Carati Journal · Engagement ring budget in Canada
How Much Should You Spend on an Engagement Ring in Canada?
Set a number you feel good about. Then see what it can buy.
Explore engagement rings →
A lab-grown diamond centreDiscover the ring →
There is no one right amount to spend on an engagement ring. The best budget is the one you can pay without stress. This guide shows how to set your number, and what each price range buys at Carati, with real prices from our Montreal atelier.
You may have heard rules such as "spend two months of salary". Treat these as old guidelines, not facts. A better method starts with your own finances.
- Set the most you want to spend before you look at rings.
- Keep some budget for extras. These can include a wedding band and, later, resizing. At Carati, resizing is a flat CAD 100 plus tax where the design allows it.
- Decide what matters most to you: the size of the stone, the type of stone, or a one-of-a-kind design. Spend on that first.
What each budget buys at Carati
Here is our engagement ring collection, grouped by starting price. These are "from" prices in Canadian dollars for 14K gold, checked on 9 November 2026. 18K gold costs about 13% more on average. Prices can change, so check the ring page before you decide.
Under CAD 3,000 · 15 rings. Ten rings have a lab-grown diamond centre of 1 to 2 carats, from CAD 2,485, such as the oval ring with two side diamonds. You will also find tanzanite bezel rings from CAD 2,180, and a purple sapphire ring at CAD 1,874.
CAD 3,000 to 4,000 · 14 rings. Emerald, tanzanite and sapphire rings, often with diamond halos or diamond bands, and some tourmaline designs.
CAD 4,000 to 5,000 · 11 rings. Tanzanite, sapphire, emerald and other gemstone designs, including Royal Harmony rings.
CAD 5,000 and up · 8 rings. Lab-grown diamond rings set with pavé diamonds, and tanzanite, emerald and sapphire designs. Our highest-priced emerald ring starts at CAD 14,500.
In total, 40 of our 48 engagement rings start under CAD 5,000. See all engagement rings.
A lab-grown diamond centre · Shop this ring →
Coloured gemstones: colour at a lower starting price
A tanzanite, emerald or sapphire ring is a way to stand out from the usual diamond ring. Several of our gemstone rings start under CAD 3,000. Tanzanite starts at CAD 2,180, and sapphire starts at CAD 1,874. Read our guide to non-diamond engagement rings to compare the stones.
A tanzanite in a bezel · Shop this ring →
How the choice of diamond changes your budget
A lab-grown diamond is a real diamond. It is grown in a laboratory instead of being mined. Lab-grown diamonds often cost less than natural diamonds of a similar size and quality, so the same budget can buy a larger centre stone.
At Carati, every lab-grown centre diamond comes with an official GIA report, and we include the certificate with your purchase. Read our full guide to lab-grown and natural diamonds.
An oval with a lab-grown centre · Shop this ring →
Make your budget go further
- Choose a simpler setting. A plain band or a bezel puts more of your budget into the stone.
- Look at shape and cut, not only size. They change how a ring looks on the hand.
- Plan ahead. Our pieces are made to order and typically ship within 2 to 4 weeks. If you need a ring sooner, we offer expedited service for select items for a rush fee.
- Bring your budget to an appointment. We can show you real options at your price. You can visit our atelier or meet by video call. Book an appointment.
Engagement ring budget questions
How much should I spend on an engagement ring?
There is no fixed rule. Choose an amount you can pay comfortably. At Carati, our engagement rings start at CAD 1,874, and the middle of our range starts at about CAD 3,500. 40 of our 48 rings start under CAD 5,000.
Is CAD 3,000 enough for an engagement ring?
Yes. 15 of our engagement rings start under CAD 3,000. Ten have a lab-grown diamond centre of 1 to 2 carats, and each comes with a GIA report. The others have a tanzanite or sapphire centre.
Can I get a custom ring on a smaller budget?
You can start with an existing design and ask us to change the stone, the metal or the size. We price a custom ring after your consultation. Bring your budget to the appointment, and we will tell you what is possible.
Do 18K gold rings cost more than 14K?
Yes. On average, 18K gold costs about 13% more than 14K for the same design. Both are available in white, yellow and rose gold.
A few favourites to begin with