Note that the average size of the diamond on an engagement ring is reported to be 1 carat. Yet you cannot expect a clear-cut answer when it comes to the cost of a 1-carat diamond ring because there are many other factors that affect the overall diamond ring price.
Before purchasing a diamond ring, it is better to determine the price range you can afford. In case you are tight on budget, consider a diamond ring that boasts a decent cut quality because it directly affects the brilliance of the gemstone. When it comes to the clarity and color grade, just choose a diamond that is visibly flawless and colorless. After all, who is coming with a diamond loupe in order to check your diamond ring out?
Moreover, choose settings such as halo, cluster, illusion, etc., to get the best bang for your bucks. Choosing simple and neat diamond band designs is also crucial to trim down the overall diamond ring cost. However, you do not have to worry about all these factors if you have a flexible budget.