Here's How Experts Determine Diamond Price—and the Price of 14 Other Gemstones

Spoiler: No two stones are the same.
Collection of engagement rings in various gems
Photo: Marben | Shutterstock
Elle Cashin
by Elle Cashin
Updated Oct 09, 2024

Diamond price will forever and always be a wide topic of discussion, but more and more consumers—and those about to propose—are digging into the costs of other gemstones as well. "We're seeing growing demand for colored gemstones as customers feel less bound by the tradition of purchasing a diamond," says Ty Wilson, co-founder of online custom jeweler CustomMade. "Blue sapphire is perennially the most popular colored gemstone, but more recently, we're seeing a surge in popularity for green and purple sapphire." Contrary to popular belief, Wilson adds, gemstones can be great choices for engagement rings. "Diamond dealers will tell you that most colored gemstones are too delicate for engagement rings, but they're saying that because they want to sell you diamonds," Wilson says. "They focus on the Mohs hardness scale, which is a measure of scratch resistance. When you take into account toughness—meaning resistance to chipping and cracking—sapphire, ruby and alexandrite are all just as durable as diamonds. We've also seen a surge in demand for lab-created emeralds, which are far more durable than natural emeralds." No matter what stone you go with, the most important thing is knowing what to look for. "It's critical that customers are fully informed," Wilson says. Here, he and a handful of other diamond and gemstone experts expand on which factors matter most in the pricing of stones. To see which gemstones fit within your budget, use our free wedding budget calculator.

In this article: Diamond | Lab Diamond | Moissanite | Morganite | Sapphire | Ruby | Garnet | Pearl | Aquamarine | Amethyst | Tanzanite | Alexandrite | Emerald | Topaz

Diamond Prices

Diamonds are extremely difficult to price, at least in terms of offering an average—there are simply too many variables. "Diamond cost varies greatly based on the 4 Cs: cut, color, clarity and carat weight," says Jonathan Goldberg, the founder and CEO of Kimberfire, an online jeweler that bridges the gap between virtual convenience and personal service. "For example, the price of a 1-carat diamond can range widely depending on these factors as no two diamonds are alike." (Which, it's worth noting, is also the beauty and the value of the stone: Every diamond is one-of-a-kind.) It's important to do your research and determine what's most important to you—flawless clarity, a D colorless rating, a larger size—and then compare prices based on those factors. Then, work with a trusted jeweler to aid in the selection process. "We walk our clients through all the options and considerations and work closely with them to find the best diamond for their budget and preferences, providing full transparency on how these factors influence the final price," Goldberg says. (Note that Kimberfire does not publish pricing; the below costs are averaged across multiple sources.)

The average cost of a 0.5-carat diamond: $1,200

The average cost of a 1-carat diamond: $5,000

The average cost of a 2-carat diamond: $12,000

The average cost of a 3-carat diamond: $19,000

The average cost of a 4-carat diamond: $50,000

The average cost of a 5-carat diamond: $100,000+

Lab Diamond Prices

A lab diamond is a real diamond—the two are physically and chemically identical—but it originates in a lab; scientists are able to recreate the pressure conditions that create diamonds from the earth in a more sustainable way. Lab diamonds are graded the same way as natural diamonds, too. "The 4 Cs—cut, color, clarity and carat—are also used to grade and price lab-grown diamonds," Goldberg says. "The grading process is identical, and lab-grown diamonds receive certification from reputable grading labs, ensuring consumers can make informed decisions about quality and value." Even though they're graded the same, lab-grown diamond prices are significantly lower on the wholesale market, Goldberg says. But be wary of retail markup affecting the lab-grown diamond cost. "The retail price difference can vary depending on where the consumer is purchasing," Goldberg says. "Some retailers still charge a much higher price than necessary for lab-grown diamonds because they can position themselves as offering a lower price than natural diamonds."

Cost of Lab Diamonds: $460–$23,690

Moissanite Prices

Moissanite may look like a diamond, but it is a totally different stone chemically and physically. It's lower on the Mohs hardness scale—but only slightly; it's still perfectly durable for everyday wear, such as in an engagement ring. "Moissanite is almost exclusively lab-created," Goldberg says. "While natural moissanite does exist, it is extremely rare. The moissanite available on the market today is synthesized in a lab, ensuring both availability and consistency in quality." It's priced based on factors such as size, cut quality and color—but moissanite price is significantly less expensive than both lab and natural diamonds. (Note that while the moissanite most people know is colorless, the stone also comes in other hues, such as green and gray.)

Cost of Moissanite: $300–$3,000

Morganite Prices

"Morganite is favored as a diamond alternative, offering an ethereal pastel pink that pairs beautifully with both colored stones and diamonds," says Page Neal and Anna Bario. They're the cofounders of Bario Neal, a women-owned sustainable jewelry design studio based in Brooklyn and Philadelphia recognized as a leader in ethical gemstone sourcing and progressive manufacturing. "Morganite's price is influenced by its color, clarity, cut and size. A deep pink tone is more valuable, while paler stones tend to be less expensive. A high-quality cut enhances the gem's brilliance." Of course, larger stones also command higher prices. The duo pegs this gemstone as one that promises the biggest bang for your buck. "It offers a great balance of affordability, beauty and durability, making it an excellent value. Morganite is also readily available without flaws that can be seen by the naked eye." (By the way, at Bario Neal, they source morganite from an ethical mine in Brazil that has been in the same family for generations.)

Cost of Morganite: $300–$2,000

Sapphire Prices

"The price of sapphires is determined by color, clarity, origin and carat weight," Bario says. "Stones from regions like Kashmir or Ceylon (Sri Lanka) are often more valuable." Though most people typically think of blue when it comes to sapphires, the gemstone actually comes in a variety of hues, and "unique colors like pink and yellow can also impact sapphire price based on rarity," Bario says. In fact, colored sapphires such as apricot and blue-green—as well as bi-color sapphires—are rising in popularity, she adds. "Bi-color sapphires feature two distinct colors within a single stone. These sapphires are always one-of-a-kind due to their organically produced color. A bi-color sapphire can contain two hues of the same color (light blue and dark blue) or two opposite colors (purple and yellow)."

Cost of Sapphire: $800–$2,000+ per carat

Ruby Prices

"The color of a ruby is the most important factor in determining price," says Kimberly Abruzzo, a GIA graduate gemologist and gem specialist at CustomMade alongside Ty Wilson. "'Burmese' pigeon's blood rubies are historically the most desirable color with a deep, saturated red hue; these rubies demand a premium." However, most rubies don't achieve that deep color on their own, so the second factor to keep in mind when it comes to ruby price is treatment. "Most rubies are heated to deepen the color, but another very common ruby treatment is fracture-filling with glass or polymers to improve clarity and transparency," Abruzzo explains. "Because of this, some rubies are more glass than gemstone, and these are the least expensive of all, regardless of color. They will also require extra care to prevent cracking while cleaning—never put a treated ruby in an ultrasonic cleaner!"

Wilson continues: "Unheated, untreated ruby demands much higher prices—but 99% of rubies on the market have some sort of treatment. If a jeweler claims a ruby you're considering is untreated, you'll want a report from a reputable gemological lab to ensure its validity. A certified ruby will have a higher cost and value than an uncertified ruby."

Cost of Ruby: $800–$1,900 for a 0.5 carat; $50,000–$150,000 for a 5 carat (Note that untreated pigeon's blood rubies of this size could run into the millions)

Garnet Prices

Garnet isn't actually a single stone but the name for a group of minerals. "Most people envision a deep red when they think of garnets, but the highest value stones come in a variety of colors including bright orange and emerald green," Abruzzo says. "There are even garnets that change color depending on the light source." Color and brilliance are the most important elements factoring into cost, with clarity and cut factoring into brilliance. "As the most common garnet color, red costs much less than green, orange and color-changing stones," Wilson says. "Garnets tend to be relatively clean, but you should still be conscious of whether or not large inclusions or imperfections detract from the stone's brightness."

Cost of Garnet: $40–$550 for 0.5 carats, depending on hue; $100–$25,000+ for 5 carats, depending on hue

Pearl Prices

Pearl cost can be tricky, Wilson and Abruzzo say. "Their value comes from a variety of factors including size, color, surface appearance, the thickness of 'nacre'—the definitive pearly skin—species, treatment and more." If you're only looking at a few factors, start with size and treatment. "Large, smooth, untreated pearls of any variety will command a higher price and retain higher value," Wilson says. "Rare types of pearls like those from the conch, which are elongated and bubblegum pink, are the most expensive."

Cost of Pearl: $30 for a 3mm Akoya pearl; $125–$600 for a 9mm Akoya pearl

Aquamarine Prices

Aquamarine is a blue variety of the mineral beryl and is not necessarily known for its high value. That said, "an intense blue aquamarine with little green or yellow hue is desirable and will cost more than those on the lighter, greener side," Abruzzo says. As with other gemstones, "aquamarine is usually heated to improve color, and you should assume most aquamarines have undergone heat treatment." Cut is also important in aquamarine cost. "Since aqua tends to be on the less-included side for gemstones, you'll want something with high transparency," Abruzzo says. "A well-cut aquamarine with intense true blue color and few internal imperfections cost the most." Note that the most valuable aquamarine comes from Vietnam.

Cost of Aquamarine: $125–$250 for 0.5 carats; $1,500–$5,000 for 5 carats

Amethyst Prices

Amethyst is one of the most affordable gemstones—though, as with any stone, there are lots of variables. "Amethyst pricing is largely dependent on color saturation, with deep purples being more expensive than paler shades," Bario says. "Clarity and carat size also play a role, but since amethyst is relatively abundant, prices remain affordable even for larger stones."

Cost of Amethyst: $200–$500 or $20–$50 per carat

Tanzanite Prices

"The most desirable tanzanite has a lovely, intense royal blue color; nicely saturated blue to purple stones have the highest value, with pale colors priced lower," Wilson says. "Fancy tanzanites like pink, red and green are rare and fetch high prices." In addition to color, clarity is important for tanzanite price. "You'll want a stone with high clarity and few visible imperfections. Finally, the cut should maximize brilliance and can be more important here than with other stones like ruby and alexandrite." (Note that most tanzanite is also heat treated, but it's harder to detect than in rubies.)

Cost of Tanzanite: $200–$250 for 0.5 carats; $3,750–$7,500 for 5 carats

Alexandrite Prices

"Alexandrite is the trade name for the color-changing variety of a mineral called chrysoberyl," Abruzzo explains. "Top-dollar alexandrite has vivid purplish red to bluish green color change, but any chrysoberyl with color-change can be called an alexandrite." The least expensive have a muddy brown to muddy green color change; the most expensive change from red to green. "The more vivid and intense the color, and the stronger the color change, the more expensive the stone." Clarity is second to color, with the most transparent stones fetching the highest prices. "As with most colored gemstones, cut will be least important," Abruzzo adds.

Cost of Alexandrite: $750–$3,750 for 0.5 carats; $50,000–$350,000 for 5 carats

Emerald Prices

"Emeralds are prized for their rich, vibrant green color," Neal says. "Clarity is also crucial, though inclusions—referred to as 'jardin'—are common in emeralds. Size and cut quality significantly impact price." Bario Neal sources emeralds from Brazil and Northern Zambia, where they work with a mine that rehabilitates waste areas by adding soil back and planting trees, offsetting its carbon footprint. Note that while large, quality emeralds can fetch high prices, lab-grown emeralds are gaining popularity as a more durable and cost-effective alternative.

Cost of Emerald: $500–$5,000 for 0.5 carats; $3,000–$25,000+ for 5 carats

Topaz Prices

Topaz is a fairly common stone, which translates to affordable; however, prices can vary widely based on color. "While topaz is commonly white or light yellow, it's usually irradiated to produce the bright 'London blue' color we see on the commercial market," Wilson says. "Natural blue topaz can exist in nature, though, and natural blue topaz commands high prices." Clarity is important, but most topaz is transparent to the eye. "We can rank cut quality a little higher here because topaz rough is relatively common, and cutters aren't as concerned with saving weight. A poorly cut topaz doesn't have much value." The stone also comes in other colors: While treated blue topaz cost is low because it is abundant, pink and Imperial topaz—with orange-pink hues—are very rare and more expensive.

Cost of Topaz: $50–$100 for 0.5 carats; $1,250–$6,000 for 5 carats

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