How Much Does a 2 Carat Diamond Ring Cost?

While the most expensive engagement ring of all time—Elizabeth Taylor’s Asscher-cut Krupp diamond—had the impressive weight of 33.19 carats, it might surprise you that many celebrities opt for engagement rings that are much smaller.

The youngest self-made millionaire—Snapchat founder Evan Spiegel—proposed to Australian model Miranda Kerr with a 2.5-carat diamond engagement ring. With an estimated cost of $55,000, this engagement ring is cheap by celebrity standards, but many people find it more meaningful and special than many of the over-the-top celebrity rings.

Other celebrities also opt for smaller diamond engagement rings. Scarlett Johansson’s 2008 engagement ring from Ryan Reynolds was a retro-looking 2-carat solitaire diamond ring in a yellow gold band worth $30,000. Keira Knightley’s 2021 engagement ring is a roughly $40,000 2-carat brilliant-cut diamond ring.

The average size for engagement rings in the U.S. is 1 carat. This is the size engagement ring with which Barrack Obama proposed to Michelle. So by non-celebrity standards, a 2-carat engagement ring is considered large. But what is the cost of a 2 carat diamond ring? Here’s a price guide for determining 2 carat diamond ring cost.

What Does a 2-Carat Diamond Ring Look Like?

You might be wondering how big is a 2-carat diamond ring? What does a 2-carat diamond engagement ring look like on your finger?

When determining what a diamond ring looks like for each size and carat weight, it’s helpful to know the general width of each carat. A 2-carat diamond is going to take up about 70% of the width of your finger, or higher if you have thin fingers. This makes it a great large diamond engagement ring for those who don’t want something over-the-top. That said, the exact size depends on the shape and cut of the diamond.

The most common diamond shape for engagement rings, the round brilliant cut, will be about 8.20 mm for a 2-carat diamond. Different diamond shapes—such as an oval, emerald, or pear—are shallower and have larger diameters, so though they weigh the same, they appear larger.

Diamond Ring size chart:

Different diamond shapes will have different sizes. The cut can affect the appearance of a diamond’s size significantly.

How Much Does the Average 2-Carat Diamond Ring Cost?

The average cost of a 2 carat diamond ring ranges from $5,000 to $60,000 or more. If you’re looking for how much a decent 2-carat diamond ring costs (middle of the road), you’re looking at a price of $15,00–$20,000 for a good 2-carat engagement ring.

If you’re wondering on what size engagement ring to get, it’s helpful to compare the size and cost of 1-carat engagement ring to a 2-carat engagement ring and a 3-carat diamond ring. (For reference, the eraser on a standard #2 pencil measures 6.5 mm in diameter—about the size of a 1-carat diamond).

1-Carat Diamond Engagement Ring:

• Average diameter: 6.5 mm
• Average cost: $3,500 to $5,000
• Average mid-point quality cost: around $4,500
• Most common carat in the U.S.

2-Carat Diamond Engagement Ring:

• Average diameter: 8.2 mm
• Average cost: $11,000 to $17,000
• Average mid-point quality cost: around $16,000
• Most common desired carat by brides

3-Carat Diamond Engagement Ring:

• Average diameter: 9.1 mm
• Average cost: $15,000 to $90,000
• Average mid-point quality cost: around $30,000
• The ultimate “big diamond” engagement ring

Larger diamonds with high grades are rare, so as carat size goes up, the price of diamonds multiplies. In general, people are spending less on engagement rings. The average price that couples paid for an engagement ring in 2020 was $3,756—less than the average couples spent in 2018, which was $7,829.

Factors That Influence a Diamond Ring Cost

Have you ever wondered, why does a 2-carat diamond engagement ring cost so much more than a 1-carat diamond ring? And why do some 1-carat engagement rings cost twice as much as some 3-carat engagement rings?

The cost of 2 carat diamond engagement ring, as well as every other carat size, comes down to a variety of factors—from the diamond’s grade to the craftsmanship and materials of the ring. Let’s go over the factors that affect the cost of a diamond engagement ring.

Carat Weight

Although people think of a diamond’s carats as a description of its size, carats specifically refer to the weight of a diamond, not the measurement of its dimensions. As the diamond size chart per carat above showed us, higher carat diamonds generally have bigger sizes—however, different cuts and shapes of the diamond can affect the measurement of its width, so carat is based on its weight. A one-carat diamond weighs 200mg.

1. Carat weight refers to the weight of a single diamond.
2. Total carat weight refers to the sum of the individual carat weights of all the diamonds on a piece of jewelry. As carat weight increases, so does the price.

Solitaire diamond engagement rings often cost more than cluster diamond engagement rings of the same total carat weight. Cluster designs feature multiple smaller diamonds for higher total carat weight so that the individual diamond carat doesn’t drive the price way up.

The higher the carats of the individual diamond, the more dramatic the price will increase. This means that you can often buy two smaller diamonds of the same quality for cheaper than one diamond of the equivalent total carat weight (i.e. two ½ carat diamonds may be cheaper than a solitaire 1-carat diamond).

Here are some price examples for diamond engagement rings at different carats:

• 1/2-carat 14K Gold Solitaire Engagement Ring: $1,693
• 1-carat 14K Gold Solitaire Engagement Ring: $4,730
• 2-carat 14K Gold Solitaire Engagement Ring: $17,093
• 5.0-carat 14K Gold Solitaire Engagement Ring: $100,484

Another element that affects a diamond’s price per carat is the popularity of a certain carat weight. For example, a 1.25-carat diamond might have a slightly higher price if there’s a lower supply but an increasing demand.

Shape

There are 10 different main shapes for diamond rings. Some diamond shapes cost more than others. This is because certain diamond shapes take a higher level of skill to cut, and more of the raw diamond is lost in the process than other shapes.

The round cut is more expensive than a cushion-cut, for example, because when cutting a diamond into a cushion shape, less of the diamond is shaved off. Different diamond shapes can appear in different sizes for the same carat, which is good to know if you want a larger-looking 2-carat diamond ring without paying for a higher carat diamond.

Some diamond shapes provide more brilliance than others. If you want the most sparkly diamond you can get, opt for the round brilliant cut. The next most sparkly diamond shapes are oval, pear, marquise, and princess.

Here is how shape affects the cost of a 2-carat diamond in four shape options. All are 2-carat diamonds of similar color, but the pear cut is the most expensive for this carat.

These are the average prices of a 2-carat diamond with the same color and clarity at different shapes. That said, the price can still vary incredibly on other qualities of the diamond, the expertise of the cut, and more.

The price for each shape is not the same scale for a 3-carat diamond as other carats of diamonds. The calculations for diamond price per carat are somewhat complicated; they change for higher or lower-carat diamonds because different cuts are easier for really large diamonds.

Cut

In addition to shape, there are different cut grades for diamonds. The GIA cut grading scale applies to the most popular diamond cut—the standard round brilliant.

There are five cut grades: Excellent (EX), Very Good (VG), Good (G), Fair (F), and Poor (P).

Excellent Cut: The diamond is very bright. It’s cut in an even pattern with good contrast between light and dark spaces, making its reflections appear crisp and balanced. This means that the person who cut it used the best part of the rough diamond.

Good Cut: The diamond isn’t as bright. Its reflections aren’t as crisp and there are more dark/dull areas in the diamond.

Poor Cut: The diamond shows prominent dark areas or dullness throughout. Most people would prefer EX cuts or G cuts to this cut.

Typically, 9-carat diamonds with excellent cuts have more value. Sometimes, it’s hard to achieve an excellent cut with certain shapes, so a Very Good or Good cut is sufficient. GIA provides a picture to show the differences in appearance for a diamond at the three main cuts.

Here are the other terms used to describe diamond cuts:

• Shallow cut: the light is lost out the sides and the diamond loses its captivating brilliance.
• Deep cut: When a diamond is cut deep, the light escapes out the bottom and the diamond appears dark.
• Ideal cut: The ideal cut allows the light to travel freely through the diamond and exit in a rainbow of sparkles.

Not every diamond lab certificate uses the same scale as GIA’s, so it’s useful to know both. Calculating a 2-carat diamond’s worth based on cut is difficult, because it is affected by the shape, color, and clarity as well.

Color

Along with the clarity and cut, color is an important grade for any diamond engagement ring.. Diamonds are graded on a color scale from D to Z, which indicates how much of a tint (typically brown or yellow) is noticeable in the diamond.

D is the highest color grade, indicating a completely clear diamond without any yellow or brown tint. A diamond with a color grade of Z has a noticeable yellow or brown tint to it. Here are the color grades of a diamond in more detail:

• D, E, and F – colorless diamonds (all appear colorless to the untrained eye)
• G, H, I, and J – near-colorless (most common diamond choices; they still appear colorless to the eye)
• K, L, M – faint (these diamonds have a slightly visible tint)
• N, O P, Q, R – very light (a more noticeable tint)
• S, T, U, V, W, X, Y, Z – light (brown or yellow tint is very noticeable)

Even more valuable than D color diamonds are rare types of fancy colored diamonds; reds, blues, and green diamonds are typically worth the most. Fancy colored diamonds are graded on a different color scale than white diamonds.

Popularity and rarity play a role in the price of fancy colored diamonds. Black diamonds, for example, are an incredibly rare color for a diamond, yet their demand is lower than white, so black diamond engagement rings are cheaper per carat.

• 0.60-carat 14K gold black diamond engagement ring: $494
• 0.50-carat 14K gold white diamond engagement ring: $1,954

If you choose a 2 carat diamond that is flawless, colorless and perfectly cut, then you may end up paying close to $40,000 or more. If you choose a 2-carat diamond that has slight inclusions and noticeable color, then the price might be closer to $7,000 or less.

Clarity

The clarity of diamonds is a straightforward factor in determining price. The more inclusions (or imperfections) a diamond has, the lower the clarity grade, and the lower the value.

Most people want their diamond engagement rings to appear clear to the naked eye. If a diamond appears clear, it’s usually desirable, but it may have inclusions that you can’t see without inspecting it closely.

To find the precise clarity grade of a diamond you need to have a trained gemologist or jewelry inspect the diamond with a loupe or other equipment.

Many sellers will try to push their more expensive engagement rings, rather than their cheaper 3-carat diamond engagement rings by overemphasizing the importance of clarity. If you care most about the appearance and meaning of an engagement ring, it won’t make a difference if it has inclusions that no one will see without intense magnification.

Clarity grades:

• FL – Flawless No internal or external flaws; incredibly rare and valuable in natural diamonds.
• IF – Internally Flawless No internal flaws, but some surface flaws; still very rare and valuable.
• VVS1, VVS2 – Extremely slight inclusions Slight internal flaws; difficult to see even with 10x magnification.
• VS1, VS2 – Very slight inclusions Slight internal flaws that are just barely visible with 10x magnification. Flaws are not typically visible to the naked eye.
• SI1, SI2 – Slight inclusions Slight internal flaws that are visible with 10x magnification; they may be visible to the naked eye.
• I1, I2, I3 – Inclusions You can see these inclusions with the naked eye. These Inclusions may affect the diamond’s brilliance and clarity. Less valuable.

The more flawless a diamond is, the more it’s worth. That said, many people don’t care about flawless diamonds for their engagement ring—you can save money by buying a lower clarity grade diamond that has inclusions that are not visible to the naked eye.

However, if you’re looking to invest in a diamond ring for resell value, higher clarity grades are important.

Metal

The type of metal used in a 2-carat diamond ring setting also accounts for price differences. The most desirable metals for engagement rings are gold (yellow, white, and rose gold) and platinum.

Another popular choice for diamond ring metals is sterling silver. Although sterling silver is god for diamond jewelry, but for something as special as an engagement ring, we recommend opting for the easier maintenance and higher value of gold or platinum.

Platinum is frequently the most expensive metal for jewelry, followed by gold, then other metals, including sterling silver. However, gold is sometimes more expensive than platinum, but typically only 24K gold. An 18K gold engagement ring should be cheaper than a platinum one (at least for the setting itself of the same weight).

It’s important to note that the prices of gold and platinum fluctuate, and the price of gold per ounce/gram depends on its karat purity. You can’t always trust charts you find online comparing platinum vs gold prices to be up-to-date. You’ll want to check gold vs platinum prices on sites that provide a comparison chart which they update regularly.

• Round Platinum 1-carat diamond engagement ring: $6,786
• Round 14K Gold 1-carat diamond engagement ring: $4,894
• .60-carat Sterling Silver diamond engagement ring: $325

Above are some examples of how the metal of a diamond engagement ring can affect its price.

How to Save Money When Buying a 2-Carat Diamond Ring

A 2- carat diamond ring cost can vary significantly depending on the factors we went over above, but now that you what factors affect a 2 carat diamond ring price, you can prioritize what matters most to you so you can get a great deal on the best 2-carat diamond ring for your budget. Here are some tips for buying a diamond engagement ring.

1. Avoid chain jewelry stores. Chain jewelry stores are often some of the worst places to buy diamond engagement rings. You pay a lot more for a diamond ring than it’s worth—this is how they make a huge profit. Furthermore, their customer service has a very mixed background, which is why some people avoid buying from chain jewelers like the virus.
2. Know your settings. Certain settings can be more expensive than others. Even if you love Meghan Markle's (who happens to be an ItsHot customer!) three-stone engagement ring, there’s more to it than its looks. It can affect the price and how the size of the center stone appears. To make a 2-carat diamond ring look larger, consider a classic solitaire prong setting to make the stone stand out more.
3. Consider total carat weight. If you want a 2-carat engagement ring or one with high carat weight, you will save money by opting for diamond engagement rings with cluster designs that feature multiple smaller diamonds for a total carat weight of 2ct. You can buy a 3-carat total weight diamond engagement ring with multiple diamonds for cheaper than a 2-carat solitaire diamond ring.
4. Get a diamond certification. GIA offers diamond grading reports to better determine what a diamond is worth based on its grade. Some stores offer diamond certificates with their engagement ring, which saves money so you won’t need to get one in the future.
5. Check clearance sections. You can find good diamond engagement rings cheap in clearance sections and closeout sections. Again, your selection will typically be better online than in-store, and it’s really helpful to narrow your search filters to fit your budget and style preferences.
6. Shop online. Particularly, shop from a manufacturer. This cuts out the middleman cost that gets tacked on to retail diamond rings. Plus, shopping online is a great way to compare different prices of 2-carat engagement rings. This way, you can compare prices side-by-side, and narrowing your selection. Shopping for engagement rings online can help you filter your search by carat, metal, and price range—so you won’t have to look at rings that don’t fit your needs.

The Best Place To Buy a 2-Carat Diamond Ring

Where is the best place to buy a 2-carat diamond ring? Right here at ItsHot. 

That might sound over-confident, we were recently awarded the 2020 WeddingCouple’s Choice Award, which is an accolade honoring the top wedding professionals for quality, service, responsiveness, and professionalism reviewed by couples on WeddingWire. Establishing this trust with buyers is the most important thing to us, and we pride ourselves in customer service.

Located in New York City’s diamond district, we monitor the trends, update prices when the market drops, and provide expert-crafted bridal jewelry designs and customization. You can even snag a men’s wedding ring here too so you can both enjoy the best diamond jewelry at unbeatable prices. We provide a 30-day return with a money-back guarantee and a 1-year warranty.

Here at ItsHot, we have over 20 years of professional service manufacturing jewelry. We offer custom diamond rings—as well as wholesale diamonds and engagement ring settings. We’re located in NYC, but we aim to provide an online shopping experience that’s just as good as in-store.

Denis Stepansky
Founder of ItsHot.com

Denis Stepansky is a founder of ItsHot, a diamond jewelry and watches store based in NYC. He has been in the jewelry business for about 20 years and owns such high-end jewelry brands as Luccello and Luxurman. As a jewelry expert, he has citations on well-known magazines and newspapers like Insider and Daily Mail.
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