5 Cost Factors To Know Before Buying An Engagement Ring
Purchasing an engagement ring is often the most memorable and emotionally significant investment a couple will make. Choosing a ring that truly represents your unique relationship and personal aesthetic can certainly be daunting. In a market saturated by mass-produced engagement rings, trends and influencers it is important to make informed decisions, based upon your own criteria.
1. How Much You Should Spend On An Engagement Ring
How much you decide to invest in your engagement ring is a personal decision. Your choice of centre stone will typically consume the largest part of your budget. Depending on whether you choose a lab- or earth-grown diamond, sapphire or spinel, understand the ‘factors’ and allocate accordingly. My advice is to always buy the best quality diamond or gemstone your budget will afford. A beautifully-cut, top quality small stone will always outshine a larger inferior one. Therefore, size should not be the most important factor when determining a budget.
The ‘fabrication’ of your design is a major factor in the cost of your ring. The price of your setting is determined by the quality of your ring’s craftsmanship e.g., whether it is handmade, mass-produced or machine-made, the metal used, the weight and complexity of the design, the size, the number and quality of accent stones. Consider and discuss the setting of your diamond or gemstone with your jeweller then, based on the information given, develop a budget that works for you.
Inevitably, price is reflected by quality. Understanding the factors will aid you in your decisions.
Average Cost
I would suggest that industry standard for engagement rings is between $2,500-$5,000CAD. Of course, everyone has their own budget; however, no matter the number, assessing ‘value’ by understanding the cost factors is imperative if you are to make informed cost-effective decisions.
As a factor or cost-saving approach to your engagement ring, I have many clients who wish to incorporate an heirloom stone, perhaps from a grandmother’s ring. This is a super way of saving substantial cost and, at the same time, creating a custom engagement ring beyond compare. One of the many joys of custom!
2. The 4Cs. Cut, Clarity, Carat Weight and Colour
Cut
A beautiful stone that emanates fire, sparkle and brilliance depends upon, not only exceptional material, but the skill and expertise of the stone cutter. The value or excellence of the cut has to do with the precision with which the stone is cut, adhering to desired proportions, regardless of the shape. The specifics of ideal proportions are widely available, and your stone will be graded accordingly.
Diamond cut factors. Source: GIA 4Cs.
Consider cut the most important factor when purchasing your diamond. The cut of your diamond determines the overall appearance of your stone as without optimal cutting, refraction i.e., light-in and light-out, will be compromised. Clarity grade and colour cannot help a poorly-cut stone. A beautifully-cut stone, no matter the size, will delight with its ability to create sparkle and brilliance.
No one wants a diamond that doesn't sparkle!
Clarity
Diamond clarity is a qualitative metric that grades the visual appearance of each diamond. The clarity of a diamond can have a significant impact on its price; therefore, it is one of the most important of the 4Cs. Clarity is determined by the number, type and colour of inclusions found naturally within the stone. The fewer the inclusions, the cleaner the stone, the more valuable the stone becomes.
Diamond clarity samples. Source: GIA 4Cs.
Diamonds are graded to an international standard. I typically work with Gemological Institute of America (GIA) certified diamonds. GIA certified stones come with documentation that will itemize all aspects of your stone, from its specific proportion to its colour, cut and clarity.
As a custom jewellery designer, I choose to use top quality diamonds in my creations. I use VVS-VS brilliant-cut diamonds as accent stones and in all of our hand-set pavé work. These stones are all hand-cut brilliants and basically flawless. There is no deviation when it comes to quality.
Carat Weight
A carat is the unit of measurement for the physical weight of diamonds. Each carat is subdivided into 100 points i.e., 0.25 carats = 25 points.
Carat weight samples (not actual size). Source: GIA 4Cs.
The carat weight of your diamond or gemstone is an important factor when it comes to value/price; although, two diamonds of equal weight may have very different values, depending upon the three other factors of the diamond 4Cs. Generally, the higher the carat weight, the higher the price. That’s assuming that we are talking about a beautifully-cut, clean stone with a high colour grade.
All ‘factors’ should be considered equally; however, when selecting your stone, discuss the pros and cons of each factor with your jeweller so you are advised how they specifically relate to your design/commission.
Colour
A white diamond is prized for its absence of colour. GIA measures the degree of colourlessness in white diamonds. The D-Z diamond grading system allows for colour distinctions that are so subtle to the untrained eye, yet make a very big difference in diamond quality and, consequently, price.
Diamond colour grade. Source: GIA 4Cs.
When it comes to white diamonds, colourless is optimal. Rated from D flawless; E, F, G, H considered optimal; I-Z commercial-grade often showing signs of yellow or brown. The I-K grade of diamond is typically found in mass-market jewellery, where price is the most important factor.
When grading coloured diamonds or other precious gemstones, we consider the actual colour, colour saturation the evenness of the colour and the tone. The rarity of a colour will affect price enormously; hence, my joy as a designer is to source exceptional often rare coloured gemstones and celebrate a natural treasure of which there is only one.
3. The Rarity of Diamonds and Gemstones
The rarity of your diamond or gemstone is obviously an important factor when considering price. Again, all 4Cs play a role in determining value.
Rare natural 6.08ct pear-shaped pink-lavender sapphire.
D-flawless diamonds are rare; natural coloured diamonds are extremely rare. Natural blue, pink and red diamonds command extremely high prices, often hundreds of thousands per carat. Red diamonds are the rarest of all coloured diamonds with only 20-30 existing in the entire world. An interesting fact, less than 1 carat of coloured diamonds is found for every 10,000 carats of clear diamonds mined.
Many important gems ‘play’ with the grading system imposed on diamonds, based on colour, rarity and carat weight. Natural sapphires, rubies and emeralds are all graded differently for innumerable reasons.
As with diamonds, a gemstone’s clarity refers to its inclusions i.e., the size, number of and position within the stone. The fewer the inclusions, the more remarkable the stone. For me, grading colour is subjective; however, there is an industry standard by which a precious gemstone is evaluated. The problem, for people who collect rare unique gemstones, like me, is that not all stones fall within the confines of a ‘box.’ This is precisely the magic - the allure, if you will, that attracts me and clients who appreciate rarity. That said, colour, colour saturation, the distribution of colour and tone are all factors when discussing a gemstone’s desirability.
Combine cut, colour and clarity when choosing your gemstone. If the interplay of light, colour, cut and clarity is such that your sapphire or gem ‘dances’… that is the beauty, that is the joy!
4. Precious Metals
Gold has been used in jewellery making as far back as 4000 B.C. At the time, gold was not culturally valuable, it was civilization’s currency before paper.
I love to play with texture, so gold is the perfect medium. It is immensely flexible and durable; hence, its use in all high-end jewellery design. A karat (kt) is the measure of gold’s purity. Pure gold is 24kt; it is soft and easily scratched. Any number below 24kt means that other metals have been mixed with it to form an alloy; thus, rendering it more durable.
My engagement rings are typically made in 18kt yellow gold or 18kt white gold with palladium. We can also build in 14kt or Platinum. The choice is yours.
5. Custom vs Mass-Produced Engagement Rings
Whether your engagement ring is custom designed, handmade or mass-produced, purchased through an online or market-based jewellery franchise, the cost factors remain more or less the same, in most cases.
Consider, the majority of engagement rings available in most large jewellery franchises, luxury or otherwise, are manufactured overseas on assembly lines.
Diamonds in mass-produced jewellery are often set by machine and thousands of duplicates are made and sold around the world. To clarify, when we discuss mass-produced engagement rings, we typically refer to the ‘semi-mount’. The ‘semi-mount’ is the base of the ring, often mass-produced, to which the centre stone is added. This process is often referred to as ‘customization’, which in reality is modifying an existing design. Naturally, the unit of cost of a mass-produced ring is a fraction of the cost of a custom designed hand-built ring. However, that is not always reflected in the price, as margins are often far greater… no soul only margin. So where is your value? That is the question!
The value of building a unique custom designed ring, I hope is obvious. Not only will you have a ring that meets your every criteria, but you will also select the perfect stone as we will source it. This is why I love the custom process. Once you understand the factors, the many nuances that effect value, informed decisions are easily made. I think people are shocked to find that a custom made ring is often less expensive than purchasing a ready-made ring form a major brand.
When you choose to work with a custom jewellery designer, you do so because you wish to create a personal interpretation of your perfect ring. There are no limits, the only restriction is budget. Designers will work with your preferred investment level.
The experience of building a custom ring for your partner or building together is, I believe, the perfect beginning for every relationship. Custom is a vehicle though which we celebrate creativity; allowing for a complete personalization of your inspiration, your vision and… your story.
As a designer, it is always an absolute pleasure to work with my clients, to transform dreams to reality. We do this at the custom level through consultation, drawings, images and models. Every aspect of the process takes time, and relies on expertise at every level from the designer, goldsmith and stone setter; each and every part of the process is a ‘factor’ in the cost of your design. This is what separates and defines a custom jewellery designer in the world of major brands and online mass-produced jewellery.
Every designer has their own specific aesthetic and level of specialty. When choosing your custom jewellery designer, do your research, read reviews and where possible, ‘engage’ either in person, or via phone or email. It is imperative that a designer understands your specific perspective and has both the skill and expertise to ensure your engagement ring will exceed beyond expectation… welcome to FIRDA!
Purchasing Your Engagement Ring With FRIDA
The FRIDA brand is definitely about luxury; not necessarily expensive, but always unique. I am excited to work within the custom engagement genre, as the trend with engagement rings is to play with the rules of convention and create individual statements. This opens the door to exciting possibilities, but in no way diminishes the timeless beauty of classic, vintage or traditional design.
As a destination fine jewellery boutique, I naturally have an exciting collection of custom designed engagement rings. I have several signature collections, each of which have a different aesthetic and perspective. My signature engagement collections typically feature one-of-a-kind natural sapphires in a myriad of colours. I use top quality diamonds and gemstones in everything, as I design for a discerning clientele… no matter the price point.
A selection of engagement rings are on our website from which you may either choose or select for inspiration.
Translating The Vision
Regardless of the reason behind the vision, a custom engagement ring is the ultimate expression of thoughtfulness and intention. There are endless opportunities when entering the world of custom engagement. As a custom jewellery designer, I help couples navigate and consider options.
When working with clients on a custom basis, I invite as much involvement as desired. An initial consultation is all about communication. Building an understanding of the custom process is both necessary and invaluable.
We discuss expectations, in terms of time, budget and… reality, as it relates to every aspect of a commission. Information informs decisions. It is my responsibility as a designer to listen, offer advice and to ultimately interpret and bring to life my clients’ creative vision.
FRIDA Owner & Designer, Carrie Lamb.
When your custom engagement ring is made and designed by me, you are assured exceptional craftsmanship, unique design and meticulous attention to detail. FRIDA rings are built by hand, our diamonds handset; thus, we ensure your vision will be loved and cherished forever.
Whether you are considering a custom approach to your engagement alone or as a couple, an initial visit or appointment will allow you to browse our options, explore your likes and dislikes, and share your story. For those unable to visit in person, please visit our website and contact us, as custom is easily facilitated remotely… we are a Zoom call away!
To learn more about the steps of custom process, we invite to visit our website www.frida.ca/bespoke
Having studied design and marketing in England, with graduate training in the high-end fashion industry with Jaeger in London, Carrie launched her fine jewellery and lifestyle brand, FRIDA, 15 years ago in Nova Scotia. One of Carrie’s greatest pleasures lies in creating stunning jewellery, which speak to the individuality of her clientele.
“One should not be defined by a brand; rather, the brand should capture and speak to one’s individual aesthetic...be your own brand!'“
Luxury Beyond Brand™
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