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Diamond Engagement Ring Average Price in Singapore 2022

diamond ring price singapore
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Diamonds are a girl’s best friend. While there are modern ways to propose to your loved one, some women still prefer diamonds. So if you’re planning to pop the question soon, shop for the perfect engagement ring.

When choosing the perfect diamond ring, you need to consider the 4 C’s – carat, clarity, cut, and color. Best of all, you also need to consider your significant other’s preference and your budget. The average cost of an engagement ring in Singapore is between S$700 to S$100,000.

To help you get started, we’ve listed a few tips for choosing the best engagement ring. Plus, we’ve rounded the top 10 places to buy your engagement ring in Singapore.

Average Cost of an Engagement Ring in Singapore

The average cost of an engagement ring in Singapore varies depending on the carat. Typically, the price of the ring increases along with the carat, or weight, of the diamond.

Average Cost of 0.1-0.9 Carat Engagement Rings

If you’re on a budget but still want beautiful, high-quality diamond rings, then you may want to consider buying an engagement ring of less than 1-carat. The price range of these rings is between S$765 to S$2,611.

Carat Average Price
0.1 Carat S$765.17
0.2 Carat S$1,075.00
0.3 Carat S$1,047.00
0.4 Carat S$1,116.15
0.5 Carat S$1,230.90
0.6 Carat S$1,240.10
0.7 Carat S$1,385.02
0.8 Carat S$2,061.62
0.9 Carat S$2,611.41

 

With every 0.1 incremental increase in carat, there is a corresponding increase in price as well. The price increases by approximately 11% to 48%.

Aside from carat, there are also other factors that may affect the price. For instance, some stores are more expensive because they have a smaller supply or have more expensive casting and branded designs.

Average Cost of 1-4 Carat Engagement Rings

If you have a bigger budget, you can look for a higher carat engagement ring. The price range for a one-carat ring is between S$660 to S$12,592. High-carat engagement rings differ in terms of cut. That said, the prices listed in the table below are not set in stone.

Carat Average Price
1 Carat S$2,066.30
1.5 Carat S$2,631.25
2 Carat S$4,659.51
2.5 Carat S$23,377.52
3 Carat S$31,136.33
4 Carat S$60,244.70

 

Average Cost of 5+ Carat Engagement Rings

The most expensive diamond engagement rings are those over five carats. The price for these rings ranges from S$82,039.33 to S$335,300.75.

Carat Average Cost
5 Carat S$82,039.33
6 Carat S$163,445.67
7 Carat S$335,300.75

 

Looking for more carats?

There are retailers in Singapore that sell 8- to 10-carat rings. However, the prices are not readily available on their websites. You’ll need to visit the store in person or call a representative of the company. This is to encourage serious buyers.

So how much does a 10-carat engagement ring cost? You can expect to pay at least S$220,000 to S$3,000,000.

The diamond’s size isn’t the only factor that affects the price. There are also price differences in the diamond clarity grades, color, and cut. For instance, the better the clarity is, the more expensive the diamond will be.

How To Choose an Engagement Ring: 6 Tips

An engagement ring is a considerable expense. So make sure to do it right. Whether you’re shopping for an engagement ring together or you’re heading out on your own, consider these tips to find the perfect diamond ring for your significant other.

1. The Stone Doesn’t Need To Have Perfect Certificate Grading

Diamond experts often advise you to consider the 4 Cs – clarity, cut, color, and carat. However, certificate grading must not be your top priority in choosing diamond rings.

For instance, a diamond ring graded “F” looks just as clear and gorgeous as the “D” graded one, but there’s a S$1,500 difference in their prices. Choose the one that feels good to you and one that suits your budget.

You don’t have to purchase a D flawless diamond for your ring. But don’t pick ones that are visibly yellow.

Note: Diamonds are graded from D to Z. D-graded diamonds are most expensive for being “colorless”. This type of diamond is also preferred. Z-graded diamonds have a yellowish-brown tint which makes them less expensive.

2. Size Isn’t Everything

Unless it matters to you or your significant other, size shouldn’t be the focal point of your decision process. Choose a ring that is an extension of one’s personal style. Find something that speaks to you or your significant other on a personal level.

As a general tip, consider choosing a diamond that is proportionate to your partner’s finger. The ring shouldn’t look too big or too small. However, if size does matter, then you can look for a higher carat ring and focus less on color and clarity.

It is also worth considering that carat weight has categories.

For instance, a “rounded” carat value, such as 0.5 or 0.7 costs more than a diamond that is 0.48 or 0.68. So if you want to save more, you can choose the latter since the difference will not be visible to the naked eye.

3. Know Where the Stone Came From

Choose a jeweler whose diamonds, metals, and gemstones have been sourced sustainably. It’s good to know where the stone came from. There are some jewelers who search for stones, especially when you want custom pieces.

4. Choose a Setting 

In an engagement ring, a diamond is securely held in place by a setting. Think of it like a frame. 

The setting highlights the beauty of the diamond as well as protects it from damage. Different types of settings offer different degrees of protection. That said, choosing a setting must not be an afterthought.

5. Consider Working Directly With a Jeweler

An engagement ring is an expensive purchase. So buy the diamond ring from a trusted jeweler. The right jeweler can help craft dream engagement rings for their clients.

It’s best to choose a jeweler who has earned a credential from an accredited school. You can also consider local stalwarts with decades-old reputations. But these jewelers might charge according to their skills and experience.

If you’re on a budget, you can consider up-and-coming firms that are still building their customer base and offer wallet-friendly prices while offering high quality service.

6. Decide on a Budget

The rule of thumb of spending three months’ worth of salary on an engagement ring dates back to the 1950s. This “rule” doesn’t have much value. Spend as much as you are able and as you think is appropriate.

In fact, some women prefer smaller, less expensive diamonds. Others even opt for a non-diamond engagement ring, such as emerald rings and pure blue sapphires.

Find out more information on the average cost of a wedding in Singapore or the best wedding loan in Singapore!

beautiful bride smelling her flowers on wedding day

Top 10 Places To Buy Your Engagement Ring

1. August Bespoke Jewelry

August Bespoke Jewelry specializes in custom diamond and gemstone rings. All their jewelry pieces are 100% custom-made. They will meticulously and expertly craft your dream engagement ring. 

They specialize in round diamonds as well as fancy cut diamonds, such as Emerald or Oval cut diamonds. Amanda is the founder of August Bespoke and a GIA-certified gemstone expert.

Address: Initial consultations are booked on their website.

Instagram: http://www.instagram.com/augustbespoke

Facebook: http://facebook.com/augustbespoke

2. Carrie K.

Carrie K. was officially established in 2009 and has since won multiple awards, including ELLE Awards Jewellery Designer of the Year in 2010 and Singapore Fashion Awards Designer of the Year in 2016.

Carrie K. boasts innovative designs, perfect for the modern couple. Among their most popular designs is the Milgrain Morse Engagement Ring which encapsulates the couple’s secret love note in Morse code. If you want a unique and meaningful ring, you can spell out your and your significant other’s initials on the ring band using dots and dashes.

Carrie K. also offers bespoke services, perfect for creating a custom, one-of-a-kind engagement ring.

Address: 111 Middle Rd, #02-02 National Design Centre, Singapore 188969

Business Hours: 11:00 am to 7:00 pm daily

Instagram: https://www.instagram.com/carriek_rocks/

Facebook: https://www.facebook.com/CarrieKjewellery/

3. JannPaul

Want to give your significant other a one-of-a-kind ring without burning a hole in your pocket?

Founded in 2010, JannPaul offers the best diamond cuts in various shapes at very competitive prices. JannPaul provides ring customizations at no extra fees.

They also offer a lifetime warranty for all their diamond jewelry. Best of all, they offer polishing services as well as replacement of lost side stones due to broken prongs.

Address: 545 Orchard Road, Far East Shopping Center, #1-23, Singapore 238882

Business Hours: 10:30 am to 6:00 pm daily (appointment timings)

Instagram: https://www.instagram.com/jannpaul

Facebook: https://www.facebook.com/JannPaulDiamonds/

4. Artemis Rings

If you’re looking for dainty, princess-like jewelry, Artemis Ring has a wide variety of whimsical designs. You can choose from antique-like pieces to fanciful designs with lots of glittery gems. Every unique engagement ring, wedding ring, or jewelry is handmade in Singapore with only the finest and highest quality diamonds.

Customizations usually take 6-8 weeks. On top of that, you’ll need to make an appointment in advance as they don’t usually accept walk-ins.

Address: 5 Purvis St, #02-06, Singapore 188584

Business Hours: 1:00 pm to 8:00 pm Monday, Wednesday to Friday; 11:30 am to 6:30 pm on Saturday, closed on Tuesday and Sunday

Instagram: https://www.instagram.com/artemisrings/ 

Facebook: https://www.facebook.com/artemisringssan

5. James Allen

Founded in 2006, James Allen is now the biggest, most trustworthy fine bridal jewelry shop online. They made it their mission to provide the highest quality conflict-free diamonds. James Allen boasts over 200,000 diamonds, certified by GIA, AGS, and IGI.

You can also customize your own engagement rings by choosing the ring setting or opting for a diamond or fancy gemstone of your choice. On top of that, you can also take a closer look at the diamonds using their Real-Time Diamond Inspection service – a one-on-one consultation with a non-commissioned certified gemologist.

The downside? James Allen isn’t Singapore-based. That said, you’ll have to get it shipped in (or you can visit their locations in the U.S).

Website: https://www.jamesallen.com/engagement-rings/

Instagram: https://www.instagram.com/jamesallenrings/

Facebook: https://www.facebook.com/JamesAllenRings/

6. Gem by Gems Store

Own an engagement ring without burning a hole in your pocket. Gem by Gems guarantees the lowest prices on GIA certified diamonds.

Established in early 2007, Gem by Gems pride itself on providing excellent workmanship and top-notch quality control at a competitive engagement ring price. At Gem by Gems, you can save up to 30% for equally good diamonds. If you find the same diamond specification elsewhere at a lower price, they will offer a 5% discount on the other party’s price.

Address: 14 Scotts Road, #01-54/55 Far East Plaza, Singapore 228213

Business Hours: 12:00 pm to 8:00 pm daily

Instagram: https://www.instagram.com/gembygems/ 

Facebook: https://www.facebook.com/gembygems.sg/

7. Ling Jewellery

Established in 2005, Ling Jewellery has cultivated a reputation for its exquisite, customized engagement ring design and outstanding service. They aim to create unique jewelry pieces that are expertly crafted to suit your style.

Ling, the founder of Ling Jewellery and a graduate of the Gemological Institute of America (GIA) in California, expertly crafts beautiful jewelry pieces for the modern bride. Aside from diamonds, they also feature the highly coveted Pigeon Blood ruby, padparadscha – a rare pink-orange sapphire, and morganite gem.

Address: 100, Tras Street, #04-02, 100AM Mall, Singapore, 079027

Business Hours: 1:00 pm to 9:00 pm daily (appointment required)

Instagram: https://www.instagram.com/lingjewellery 

Facebook: https://www.facebook.com/LingJewelleryWedding

8. Storis

Each piece of jewelry from Storis is expertly handcrafted with love and mindfulness. They only use the highest quality, GIA triple excellent standard clear diamonds for their pieces.

Aside from diamonds, Storis also features a collection of natural pink diamonds and a wide variety of pastel shade sapphires. These stones were sourced from suppliers who support fair trade and are ethically mined.

Address: 328 North Bridge Road Raffles Shopping Arcade, Singapore 188719

Instagram: https://www.instagram.com/ilovestoris/

Facebook: https://www.facebook.com/ilovestoris

9. Michael Trio

A Singapore-based jewelry brand, Michael Trio established its online store in early 2013 and its flagship boutique at Tanjong Pagar in July 2014. Michael Trio provides excellent quality products and outstanding services at an amazing value.

If you are looking to design an engagement ring from scratch, this jewelry brand has in-house designers who can help. You can handpick the materials to design your own engagement ring with their Design Your Own Option. Their “Have It Customized” service involves tweaking existing designs to suit your unique taste.

Address: 91 Tanjong Pagar Road, Singapore 088512

Business Hours: 12:00 pm to 8:30pm daily

Instagram: https://instagram.com/michaeltrio/

Facebook: https://www.facebook.com/michaeltriojewels

10. Madly Gems

Want to break away from conformity while adding a beautiful twist on timeless classics? Madly Gems will surely have just the piece of jewelry you want.

Madly Gems is Singapore’s only fine jewelry design house that specializes in colored gems. They are committed to offering exceptional gemstones to their clients. Madly Gems feature fine garnets mined from Mahenge mines of Tanzania with a wide spectrum of colors to choose from.

Address: 72 Seng Poh Rd, #01-63, S160072

Business Hours: 10:30 am to 7:00 pm daily (viewings are by appointment only)

Instagram: https://www.instagram.com/madlygems/

Facebook: https://www.facebook.com/MadlySG

laughing with bridesmaid on her happiest day

Closing

Taking the next step in your relationship can be exciting and overwhelming. Proposing with an engagement ring – one that speaks to your partner and suits their style will make your feelings and intentions clear. And while you should consider the cut, color, clarity, and carat, make sure that you are not straining your future finances.

Key Takeaways

  • The average cost of an engagement ring in Singapore varies depending on the carat. The price increases along with the carat.
  • The price range for 0.1 to 0.9-carat engagement rings is between S$765 to S$2,611.
  • You can expect to pay at least S$220,000 to S$3,000,000 for a 10-carat engagement ring.

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