Finding the girl of your dreams was most likely not as easy for you as some people make it seem. It took time, energy, patience, and effort on your part to get your relationship off the ground. Now that it is time to pop the question, it is also time to start searching for the perfect ring to symbolize your love. Most girls will have an idea of the type of ring they want: some will leave subtle hints; others will be forthright about their expectations.
It can be shocking to find out that your future wife wants a 2-carat diamond ring. The shock usually sets in when you discover that these rings are among the costliest rings on the market. Let us take some time to discuss the following:
- Why are these rings so expensive?
- How can you be sure that you are buying a quality ring?
- How can you save money while getting your girl the ring of her dreams?
- What to do if you cannot afford this type of ring?
Two-carat diamonds are often the favorites of people with some room in their budget to buy a decent size stone for their loved ones. Depending on how much you are willing to sacrifice on the quality of a two-carat diamond, it could cost you as low as $2,000 or as high as $30,000. For people with budget constraints, a good quality two-carat round diamond should cost around $14,000-$17,000 and $11,000-$15,000 for a fancy-shaped stone, such as a cushion or princess cut diamond. If budget is not an issue, we recommend spending around $22,000-$25,000 on a two-carat round brilliant cut diamond and $16,000-$22,000 on a fancy shape diamond. Aim for a D-G color, VS1 or above clarity, Excellent cut with 60-62 depth, 54-59 table, and no fluorescence. Buying a GIA (Gemological Institute of America) graded stone is a must; AGS (American Gem Society) is also a decent lab. Overall, seven factors are essential while determining the price of a diamond described in our article on diamond price factors.
Here are three examples of three good quality two-carat diamonds with average prices (watch high-resolution videos of them by clicking on the image):
What Determines the Price of the Diamond?
Firstly, understand that it would be impossible to set an arbitrary figure for all diamonds no matter how precisely we try to access the factors that could affect its cost since no two diamonds can ever be the same. The prices are also affected by demand, seasons, and their quality.
In other words, if you find a diamond that costs $3000 in a trusted jewelry store, that does not necessarily mean that all diamonds of similar size will come at the same price. Many factors could affect the cost of a diamond, often referred to as the 4Cs. They are:
Besides, Fluorescence, Shape, and Certification also affect the price of a diamond.
As illustrated in figure one, the price of diamonds increases as the carat weight increases because carat weight or size is a good indication of a diamond's rarity. Like those used to make 2-carat diamond rings, larger diamonds are much harder to locate and are thus considered a rare find. However, many experienced diamond experts will state that the size of a diamond has the most negligible impact on the price.
The cut refers to the angles at which the diamond is cut and how it is proportioned. Some cuts are more expensive because they enhance the appearance of the diamond. If the stone is cut at the right angles, it will reflect light better and sparkle more. Well cut 2-carat diamonds seem to be very hard to find these days. But it would be best if you do not worry since the cut is not the only measure of diamond quality.
The clarity of the stone also affects the quality of the diamond. Experts often apply this term to the number of imperfections evident on the diamond. Diamonds with more flaws tend to cost less. Some diamonds tend to have a hint of yellow or brown color. Colored diamonds are less valuable than clear diamonds.
Market conditions also significantly affect the cost of diamonds. Industry experts, Bain and Company, stated in their 2017 report on the price of diamonds that they were optimistic that demand for diamonds would continue to increase at a rate of between 1 to 4 percent until 2030.
The supply rate of diamonds will continue to increase at a much slower rate of less than 1 percent, resulting in a sustained price increase. Diamond mines owners have been cleverly restricting the supply of diamonds for years to drive up the cost to acquire these precious stones.
Another market trend is an increase in the demand for colored diamonds, which could also increase the cost of these types of rings.
Why 2 Carat Diamond Rings Cost More than Other Rings
As previously highlighted, larger diamonds tend to cost more. Also, it is impossible to tell exactly how much all 2-carat diamonds will cost. It should also be evident that 2-carat diamonds will be larger than 1-carat diamonds and thus cost more. On average, the cost of a 2-carat diamond ranges from $2000 up to $30,000.
For many of us, this might seem like a leap. Thankfully, many jewelry stores in your area will have special payment plans to allow you to cover the cost of the ring over a period. Soon, we will move into discussing how to save money when purchasing a 2-carat diamond ring.
How to Assess the Quality of a Diamond
Purchasing a 2-carat ring should be seen as an investment in your future. Your wife will continue to wear her ring proudly for as long as you both live. With time, you will pass the ring down to one of your children. Remember that this ring will become a family heirloom, and your children will continue to pass the ring on to future generations forever.
Making such a weighty decision can become very stressful. You can be tempted to follow the sales representatives' lead at the jewelry store, but you might end up regretting this decision because they are paid to sell.
This implies that they will always be willing to tell you precisely what you need to hear to make a sale and get their commission. Therefore, you must know the basics of how to assess the quality of a diamond. Here are three simple tips for determining the quality of a diamond:
1. Spend some time researching the characteristics of the type of diamond you are interested in purchasing and learn more about the 4Cs. For example, if you would like to purchase a 2-carat (VVS1) diamond ring, you would expect to see only minute blemishes on the diamond even when viewing it under a microscope.
2. View the diamond in both natural and fluorescent light. Diamonds do not produce their light. Take your time to examine how each of the diamonds presented reflects the light shining on it. Many jewelers often display their diamonds in poorly lit rooms to disguise the quality of the diamonds.
3. When in doubt, ask to see the diamond certification. An independent third party usually does this assessment and often proves to be very reliable.
How to Save Money When Buying a 2 Carat Diamond Ring
If your girl already has her heart set on a 2-carat ring, it might be tough for you to tell her that you cannot afford that option. After all, getting her the very best diamond ring could cost you almost $30,000, which is a lot of money in this economy.
Thankfully, numerous options will help you find an affordable 2-carat ring and save some money, though you must be willing to compromise a little on the 4Cs.
The first option is choosing a diamond that has a hint of color. Diamonds that reflect purely white light are costly. Chocolate diamonds with a distinct yellow to brown tint can be just as exquisite as crystal clear diamonds. You will be surprised to see how the color can significantly impact the price of the ring.
The second option is to choose a 2-carat diamond ring that is slightly lower on the clarity grade. Diamonds that appear flawless to the naked eye or under a 10x microscope are rated FL or flawless. These will attract a higher cost. Being willing to purchase a stunning diamond with a few more imperfections could save you thousands.
It is not advised that you compromise too much on the cut of the diamond. Choosing a cut that does not highlight the diamond's true beauty might leave you with a ring that does not sparkle in the light. This is not the kind of ring you want to be passed down by your future generations. While there is some room for compromise, it would be best not to choose a ring that falls below the category of Very Good.
The fourth option requires choosing the most affordable shape, such as a halo diamond ring that requires a smaller center stone than its counterparts. Doing so will result in the ring's overall cost being a lot less than you would typically pay for traditional shapes like the princess cut, round, or marquise.
Emerald cut diamonds are also quite reasonably priced. Choosing one of these shapes will allow you to choose a flawless diamond in both clarity and color without breaking the bank.
Figure 2 illustrates how price can be affected by the shape of the diamond. All three options are 2-carat diamonds of similar color, but the pear cut proved to be the most expensive.
Once you have identified the type of ring that you wish to purchase, you could inquire about special discounts and wait until the discount becomes available. It is also best to avoid making this kind of purchase during the holiday season.
Finally, be sure to shop around. Instead of simply buying the first option presented to you, take some time to explore other options on the market. Surprisingly, the location of the jewelry store also affects the cost of the ring. Do not forget that these store owners will have to factor the cost to rent or lease the store into the price for their rings.
Some wise husbands opt to make their purchases online to get better value for their money. Admittedly, this does involve some amount of risk since you cannot physically see the product. In any case, ensure that you examine the return policy and the diamond certification before making your purchase.
What to do if You Cannot Afford a 2 Carat Diamond Ring
The engagement ring will not be your only expense when considering marriage. You will be required to pay for a matching wedding band, the wedding itself, your honeymoon, and the cost to move into a new place, among other necessities. In addition to these added expenses, you must also save money to cover any incidental medical expenses and your usual day-to-day expenses.
It would be unwise not to spend all your savings on the engagement ring. Starting a marriage with debt can put a severe strain on your relationship. Although it might disappoint your girl if you cannot get her a 2-carat ring, it will be easier to explain why you chose another ring than explaining why the family is in financial ruin.
Why not consider a few more affordable options together? Perhaps she would appreciate a more affordable 1-carat ring with excellent cut, clarity, and color. These kinds of open, frank discussions are always encouraged before the wedding. It will give you a pretty good idea of how to gauge whether you are both on the same page when making financial decisions.
In conclusion, getting your girl the 2-carat ring that she has always wanted is a significant step in your relationship. These kinds of rings can cost as much as $30,000. Thankfully, there is so much that you can do to lessen the expense of this purchase. However, you must be careful when making your choice so that you do not end up paying an arm and a leg for a poor-quality ring. Also, try to remember that a carefully selected 1-carat option can be just as beautiful and far less expensive.