What Is the Average Cost of a 1 Carat Diamond Ring?
A diamond ring is every girl’s dream, but how much is a 1 carat diamond ring?
There is no short supply of 1 carat diamond rings in the market, and you can easily get one from retail stores and online shops. The prices of these rings greatly differ because of several factors such as quality, cut and clarity, among others. The reputation of the jeweler also adds to the price tag. Generally, a 1 carat diamond ring may range from $1,500 to $20,000 or more.
What Is a Carat?
A carat is often used to denote the size of a gemstone. However, the term used is not synonymous with the size but rather the weight. Size and weight are correlated with large-sized diamonds weighing heavier than small-sized ones. This is one of the reasons why many people think a carat is the diamond’s size. After all, we always hear that the bigger the diamond is, the higher its carat.
Technically, 1 carat is equal to 200 milligrams (0.2 grams). So, the next time you hear about a 1-carat diamond, expect the weight to be around 0.2 grams.
Carat should also not be confused with the word “karat.” Though both are used in the jewelry industry and pronounced the same, they have different meanings. While carat refers to the weight, the term karat refers to the fineness of gold. It is the measurement of the gold proportion in an alloy in 24 parts.
Simply put, one karat means there is 1-part gold out of 24. For example, an 18k gold bracelet means that it has 18-part gold and 6-part other metal in its composition.
How Much Is a 1 Carat Diamond Ring Cost?
How much a 1 carat diamond ring costs depends on many factors. The prices can also fluctuate depending on market stability. Diamonds may be expensive now, but they may decrease their value at some point, given how volatile the market can be.
Diamond prices are also subjective. While factors such as the 4 C’s of Diamonds drive the prices, retailers also play a great part. The jeweler you get the diamond ring from has the last say on the prices of their diamond jewelry. Thus, there is no definite answer about how much a 1 carat diamond is.
The best way to get a good deal is to scout different stores and compare their prices while comparing the quality of their diamonds. Of course, you must also practice due diligence to ensure you get legitimate pieces from a reputable seller.
Factors Affecting Prices of Diamond Carats
The carat weight is part of the 4 C’s that affect the price of the diamond. But as mentioned earlier, many things affect the prices of diamond carats too, such as the rest of the 3 C’s: cut, clarity and color. Understanding these factors gives you leverage into getting the most beautiful ring at a decent price.
Here are the factors affecting the prices of diamond carats:
Among all the factors presented, the cut's quality greatly affects the price of a 1 carat diamond ring. A ring with an excellent cut determines the diamond’s brilliance and value. That said, an excellent cut 1-carat diamond fetches higher than those with deep and shallow cuts.
Excellent cut diamonds are 10 to 20% more expensive than good cut diamonds. And a 1-carat diamond ring with an excellent cut can have a higher price point than a 2-carat diamond with a poor cut.
Keep in mind that cut grade is typically reserved for round diamonds since they have a uniform shape. Fancy shapes, like ovals, cushions, radiants, etc.,have assumed cut grades based on their symmetry and polish.
The diamond’s clarity grades also affect the price of a 1-carat diamond ring. The highest clarity grade that a diamond can get is Flawless (FL), while the lowest is Included (I). A flawless 1-carat diamond is always more expensive than an included 1-carat diamond.
A diamond’s color also greatly affects how expensive it can be. Diamond colors range from colorless to light yellow. Colorless diamonds are considered rare. Thus, they are more expensive. The colors are graded from D to Z, where D is colorless and has a higher price tag. If the diamond is graded as Z, the color is less desirable and has a light yellow to almost yellow hue that can affect its brilliance.
The diamond shape also influences the price. There are many shapes available. The most common ones are round, oval, emerald, cushion, radiant, and princess. The shape directly affects the size of the diamond leading to a difference in carat weight too.
Typically, round diamonds are considered the most expensive since they have the most facets and therefore offer the best brilliance.
Fluorescence is how a diamond reacts when placed under ultraviolet (UV) light. This invisible glow comes from the diamond and is sometimes considered a negative factor. A 1-carat diamond with strong fluorescence costs 10 to 25% less than that with no or faint fluorescence.
Fluorescence can have positive effects, too, especially in H to Z diamond colors. Medium to strong blue fluorescence complements the yellowish tone of the diamond and can make it look whiter.
It greatly affects the price of the jewelry you want to purchase. Great deals often accompany diamonds with fluorescence. A strong blue fluorescence in a diamond with a D to G color rating can lessen the price tag by as much as 15 to 22%.
Making sure the diamond is genuine— whether naturally mined or lab-created—should be a top priority. You can do so by asking for the certification issued by legit gemological institutions such as the Gemological Institute of America (GIA).
The certification includes all the characteristics pertaining to the diamond you want to purchase. It shows the gemstone's color, carat, cut, clarity, polish and other important details. The certification is synonymous with quality and assurance. With high quality and assurance of its characteristics comes higher price tags too.
Ungraded or uncertified diamonds may sell for less than the market value, and you can save more. But, it is not recommended to purchase one without a certificate as you can easily get duped.
Tips for Buying a 1 Carat Diamond
Buying a diamond ring can be daunting. It is no easy task because there are too many considerations. The goal should always be getting your hands on a high-quality 1 carat diamond ring at a great price.
In buying a diamond ring, know the following:
- Always purchase from a reputable seller such as Happy Jewelers.
- Only buy diamonds that are certified.
- Give detailed attention to the 4 C’s of the diamond.
- Choose a diamond shape that looks great on the finger of the person wearing it.
- Buying fancy-shaped diamonds such as marquise or princess cuts is cheaper than round cuts.
Diamonds are beautiful and striking. It takes a trained eye to distinguish its true value. Learning about the characteristics of diamonds can help your shopping experience in many ways. While there is no definitive amount as to the cost of a 1-carat diamond, knowing the factors that affect its price allows you to get magnificent jewelry at a fair price.