How much should a 2 carat ring cost?

A 2 carat ring can cost a very wide range of amounts because several things change the price. The main factors are the stone itself, how it is cut, the metal used for the band and the design of the setting. A diamond graded higher for colour, clarity and cut will cost more than one graded lower, even at the same carat weight. Lab grown stones are often a more affordable option than mined ones, while coloured gemstones such as sapphires or emeralds can also change the price a lot.

Where you buy the ring matters too. High street jewellers, independent local shops and online retailers all have different prices and service levels. Always ask for a certificate that explains the stone's qualities, and check the return policy before you pay. It is wise to budget for insurance as well as the purchase price.

• Compare at least three quotes before deciding.
• Ask about resizing, cleaning and warranty costs.
• Set a firm budget and stick to it.

Remember that the meaning of the ring is far more important than its size or price tag. Choose something you both love that fits your life now.