Proposing to the love of your life is a big step in the relationship. It often happens when people are young, freshly out of school and don’t have a lot of money. And don’t get me wrong, that’s absolutely fine. At the end of the day, it’s not about the size of the diamond, it’s the gesture that counts. But as people get older and financially more secure, they often opt for an upgrade as an anniversary gift.
One of those people was a reader of ours who was aiming for a one carat diamond ring.
Here’s the reader’s original email:
“Hello! I came across your site and I really appreciate all of your information. My husband is upgrading my engagement ring for our tenth anniversary. We went to look at rings and put a deposit on a diamond (1.02 carats, cushion cut, J color, SI2) for $3,995. Now I’m having doubts and wondering if we can find a better stone for that amount of money. I would like to stay under $4,000 for the diamond.
Any insight would be greatly appreciated!”
This happens a lot. People go to a store, they like a diamond and they put a deposit down to hold it before they make up their minds. We don’t usually recommend doing it, but if you do that, make sure you can get all your money back from the deposit if you decide purchasing somewhere else.
Also, the price of this particular diamond was way too high. It’s always a good idea to do a little online search to see what you should expect to be paying for such a diamond before you put any money down.
1 Carat Diamond Cost
The price of a 1 carat diamond can vary based on what shape you get, the quality of the diamond, and what setting style you put it in.
Diamond Shape Prices
Each diamond shape is different not only in appearance but also in the way they are cut, how much of a rough diamond is used and what the public demand is. Some shapes are more expensive per carat, but there are also more affordable diamond shapes.
After diamonds are mined in their rough shape, they need to be cut into a specific shape. Based on the shape that is chosen, a lot of the original weight is removed – usually between 20% and 60%. For example, in a round cut diamond, which is the shape our reader chose, 60% of the original weight is removed. That is a huge factor in diamond pricing.
Round cut diamonds are also the most popular shape out there. They symbolize a classic engagement ring look that everybody wants. The sales show that as well as around 70% of all diamonds sold all over the world are round cuts. This demand drives the price up. The round cut is almost always the most expensive diamond shape you can get.
In contrast, diamond shapes, such as asscher cut, emerald cut or radiant cut are usually the least expensive ones when it comes to value per carat.
Round Cut Diamond Pricing
The price of a round cut diamond depends on the carat weight, cut, color, clarity and other factors. Since our reader wanted a 1 carat diamond for, as they later added, a side stone setting, let’s stick with that criteria.
The ideal diamond quality here is I color, eye-clean and excellent cut. That usually come to around $3,000 for a 1 carat stone, such as this example of a 1.00 carat I color SI1 clarity round cut diamond for $3,140. You can already see that the offer our reader got isn’t great. The store offered them a lower-quality diamond for an even higher price. And they weren’t even sure if it was certified.
The other problem with that diamond was that it’s a J color which could look yellowish compared to the smaller diamonds on the side of the ring.
In the end, we recommended an I color and VS2 clarity diamond that the reader loved and purchased right away. They were lucky enough to get all the money back from the deposit they paid which was great.
How To Upgrade Your Engagement Ring
When people get engaged, they have a certain idea about what they like. But in a few years, that taste can change. One of the most common engagement ring upgrades is getting a larger diamond. People sometimes even change the shape because they start liking something else. And what is the best time to upgrade a ring? A wedding anniversary. And what better anniversary to choose than the 10th which represents a diamond?
A lot of stores offer an exchange program where you can exchange your diamond and use that value against purchasing a new one, as long as it’s at least double in price. That is a great service that can save you a lot of money.
Another option to upgrade your engagement ring is to change the ring setting. You can go from a solitaire style to a side stone or a halo, you can add colored diamonds in the setting or just change the metal color.
The most uncommon way is to repurpose the diamond. If you don’t want to wear a ring anymore, you can use that diamond and have it set into a pendant, bracelet, or as a part of earrings. Even though it’s not as widespread, it’s a great way to keep your diamond in use.
Conclusion
There is no shame in wanting to upgrade your engagement ring. It doesn’t mean that you didn’t like the one you have, it just means that your taste has changed but you still want to have a memory of your engagement. It’s nothing to feel bad about. And with several options for how to upgrade the ring, the change doesn’t have to be that drastic.
But always remember to read the policy of the jewelry store to avoid any surprises. And if you have any questions, don’t hesitate to contact us. We’re here to help you make the right decision.
What we love about them:
- No questions asked returns within 30 days of shipment. James Allen will send you a paid shipping label to return the ring.
- Lifetime Warranty
- Free International Shipping
- Free prong tightening, repolishing, rhodium plating and cleaning every 6 months
- Provide insurance appraisals
- One free resizing within 60 days of purchase
- Free ring inscriptions
- Best-in-class high quality imagery of all diamonds in stock
- 24/7 Customer Service
- Best-in-class packaging
What we love about them:
- No questions asked returns within 30 days of shipment. Blue Nile will send you a paid shipping label to return the ring.
- Lifetime Warranty
- Free Shipping
- Free prong tightening, repolishing, rhodium plating and cleaning every 6 months
- Provide insurance appraisal
- One free resizing within the first year of purchase
- High quality images of about half of their diamonds
- 24/7 Customer Service
- 100% credit towards future upgrades (must be at least double in value)
- Best in class fulfillment
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