Finding the girl of your dreams was not as easy as some people make it seem. It took time, energy, patience, and a lot of effort to have gotten your relationship off the ground. Now it is time to pop the question, which means 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 you subtle hints, and others will be forthright about their expectations.
Regardless, it usually comes as quite a shock when you find out that your future wife wants a 2 carat diamond ring. The shock usually sets in when you discover that these rings are quite expensive. In fact, they are among the most costly type of rings on the market. Let us take some time to discuss the following:
Two carat diamonds are often the favorites of people that have 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 diamond should cost you around $14,000-$17,000 for a round diamond and $11,000-$15,000 for a fancy shape 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 stone that is graded by GIA (Gemological Institute of America) is a must; AGS (American Gem Society) is also a decent lab. Overall, there are seven factors that are important while determining the price of a diamond which are described in our article on diamond price factors.
Here are three example of good quality three 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, try to understand that it would be impossible to set an arbitrary figure for all diamonds no matter how precisely we try to access the factors which could affect its cost. 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 which costs $3000 in a trusted jewelry store, that does not necessarily mean that all diamonds of similar size will cost the same amount. There are many factors which could affect the cost of a diamond. These factors are often referred to as the 4Cs. They are:
In addition, 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. That is because the carat weight or size is a good indication of the diamond’s rarity. Larger pieces of diamond, like those used to make 2 carat diamond rings, are much harder to locate and are thus considered a rare find. Many experienced diamond experts will, however, state that the size of the diamond has the least impact on the price.
The cut of the diamond 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 better reflect light and sparkle a lot more. Well cut 2 carat diamonds seem to be very hard to find these days. But don’t worry the cut is not the only measure of the quality of the diamond.
The clarity of the stone also affects the quality of the diamond. Experts often apply this term to the number of imperfections that are evident on the diamond. It goes without saying that diamonds with more flaws tend to cost a little 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 as well. Industry experts Bain and Company stated in their 2017 report on the price of diamonds that they are optimistic that the demand for diamonds will 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 per cent, and this will result in a sustained increase in price. 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. This could increase the cost of these types of rings as well.
Why 2 Carat Diamond Rings Cost More than Other Rings
As previously highlighted, larger diamonds tend to cost a bit more. Also, it is impossible to tell you 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 will thus require 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 lot to pay all at once. Thankfully, many of the 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 shall live. In time you will pass the ring down to one of your children. Always 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 might be tempted to follow the lead of the sales representative at the jewelry store. But you may very well end up regretting this decision. These representatives are being paid to sell a product.
That means they are willing to tell you exactly what you need to hear to make a sale and get their commission. This is why it is imperative for you to at least 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. 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 the time to examine the way that each of the diamonds presented reflect 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 extremely hard for you to tell her that you simply cannot afford that option. After all, getting her the very best diamond ring could cost you almost $30,000, and that is considered as a lot of money in this economy.
Thankfully, there are numerous options will help you find an affordable 2 carat ring and save some money. All that is required is that 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 very expensive. Chocolate diamonds, which have a distinct yellow to brown tint, can be just as exquisite as diamonds that are crystal clear. 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 a little lower on the clarity grade. Diamonds that appear flawless to the naked eye or when inspected 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 true beauty of the diamond 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 that you choose the most affordable shape like a halo diamond ring. These rings require a much smaller center stone than most other rings. This will result in the overall cost of the ring 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 diamond that is flawless 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 were 2 carat diamonds of similar color, but the pear cut proved to be the most expensive.
Once you’ve identified the type of ring that you would like 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 that is presented to you, take some time to explore the 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 to be have opted to make their purchases online in order to get a better. Admittedly, this does involve some amount of risk since you cannot physically see the product. Just be sure to examine the return policy and the diamond certification before making your purchase.
What to do if You Cannot Afford a 2 Carat Diamond Ring
Realistically though, the engagement ring will not be your only expense when considering marriage. You will also have to pay for a matching wedding band, the wedding itself, your honeymoon, the cost to move into a new place, and numerous other expenses. In addition to these added expenses, you will also need money saved to cover any incidental medical expenses and your usual day to day expenses as well.
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. It might disappoint your girl if you are not able to get her a 2 carat ring, but it will be a lot 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 that is of 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 it comes to making financial decisions.
In conclusion, getting your girl the 2 carat ring she’s always wanted is a very important 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. Just 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.