How much do diamond rings cost? Synonymous with luxury and glamour, diamond rings have always sat at the upper end of most people’s jewellery budget, but what can you expect to pay in 2025? If you’re looking for a dazzling diamond engagement ring or simply want to treat yourself and add a touch of sophistication to your jewellery collection, our comparison guide will clarify diamond ring costs and show you how to maximise your budget.
Diamonds were created billions of years ago when carbon in the Earth’s crust was exposed to immense heat and pressure. It’s thought that we first discovered diamonds in India around 800 BCE, with records of diamond mining dating back to the 4th century BCE. Diamonds are incredibly strong, sitting at a 10 on the Mohs scale of hardness (the top position), and therefore, it’s little wonder humans used them in tools as well as valuing them for their natural beauty.
Though diamonds became an important trade commodity almost as soon as they started to be mined, it wasn’t until many hundreds of years later, in the 15th century, that they began to feature as the centre stone in engagement rings. Archduke Maximilian of Austria commissioned the first well-known diamond engagement ring to propose to Mary of Burgundy. Though the aristocracy of the day were often jewellery trendsetters, diamond rings didn’t rise in popularity until much later.
Diamonds did feature alongside coloured gemstones in engagement rings during the Victorian era, but it wasn’t until the middle of the 20th century that they became the stone for engagement rings. In the late 1940s, the De Beers mining company launched a highly influential diamond marketing campaign with the slogan “A Diamond is Forever”. On the back of this clever catchphrase, diamonds became synonymous with eternal love, making them the obvious choice when proposing marriage. At this time, diamond rings were far more expensive than other options. To get around this, De Beers again used its marketing prowess and originated the idea of spending one or two months’ wages on an engagement ring – a tradition that prevailed for many decades.
The love of diamonds as a centrepiece for a ring has remained, and for good reason. Diamonds are a precious stone, and their rarity gives them prestige and innate value. Diamonds feel extravagant, and this reputation has been nurtured culturally over the centuries, with large diamonds being worn as a status symbol by the wealthy in society. Their aesthetic offers superb styling versatility, the stones are highly durable and therefore suitable for daily wear, and high-quality natural diamonds can offer decent value retention.
Diamond rings can cost anywhere from a few hundred pounds when crafted from lab diamonds up to tens and hundreds of thousands of pounds. Diamond ring prices are mainly driven by the grading of the diamond featured within the ring. Each diamond that enters the market is assessed according to the so-called 4Cs: carat, cut, colour, and clarity. This grading system was developed by the Gemological Institute of America in the 1950s and is still used globally today.
Carat
The carat refers to the diamond’s weight, not the size. One metric carat is equivalent to two-tenths of a gram. As a rule of thumb, the greater the carat of a diamond, the more expensive it is. But it isn’t quite so simple. If a higher-carat diamond grades poorly on the other Cs, it could be less costly than a lower-carat diamond with excellent grades in all areas.
Cut
A well-cut diamond is highly valued because the right cut can showcase the diamond’s natural beauty. Jewellers meticulously create facets on a diamond to reflect the light and maximise the stone’s brilliance, fire, and scintillation. Cuts are graded according to how well they maximise and balance these attributes across the stone. The cut of a diamond is the most influential factor when it comes to price.
Colour
We think of white diamonds as crystal clear, but many diamonds are pulled from the earth with tinges of colour or complete colour saturation. For the classic white diamond engagement ring aesthetic, completely colourless white diamonds are preferred and assigned a grade D-F. They are the most desirable and, therefore, the most valuable. Still almost completely colourless to the naked eye are the grade G-J diamonds, which are much cheaper.
Clarity
Though all the diamonds you’ve admired may have appeared to be perfectly clear, it is most common for diamonds to feature inclusions and blemishes. Many of these are only visible under magnification, and when being graded, a diamond’s clarity is assessed both with the naked eye and with magnification. The fewer imperfections in and on the diamond, the higher its grade and the more valuable it is.
It’s not just the 4Cs that influence how much a diamond ring costs. You’ll pay more for a diamond ring from a high-end, popular jeweller like Cartier or Tiffany and Co. You could buy a ring with the same grade of diamond for less from other jewellers, but then you wouldn’t have the gravitas of owning a ring from an iconic brand. In the next section, you’ll explore how the style of a diamond ring can impact the price.
It’s useful to know that some styles and settings are more expensive than others. You’ll find the highest diamond ring prices among designs with side stones and halos. This purely comes down to the fact that the ring has more diamonds, which can cost hundreds of pounds compared to a ring with just a centre stone.
The shape of the diamond also influences the cost of the ring; for example, round-cut diamonds are one of the more expensive styles, with an emerald shape coming in at up to 40% cheaper. Based on a 0.5-carat diamond, the following shapes tend to offer the best value in 2025:
Prices sourced from Stone Algo, April 2025.
Settings matter, too. A simple solitaire setting is generally the least expensive option, and you can also maximise sparkle at the best price by choosing a cluster setting with smaller, cheaper diamonds.
If you’ve been searching for a new diamond ring and have come across surprisingly cheap designs, the ring likely features lab-grown diamonds. Lab-grown diamonds cost much less than natural diamonds, sometimes offering savings of up to 80%.
Lab diamonds are grown within specialist apparatus in a laboratory, using carbon as the starter material. The processes replicate the natural formation of diamonds in the Earth’s crust, and the stones that grow are chemically and aesthetically identical to a natural diamond.
To the naked eye, lab and natural diamonds look exactly the same. No one can tell that a diamond ring features lab diamonds just by looking at it, yet you can make significant savings by choosing them over natural stones. Lab diamonds aren’t only popular because they’re cheaper; they also offer a more sustainable and environmentally friendly route for those who struggle with the ecologically destructive nature of mining diamonds. The mining industry was also famously exposed for unethical and illegal practices, and though you can now source ethical and conflict-free diamonds, those which are certified as such are very expensive.
The downside to lab-grown diamonds? They’re not billions of years old and won’t retain their value as well as a high-grade natural diamond, even if they boast excellent grading credentials. You will know that they’re not “the real deal,” and for some people, they don’t feel as special as natural diamonds.
It’s no secret that jewellers can make impressive markups on diamonds, none more so than luxury brands. Markups vary widely depending on the retailer, but it’s not uncommon to see at least a 100% markup on diamonds used in rings, sometimes significantly more. You won’t always encounter such a high markup. Some independent jewellers add as little as 5-10%.
Although natural diamonds are precious stones, when you buy a diamond ring or any type of diamond jewellery from a retailer, the stones instantly depreciate in value. Why? Usually, because of the retail markups you just read about. That said, if you invest in a ring with a high-quality, top-grade diamond, you’re more likely to enjoy value retention over the long term.
When you’ve got a little insider knowledge, it’s easy to maximise your diamond ring budget. Setting a budget is crucial, and when you’re buying a diamond ring to propose with, it’s important to stick to your budget so that you don’t encroach on funds destined for your wedding, honeymoon, or future together.
Our top tips for getting the best ring within budget are:
What is the average price of a diamond ring in 2025?
A diamond ring costs, on average, £2000 in 2025. Your diamond ring will cost more if the band is made of platinum or high-carat yellow gold; there are savings to be made by opting for white or rose gold.
Where can I find an affordable diamond ring?
Jewellers specialising in lab-grown diamonds offer the most affordable diamond rings. It’s important to remember that when you buy a diamond ring, the metal used in the band and the intricacy of the design will also contribute around 25% of the diamond ring price. Look for jewellers who use recycled precious metals (which can be cheaper) or who specialise in cheaper band metals like titanium and sterling silver.
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