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Average Cost of an Engagement Ring in Singapore 2021

Proposing to your partner is a big step in your relationship. When choosing a ring, you should consider the 4 C's (carat, clarity, cut and colour), your partner's preferences, and your budget. To help simplify your decision process, we've compared hundreds of diamond, sapphire, emerald, and ruby engagement rings sold in Singapore. By comparing several rings available, you will be able to propose with peace of mind knowing you got a great deal.

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Average Cost of an Engagement Ring in Singapore

The average cost of an engagement ring in Singapore ranges between S$700 to S$100,000, though the most common ring (a 0.5-1.0 carat diamond) is more affordably priced at S$1,230.90 to S$2,066.30. As a general rule, the price will increase along with the carat, or weight, of the diamond. For instance, a 1-carat ring will cost you 67.87% more than a 0.5-carat ring. At the upper end of the spectrum, a 5-carat ring can cost nearly 17 times more than a 2-carat ring.

There are many sophisticated rings available at lower price points. To ensure you get the best deal, you might wish to pay attention to the composition and design of the ring. This is because some features, like band composition, sourced diamonds as opposed to lab-grown ones, and additional gems on the band, could change a ring's price. Thus, it's best to have an idea of what kind of ring you want before you begin your search.

Average Cost of 0.1-0.9 Carat Engagement Rings

If you're looking for a modest engagement ring of less than 1-carat, you can expect to pay between S$765 to S$2,611. Typically each 0.1 incremental increase in carat will tack on a few hundred dollars or an 11%-48% increase in price. Of course, this is not always the case, as some stores in Singapore charge a premium due to limited supply, more expensive casting, or design. That being said, there is a larger variety for the standard 0.5-carat ring than others, so finding one at a good price point shouldn't be too difficult.

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

Average Cost of 1-4 Carat Engagement Rings

For those looking for a higher carat engagement ring, expect to confront a wide range of prices. A 1-carat ring could cost you anywhere from S$660 to S$12,592, while a 4-carat ring could range between S$52,705 to S$66,278. One explanation for the range is that the differences in cut will vary, despite being considered "good" or "ideal." So, while two diamonds might look similar on paper, in person they might vary considerably.

CaratAverage Price
1 CaratS$2,066.30
1.5 CaratsS$2,631.25
2 CaratsS$4,659.51
2.5 CaratS$23,377.52
3 CaratS$31,136.33
4 CaratS$60,244.70

Average Cost of 5+ Carat Engagement Rings

The most expensive diamond engagement rings in Singapore typically are 5-carats or more and can set you back $82,039.33 to S$335,300.75. Unlike those less than 2-carats, the prices of 5+ carat rings significantly increases with the weight of the gem. For instance, a 5-carat to 6-carat ring's price will double, from S$82,039.33 to S$163,445.67.

CaratAverage Cost
5 CaratS$82,039.33
6 CaratS$163,445.67
7 CaratS$335,300.75

While some retailers in Singapore sell diamond rings of 8, 9 or 10 carats, they might only tell you the price if you meet with them or call a representative of the company. This is to attract serious inquiries and make the purchasing process as seamless as possible. On average, though, a 10-carat engagement rings can range from S$220,000 to S$3,000,000.

Price Differences With Cut, Clarity, and Colour

The price of your engagement ring will also vary depending on the clarity, cut and colour, as well as the type of band you choose. For instance, the better the clarity is, the less blemishes it will have and the more expensive the diamond will be. Since internally flawless gems are visible under higher than 10x powered-microscopes, their prices are significantly higher than those with flaws that are detectable. The cut of the diamond or gem will also affect its price, though not necessarily to as big an extent as its clarity. For example, the difference between an oval cut and a round cut 0.3-carat ring of SI2 clarity is only S$15.00. That being said, the most expensive cut is a "round brilliant," as its many facets interact with light the most. Moreover, although emerald-cut diamonds are rarer, they can be anywhere from 12%-42% cheaper than round diamonds of the same carat.

Diamond Clarity Grades

TitleFlawsPrice Increase from Lowest Clarity Grade
I1, I2, I3Includes Flaws: visible under 10x microscopeN/A
SI1, SI2, SI3Slightly Included: visible under 10x microscope-
VS1, VS2Very Slightly Included: visible with effort under 10x microscope2%
VVS1, VVS2Very, Very Slightly Included: hard to detect4%
IFInternally Flawless: not visible85%
FLFlawless: not visibleN/A
Data Source: FonderDiamond.sg; exclusively compared diamonds with a very good round cut, J-Color 0.5-carat gem.

Finally, you should keep in mind the colour of the diamond. Diamond colours range from D (colourless) to Z (a hint of yellow/brown), with the more expensive diamonds being colour-free. Within our search on Singapore, we found that most diamonds range from D-J, with very few offered beyond K. Lastly, the band material will affect the total cost of the ring as well. For instance, bands made of platinum tend to be more expensive than those made of gold. Silver is the cheapest of the most common metals, but it can tarnish quickly and requires constant maintenance.

Average Cost of Non-Diamond Engagement Rings

Non-diamond engagement rings, such as precious stone rings, have been growing in popularity in recent years. In some cases, they can be a more affordable option (by carat) and a great way to differentiate your partner's ring from others'. Moreover, precious stone rings, such as those of your partner's birth month, can carry symbolic meanings for the wearer. If your partner is interested in a non-traditional engagement ring, consider a sapphire, emerald, or ruby ring. Out of all the non-traditional engagement rings, sapphire rings are the most expensive, costing an average of S$1,075.29 for a 0.5-carat ring.

Average Cost of Non-Diamond Engagement Ring by Carat

CaratSapphireEmeraldRuby
0.1 CaratS$773.50S$693.50S$591.50
0.2 CaratS$796.40S$770.50S$876.33
0.3 CaratS$1,069.67S$834.50S$1,136.80
0.4 CaratS$1,482.50S$1,001.00S$1,241.67
0.5 CaratS$1,075.29S$1,014.33S$1,039.80*
0.6 CaratS$1,171.00S$1,058.00S$1,074.86*
0.7 CaratS$1,190.00S$1,148.00S$1,278.50
0.8 CaratS$1,347.67S$1,668.18S$1,676.88
0.9 CaratS$1,379.50S$1,686.00S$1,860.40
1 CaratS$1,493.94S$1,689.00S$1,738.64
1.1 CaratS$1,533.80S$1,766.33S$1,624.71*
1.2 CaratS$1,953.80S$2,352.50S$1,937.00
1.3 CaratS$2,213.00S$2,411.00S$2,123.00
1.4 CaratS$2,387.75S$2,611.00S$2,130.00
1.5 CaratsS$4,114.00S$2,818.67S$2,244.00
2 CaratsS$2,631.00*S$3,514.67S$2,762.75
3 CaratsS$4,953.40S$5,346.00S$4,097.00
* As prices range across different stores and compositions, the average costs of rings reflected is not necessarily linear.

Interestingly, the starting prices for sapphire rings tend to be a bit higher than for diamonds. For each 0.1 increase in carat, moreover, you can expect to pay an additional 11.3%. Pure blue sapphires are the most expensive type you can buy, so if you intend to buy one that is 1-carat or higher, you may wish to consider getting a second-hand or vintage ring for a more affordable price.

Emeralds, on the other hand, are twenty-times rarer in nature than diamonds, yet they can be 15%-21% cheaper. For example, the cost of a 1-carat emerald ring is S$1,766.33, which is 15% less than the cost of a 1-carat diamond. One thing to note is that the prices of emerald rings range widely; a 1-carat ring could be as low as S$877 or as much as S$3,542. Still, emeralds increase less per carat, at 14.81%, than diamonds (52.96%), sapphires (17.22%), and rubies (16.41%). A potential reason is that emerald cut (rectangular shape) gems will have the same don't radiate light in as strong a way due to the cut, which could appear duller. If you're fiancé-to-be wishes for an emerald ring that has a brilliant shine, this may lead to a more expensive ring.

The average cost of a 0.5-carat ruby ring is S$1,039.80, but you can find many for under S$1,000. Though a 0.5-carat ruby engagement ring is on average 3% more expensive than a similar emerald ring, they cost 16% less than diamond rings and 3% less than sapphire rings. Since rubies are one of the most durable gems on earth, ranking 9 (out of 10) on the Moh scale, they might be your ideal.

How To Pay For Your Dream Engagement Ring

Deciding on the ring you want may be easier than figuring out how you will pay for it. You should probably save up for a few months before you buy the ring, but if you want the ring immediately you could take out a personal loan. Otherwise, you could borrow money from family or close friends as long as you can pay it back.

Should none of those options appeal to you, consider getting a ring of a smaller carat-ring or buying a cheaper, vintage, or second-hand ring. Always examine the ring in person before purchasing it, or check whether you can return the ring for your money back if something goes wrong. Lastly, if you or your partner has your heart set on a ring that is too expensive, try seeing if you can change the band or remove additional gems. To prevent any overspending, however, set a budget and prioritize the different factors (ie, gem, cut, clarity, band, etc). This will help you make the best decision later on.

Final Thoughts

When you propose to your partner you might feel nervous about their response. This is natural, but you shouldn't have to worry about whether or not they'll like the ring. While you should consider the cut, colour, clarity, and carat, make sure you aren't overextending your finances to get your future fiancé an engagement ring. After all, once they accept your proposal you both will need to focus your attention (and money) towards planning the wedding!

Methodology

To find the average cost of engagement rings, we compared over 380 engagement rings at five retailers in Singapore. Specifically, we researched the prices, carats, ratings, and composition materials of the band to help you make an informed decision before you purchase a ring. Since the price of a ring varies based on the gem and band, we split our data based on the price per carat, rating, and material to help you make a well-informed decision.

Anya Wasserman

Anya is a Research Analyst for ValueChampion who focuses on loans and investments in Singapore. Previously, she assisted global consultancies, hedge funds and private equities with primary research at a high-growth fin-tech based in London. A graduate of the University of Oxford and King's College London, Anya is currently interested in applying quantitative research to help consumers make better financial decisions.

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