Diamond Engagement Ring Prices Per Carat
Confused by diamond ring prices? Our Canadian guide explains why larger diamonds cost more, price breakdowns by carat, and tips for finding the perfect ring.
- By the Canadian Diamond Boyz
Diamond Ring Prices In Canada
If you’ve ever wondered how much a diamond ring costs per carat in Canada, you’re not alone. Whether you’re shopping for an engagement ring, wedding band, or a timeless gift, understanding diamond pricing can feel overwhelming.
Is a larger diamond always better?
Why do prices vary so much between carat sizes?
In this guide, we’ll break down diamond prices by carat size, explain why costs increase so sharply as carat weight grows, and give you insights into the Canadian diamond market.
By the end, you’ll feel confident navigating the options and finding the perfect diamond for your budget......
What Does "Carat" Mean for Diamonds?
Carat measures a diamond’s weight, not its size. One carat equals 200 milligrams—about the weight of a paperclip. While carat affects how large a diamond appears, the cut and proportions significantly impact its brilliance and perceived size.
In Canada, 1-carat diamonds are the most popular choice for engagement rings. They strike the perfect balance between size, sparkle, and cost. Canadians also value ethically sourced diamonds, with many opting for conflict-free, traceable Canadian diamonds, even if they come at a premium.
Diamond Price Per Carat: A Breakdown
The cost of a diamond increases exponentially as its carat size grows. This is due to several factors, including rarity, demand, and quality expectations.
Below is a breakdown of the average diamond prices per carat in Canada for high-quality diamonds (G-H color, VS2 clarity, Excellent cut)
1 Carat Diamond Cost
These Diamonds usually cost between ($1,500–$8,500)
1-carat or 1ct diamonds are most popular for engagement rings and offer a good balance of size and affordability. They're also the most popular Carat size for engagement rings in Canada
1.5 Carat Diamond Cost
These Diamonds usually cost between ($3,000–$20,000).
The 1.5-carat or 1.5ct diamonds provide a noticeable size increase without the steep jump in price seen in 2-carat diamonds.
2 Carats Diamond Cost
These Diamonds usually cost between ($5,000–$40,000)
2ct Diamonds are a luxury choice, where clarity and cut become even more important to maintain visual appeal.
3 Carats Diamond Price
These Diamonds usually cost between ($25,000–$100,000)
3ct Diamonds are considered a high-end option & often come with custom settings for added craftsmanship & personalization.
4–5 Carats Diamond Price
These Diamonds usually cost between ($30,000–$250,000+)
4-5Ct Diamonds are reserved for extremely luxurious buyers the larger diamonds in this range require impeccable quality standards.
Why Prices Jump Between Carat Sizes
1. Rarity:
Larger diamonds are much rarer than smaller ones. For every 1-carat diamond mined, far fewer 2-carat diamonds are discovered, making them significantly more valuable.
2. Perceived Prestige:
Bigger diamonds are seen as status symbols, driving demand and inflating prices.
3. Quality Expectations:
Flaws (inclusions) and color variations are more noticeable in larger diamonds. Buyers often demand higher clarity and color grades for 2-carat+ diamonds, further increasing the costs.
4. Craftsmanship Costs:
Larger diamonds require custom-designed settings to support their weight & to really showcase their beauty, which adds to the total price.
Here in Canada, the demand for ethical diamonds adds another layer to pricing.
Canadian-mined diamonds are traceable and conflict-free, making them a popular choice, but they often come at a premium compared to imported stones.
Factors Beyond Carat Size That Influence Price
While diamond carat weight plays a significant role in diamond pricing, it’s not the only factor. Other key attributes dramatically affect how much you pay for a diamond.
1 - Cut
A diamond’s cut has the greatest impact on its brilliance and overall visual appeal.
A well-cut diamond reflects light beautifully, making it appear more vibrant and even larger.
Poorly cut diamonds, even with higher carat weights, can look dull and lifeless.
Pro Tip: Prioritize cut quality over carat size for maximum visual impact, especially if you’re working within a budget.
2 - Clarity and Color
Clarity: Refers to the absence of internal flaws (inclusions). Higher clarity grades are more expensive, particularly for larger diamonds.
Color: Ranges from colorless (D grade) to noticeable yellow tints (Z grade). Diamonds in the D-F range are the most expensive.
Jeweler Tip: Slightly lower clarity (like VS1 or VS2) and near-colourless grades (G-H) offer great value while still appearing stunning.
3 - Certification
Reputable certifications, like those from the Gemological Institute of America (GIA) or American Gem Society (AGS), verify a diamond’s quality and authenticity.
Certified diamonds typically cost more, but the certification ensures you’re paying for what you’re getting.
In Canada, many buyers also look for provenance certification for Canadian diamonds to confirm ethical sourcing.
4 - Setting Design
The style and complexity of the diamond setting can add significantly to the final cost of the ring.
Solitaire Settings: Simple and elegant, these are more budget-friendly.
Halo or Pavé Settings: Add sparkle but also increase costs due to the additional diamonds.
Custom Designs: Tailored settings elevate the ring’s uniqueness but come with higher craftsmanship fees.
Diamond Buying Guide
Buying Tips for Canadian Shoppers
Navigating the diamond market can be tricky, but these tips will help you make a confident purchase:
1. Work with Certified Jewelers
Always prioritize jewelers who offer GIA (Gemological Institute of America) or AGS (American Gem Society) certified diamonds.
These certifications are your guarantee of quality and authenticity, giving you peace of mind that you’re getting exactly what you’re paying for.
2. Compare Prices
Don’t settle for the first price tag you see. Research multiple jewelers, both online and in-store, to get a clear sense of market rates.
3. Ask About Return Policies
Before making a purchase, confirm the return and exchange policies, especially if you’re buying online. Look for jewelers who offer resizing and warranty services.