Last updated: February 14, 2024

How Much Does a 1-Carat Diamond Cost?

Let’s face it – everyone wants a 1-carat diamond, right? It’s the perfect size for showcasing the diamond’s dazzle without the extreme price point.

Here at Diamondport, we are commonly asked ‘How much does a 1-carat diamond ring cost?’. We let our customers know that a great quality 1-carat diamond in a solitaire-style platinum setting costs roughly $12,000-$15,000 at current prices depending on the remaining 3C’s (cut, colour, clarity). You can learn more about the 4C’s of Diamonds here.

If you’re making this investment, it’s important to know how to choose a quality diamond and a setting that your loved one will adore.

Quality over Quantity – Top Tips for Picking a 1-Carat Diamond

Do you know the saying ‘quality over quantity’? When it comes to diamonds, we agree with this to a certain point. The diamond does need to be of great quality – this means having limited inclusions, a great cut and no murkiness.

However, when it comes down to choosing the colour of your diamond, don’t get too caught up in the small differences. It is very difficult to tell the difference between the colour D – G with the naked eye. We don’t think there’s a need to spend significant money to buy a slightly better colour.

The standards that we live by for selecting 1-carat engagement ring diamonds are:

  • Triple excellent – it must have excellent cut, polish and symmetry
  • Flawless from the naked eye – 100% eye clean
  • No fluorescence
  • No brown, green, or milky diamonds (BGM)

You might be wondering what fluorescence and BGM means. Check out our diamond guide to help you navigate the murky waters of diamond shopping – it’s best to be prepared before you begin engagement ring shopping.

What’s the Average Cost of a 1-Carat Diamond?

So, how much is a 1-carat diamond worth? In Australia, a 1-carat diamond costs on average $12,000. This is for a GIA certified natural diamond with a G colour, SI1 clarity, and excellent cut, polish and symmetry. Diamonds are traded in USD, so the price can vary as the Australian dollar exchange rate fluctuates. 

What about the additional cost of the ring setting? To add a platinum solitaire engagement ring setting (starting at $2,300), the typical total cost for a 1-carat diamond engagement ring will begin at $14,300.

Disclaimer: This price is of March 2022. Diamonds are traded in USD, so the price on the day changes as the Australian dollar exchange rate fluctuates.

Handmade platinum solitaire engagement ring

My Budget Is $10,000 – What Will It Buy Me?

If you want to spend $10,000 in total on a diamond engagement ring, I’d recommend a 0.80-carat F SI2 GIA certified diamond with an excellent cut, polish and symmetry in a solitaire setting. Alternatively, if you really want a 1-carat diamond, we can supply non-certified F SI2 diamonds in a solitaire. Lab-grown diamonds are another alternative to be able to afford a larger diamond. You can enquire about this in-store. 

Read more about what a $10,000 Diamond Engagement Ring Looks Like.

2021 07 16 13. 28. 18 zs retouched copy
2021 07 16 13. 30. 59 zs dmap copy

How Do I Get the Best Value for Money with an Engagement Ring?

A lot of customers begin their buying journey set on achieving the 1-carat mark. Demand is high for diamonds around 1 to 1.1-carats, and demand peaks at 1.5-carats, 2-carats and 3-carats. You can pay a premium 1-carat diamond price simply because it’s a popular size. Some diamond cutters will cut a diamond in a certain way to ensure it meets that magic 1-carat mark. They’ll cut it too shallow or too tall, and it’ll be 1-carat but won’t have the same sparkle as a triple excellent diamond. Here at Diamondport, we will work with you to find the best diamond for your budget.

What to Avoid – a Poorly Cut Diamond

As previously mentioned, the quality of the diamond cut is of the utmost importance. If you opt for a poor quality 1-carat diamond, it’ll be approximately 6.2-6.3mm spread – the diameter of the diamond when you look down is around 6.2mm.

Let’s compare this to an exceptional quality 0.9-carat diamond. If you buy a triple excellent 0.9-carat diamond, it’ll be 6.2-6.3mm, which effectively looks the same size but it costs less and achieves a superior quality gem.

The takeaway? You’re far better off buying a well-cut 0.9-carat diamond than a badly cut 1-carat diamond. Both stones will be approximately the same diameter when looking down from above, with the 0.90 costing less for a more brilliant sparkle.

Achieving the Best Bling for Your Buck

To begin, we recommend that you decide on your price point early – this is a token of your love, and they’ll love it. Secondly, we will always suggest choosing a slightly bigger diamond than worry about a slightly better colour. For example, a D-G diamond is hard to tell apart from the naked eye, as is G-I. Our best recommendation? Go for SI2 inclusions, taking the time to find an amazing one as it’s harder to find an eye-clean diamond in SI2 than SI1 – and eye clean is important. However, we would never compromise on the triple excellent cut, polish and symmetry.

Hoping to achieve the look of a 1-carat diamond engagement ring without breaking the budget? Fortunately, we can offer a solution. A similar quality diamond of 0.90-carat weight set in a platinum solitaire style is around $9,000 to $10,000 mark. The price becomes much lower by going slightly under that 1-carat diamond price mark. So if budget is an issue, I suggest shopping around for a 0.90-carat natural diamond.

Eng rings bris top image
Front on export

Additional Tips for Budget-Conscious Buyers

This is where it’s awesome to have an experienced diamond grader on your team, to help you find beauty and avoid a dud. No two diamonds are the same, and the diamond experts at Diamondport can help you weigh up the pros and cons of compromising on colour, inclusions and other variables.

When you’re wearing the ring, you see the beauty of the diamond – not that the colour of the diamond is an H. The only time you might notice that the colour is an H is when you put a D or an E colour next to it. We colour grade loose diamonds by turning them upside down onto white paper and looking through the stone between the girdle and the culet. When you look from
above and they’re scintillating, cut perfectly, it’s very hard to tell the difference between colours.

Truly flawless diamonds are extremely expensive and are exceptionally rare. A 1-carat GVVS1 (triple excellent with no fluorescence) will set you back around $17,800. This is great if you can afford it, however, the Diamondport team can recommend diamonds with some very minor inclusions that are outstanding quality stones.

Worried about compromising on inclusions to meet your budget? The diamonds that we sell for engagement rings are between VS2 and SI2, with SI1 sitting in the middle. We’re extremely picky about where the inclusions sit in the diamond – inclusions on the table are more likely to be visible and therefore are out. We don’t want inclusions that compromise the stone quality or strength. Basically, we can help you to find a stunning diamond for your beau without breaking the bank.

Diamond clarity chart

A Ring to Last a Lifetime

An engagement should be about love – the ring is your gift to your partner to symbolise your lifelong commitment to each other. Most partners wear it as a source of pride, and a beautiful quality stone will sparkle, look fantastic and bring them so much joy.

Now the burning question – what will you spend on your diamond engagement ring?

Looking to know more? Book a Consultation with us or email us at [email protected].

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