Money & Career

How much a diamond engagement ring is really worth

Though marketers encourage gents to spend months of their hard-earned cash on a high-priced ring, the truth is it's all just nonsense.

engagement ring

Photo, Getty Images.

Thank the marketing geniuses at De Beers for suggesting the cost of a diamond engagement ring should be equal to two months’ salary. That means a $60,000 salary requires you to spend a sizable $10,000 — nonsense!

The simple truth is price varies greatly based on various criteria, says gemologist Martin Wright, who owns Magpie Jewellery in Ottawa. But regardless of income, a high-quality ring with a 14-karat gold setting and a 40-point diamond of good weight, colour, clarity and cut should cost about $3,000, says Wright.

diamond-price chart MoneySense

 

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