Prices

Average engagement ring cost: what couples paid, year by year

Updated 22 October 2026. 6 sources, listed at the end.

The average, year by year

That is four years of decline, about a quarter off the 2021 figure. One caution: the 2025 number comes from The Knot's Real Weddings Study, which surveyed more than 10,000 couples married that year, not from the Jewelry & Engagement Study behind the earlier rows ¹³. The direction is clear. The exact size of the last step is less certain.

Cheaper rings, bigger stones

Prices fell while stones grew. The average centre stone was 1.5 carats in 2021 and 1.7 in 2024 ⁵, then 1.9 carats in 2025 ³. The reason is the lab-grown diamond:

• Share of centre stones that were lab-grown: 52% in 2024 ⁵, 61% in 2025 ³.
• Average ring with a lab-grown stone: $4,300 in 2025 ⁴.
• Average ring with a natural stone: $7,000 in 2025 ⁴.

So the falling average is mostly a mix change. Natural diamond rings did not suddenly cost $4,600. More couples bought lab-grown, which costs less per carat, and many of them used the saving on size.

Where you live matters

The Knot's regional data for 2023 shows a wide spread, from about $6,900 in the Mid-Atlantic to about $4,900 in the Midwest ². Local salaries and local jewellers both play a part.

Why other averages look higher

Insurers publish averages too, but theirs are appraised values of rings they insure, not what couples report paying. BriteCo's appraisal average was $6,504 in 2025 and $6,775 in 2024 ⁶. Insured rings skew expensive, because people are more likely to insure a costly ring. Use the couple surveys for "what do people spend" and the insurer figures for "what do insured rings appraise at".

What the average buys in 2026

At $4,600 you are choosing between roughly two paths. A natural one carat stone in a common grade can take most or all of that budget before the setting is paid for, while a lab-grown one carat stone usually leaves most of it free. The 1 carat price guide has the grade-by-grade ranges.