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The cost-effectiveness of precious gemstones compared to diamonds

The cost-effectiveness of precious gemstones compared to diamonds

Diamonds may reign as the traditional choice for engagement rings, but they’re not always the most budget-friendly—or the most exciting. If you’re looking to make a statement with a gemstone that offers just as much personality and durability, there’s a world of alternatives out there, many at a fraction of the cost. From the moody elegance of salt-and-pepper diamonds to the vibrant hues of sapphires and spinels, this guide breaks down gemstone options by their price index compared to diamonds, so you can find a stunning stone that fits your design vision and your budget.

Ever wondered how much more budget-friendly it would be to design an engagement ring with a colourful gemstone instead of a diamond? To make comparing the cost of gemstones easier vs the classic choice of the diamond, we’ve created a price index where diamonds are set at a baseline of 100. There are many incredible alternatives to diamonds for an engagement ring, which we’ve listed below - the cost index for each gemstone reflects its typical price range as a percentage of diamond prices. For example, a gemstone with a price index of “10-20” typically costs 10-20% of the price of an equivalent diamond. These ranges account for differences in gemstone size, quality, and availability.

The table below provides a snapshot of gemstone options by their Mohs hardness, colour spectrum, and their relative cost compared to diamonds. It highlights budget-friendly options like quartz (1-5% of diamond costs) and spinel (10-20%), as well as premium choices like alexandrite, which can rival diamonds in price for its rarity and unique colour-changing properties. Hopefully this will help you balance your design vision for your ring with cost considerations. 

It’s important to note that the cost index in this comparison is relative to natural diamonds, which have traditionally set the benchmark for gemstone pricing due to their rarity. However, lab-grown diamonds have emerged in recent years as a more cost-efficient alternative, often priced at 30-70% less than their natural counterparts. These lab-created stones are chemically and visually identical to natural diamonds, making them an increasingly popular choice for those seeking the classic diamond look without the premium price tag—or the environmental concerns associated with mining. While natural diamonds remain a key reference point, which is why we’re using it as our baseline here, lab-grown options have added a new layer of affordability to diamond engagement rings in recent years.

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