There are over 2 million weddings a year with 93 percent beginning with a diamond engagement ring, but picking the perfect ring is no easy task.
The average cost of a diamond engagement ring is $5,200, and most of the money spent on the ring goes toward the center stone.
TheKnot.com tells CNBC that there are four important qualities an individual should be looking for when shopping for a diamond engagement ring: cut, color, clarity and carat.
There are several different diamond cuts that vary in shape and size. The most popular cut is the round diamond, with just over half choosing it for their fiancé.
The second most popular is the princess cut, which looks like a square.
While most chose a crystal clear diamond, there are many who chose a non-traditional yellow or blue diamond. However, in either case, the clarity and quality of the diamond is extremely important. In fact, according to an annual survey conducted by the knot.com, most men believe that the quality of the diamond is more important than the size of the diamond itself. The price of the diamond significantly varies depending on its carat size.
It is not uncommon for some diamond ring buyers to turn to online stores, but TheKnot.com cautions that while there are some well-known online sources, unless the site is reputable, potential buyers should instead turn to brick-and-mortar stores where there is a contract signed to paper and face-to-face interaction.
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