The moment you start shopping for an engagement ring, you enter a world where a half-millimeter difference can cost hundreds, a slight shift in hue can change a price tag, and two seemingly identical rings can be priced worlds apart.

If you’ve ever wondered why, you’re not alone  and it’s not just you. At Morgan & Co Jewellery, we see this confusion daily. The engagement ring market is a blend of science, scarcity, craftsmanship, emotion, and marketing all wrapped into one sparkly purchase.

This is your no-fluff deep dive into what makes engagement ring pricing so unpredictable and how to understand what you’re truly paying for.

1. Diamonds Aren’t Priced Linearly — They’re Priced Like Real Estate

Most people think: “Bigger diamond = slightly bigger price.”

But diamond pricing follows its own logic. A diamond that’s twice as big isn’t twice as expensive; it can be 5–10x more, depending on its grade. At Morgan & Co Jewellery, we explain this to clients all the time because the jump can feel shocking.

Why? Because rarity compounds.

Larger, cleaner, well-cut rough stones are rare. Only a tiny percentage can become beautifully proportioned diamonds over 1.5–2 carats.

That’s why certain “magic numbers” cause huge price jumps:

• 1.00 ct

• 1.50 ct
  

• 2.00 ct
  

• 3.00 ct
  

The surprising part:

A 0.97ct diamond can cost significantly less than a 1.00ct, despite looking identical on the hand. At Morgan & Co Jewellery, we often help clients find these “sweet spot” carat weights for better value.

2. The 4 Cs Are Only the Surface — Each Has Depth Behind the Price

People talk about the 4 Cs like checkboxes, but each has nuances that dramatically influence price.

CARAT: Weight vs. Visual Size

Two diamonds with the same carat weight may look different sizes depending on cut, table spread and shape. Sometimes you're paying for weight you never actually see.

CUT: The Most Underrated Price Driver

At Morgan Co Jewellery, we prioritise cut because it determines:

• brilliance

• sparkle
  

• fire
  

• visual spread
  

Perfecting a cut requires sacrificing more rough diamond, which increases the price  but the payoff in beauty is undeniable.

COLOUR: Slight Differences, Big Price Gaps

D to Z colour grades may seem subtle, but the price differences are not. Many clients at Morgan & Co are surprised by how little colour is noticeable to the naked eye compared to the price jump.

CLARITY: Paying for Invisible Perfection

Clarity is judged under 10x magnification. Most inclusions can’t be seen without a loupe, yet rarity drives price. We guide clients through which clarity grades offer real-world beauty without unnecessary cost.

3. Natural vs. Lab-Grown: The Modern Pricing Wildcard

This is one of the biggest factors influencing engagement ring prices today.

Natural Diamonds

• Formed over billions of years
  

• Limited supply
  

• Prices influenced by global markets
  

Lab-Grown Diamonds

• Identical in appearance
  

• Created in controlled environments
  

• Fast-growing availability
  

Lab-grown diamonds can cost 60–80% less than natural ones. At Morgan Co Jewellery, we offer both options and help clients understand exactly what they're paying for  no surprises, just clarity.

4. The Metal Matters — More Than Most People Realise

The metal you choose for your ring dramatically influences the final cost.

PLATINUM

• Rare
  

• Dense and heavy
  

• Naturally white
  

• Hypoallergenic
  

This is a premium option offered at Morgan Co Jewellery for clients who want longevity and luxury.

18ct GOLD

• Rich colour
  

• Softer and more premium than 14ct
  

• Popular for bespoke designs at Morgan Co Jewellery
  

14ct GOLD

• Strong, durable
  

• Budget-friendly
  

• The most common metal in modern engagement rings
  

Design complexity matters too. Sculptural bands, thicker settings, and multi-layered designs require more metal and labour, increasing cost.

5. Craftsmanship: The Part You Can’t See in Photos

Two rings may look similar online, but the craftsmanship can vary enormously.
At Morgan Co Jewellery, this is where we refuse to cut corners.

You’re paying for:

• Perfectly aligned prongs
  

• Secure stone setting
  

• Hand-forged details
  

• Lifetime warranty on band and setting because we stand by our work 
  

• Micro-setting precision
  

• Hidden structural engineering
  

• True artisanal symmetry
  

• More metal. Gold is expensive and our rings weigh a lot more than the average ring from a retail, or chain, store.

Craftsmanship is the difference between a ring that lasts a lifetime and one that doesn’t.

6. Diamond Shape = Price Personality

Different shapes use different amounts of rough material and vary in demand.

Most expensive:

Round brilliant — Because it wastes more rough stone and is the most popular choice.

More affordable shapes offered at Morgan Co Jewellery:

• Marquise 
  

• Emerald
  

• Pear
  

• Radiant
  

These shapes can appear larger for their carat weight and offer better value.

7. Market Forces: The Global Factors You Never See

Diamond and metal prices respond to:

• inflation
  

• changes in mining output
  

• environmental regulations
  

• labour and transport costs
  

• exchange rates
  

• supply chain disruptions
  

When the gold market shifts, Morgan Co Jewellery — like all jewellers — must adjust pricing to reflect real-time metal costs.

8. Certification & Grading Labs — The Silent Price Maker

Reputable labs like GIA and IGI grade diamonds with strict, trusted standards.

At Morgan Co Jewellery, we only work with highly respected labs to ensure:

• accurate grading
  

• fair pricing
  

• complete transparency
  

Diamonds graded by less reputable labs may appear cheaper — but often because the grade is inflated. Trusted certification protects your investment.

So… What Are You Really Paying For at Morgan Co Jewellery?

When you strip away the sparkle, you’re paying for:

•   craftsmanship
•   ethical sourcing
•   branding & trust
•   certified quality
•   design complexity  
•   emotion, meaning, and tradition  

At Morgan Co Jewellery, our job is to help you understand those stories so you can choose the ring that’s truly right for you. Book your complimentary, no obligation, consultation today to meet with our expert team.

With Love,
Laura xo