The Price of Engagement Rings in the 21st Century
The engagement ring is fast becoming a symbol of cultural significance in the twenty-first century. The world is obsessed with fairy tales and happy endings, and engagement rings have become a part of the fairytale.
On social media, you often see both women and men alike flaunt their engagement rings with pride and satisfaction, with the most expensive ones flaunted the most. But what determines the cost of acquiring these rings? Several key factors affect the cost of engagement rings and cause fluctuation in prices.
The style of the engagement ring
The constant change in style and design of engagement rings over the years has contributed to the difference in prices. More elaborate unique engagement ring designs will cost more than simpler designs.
The designs in the twenty-first century have shifted more towards colored stones, such as yellow diamonds, rare pink and blue diamonds with. The difference in color, style, and design changes the cost of the engagement ring or jewelry, with the colored ones having a higher price than those without color.
The type of gemstone
The prices of gemstones vary depending on the type and color of the stone. Some cost less, such as the amethyst and citrine gemstones whose prices are considerably lower than those of other stones such as the blue diamond. The price of the blue diamond is close to $4 million per carat while those of amethysts and citrine can go for prices even lower than $100.
The supply and demand of the gemstone
In cases where a gemstone becomes scarce for several reasons, an example is problems encountered during mining, the price of the stone will increase as buyers rush to purchase the available items. An increase in the supply of a specific type of gemstone will cause the stone to reduce in price since it is saturated in the market. Hence, engagement rings made from scarce stones are considered more expensive than those of readily available ones.
The country of origin
The country of origin of the gemstone also affects the cost of an engagement ring. Gemstones from countries with the reliability of producing high-quality gemstones will be more expensive and valued more, those from countries with questionable reputations will are valued less, engagement rings and jewelry created from these stones will affect the cost of the jewelry.
Trends in the industry
In the world, today’s trends are popular and powerful waves. When a specific type of gemstone is trending the prices will skyrocket as demand increases, this will affect the prices of gemstones, engagement rings, and jewelry that are popular and in style as they will cost more.
If the jewelry is branded or engraved as is becoming a trend, it is bound to cost more than plain engagement rings. Additionally, jewelry from luxury brands and big-name brands associated with luxury and wealth will change the cost of jewelry creating a price increase.
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The Aesthetics of the Gemstone (Color, Clarity, Cut, Carat)
The cost of the engagement rings depends on the gemstone’s aesthetics, it refers to the beauty of the stones and is often evaluated depending on the 4Cs: cut, color, clarity, and carat.
The color of the gemstone affects the cost in that prices for desirable colored gemstones are considerably higher than prices for darker ones or light pieces.
The cut also affects cost since stones cut accurately and reflect the highest amount of light have higher asking prices than those that are rough-cut stones. Additionally, antique cut stones are more expensive since cutters did not have specific measuring criteria, and the stone could be larger, and worth more than stated.
Those larger carat gemstones and engagement rings are worth more than smaller ones, assuming all the 4Cs are similar.
Finally, clarity can affect the cost of an engagement ring or gemstone, those with fine inclusions will be higher in price than those with many inclusions.
Availability of certification
Buying an impeccable engagement ring or a gemstone at low prices is bound to raise eyebrows. The availability of certified, certification of the specifics of the ring, such as clarity and color adds to the value of the ring since it is useful to identify the gem in case of theft. It also provides proof of the quality of the ring and in the event of future sale will be an added advantage to have the original paperwork since it boosts prices.
A common misconception in our society today is that one has to spend at least two or three months salary on an engagement ring. This is false and is an idea created by diamond companies to boost sales of diamonds. The ideal price of a diamond in the twenty-first century is one that you can afford.