The Price Of A 1,00ct Diamond Engagement Ring In South Africa

Engagement rings are expensive, regardless of what you spend or where you spend it. There's no way around that.

The price of a 1,00ct diamond engagement ring usually comes with some sticker shock. But it's still a good starting point if you're unsure about your budget or preferences.

Talking about a budget in a jewellery store can feel uncomfortable — and you're right to feel that way. Out there, sales talk and treatment get tailored to your budget. Getting crisp, unbiased pricing information isn't simple.

So, "What's the price of a mined 1,00ct diamond engagement ring in South Africa?"

Based on the average of 27 quotes from local jewellers…

A certified Round Brilliant 1,00ct I/J-colour diamond, VS-clarity, set in a simple platinum setting will cost you R65 000. (2022 average price: R104 000!)

We came in at R52 000.

Should you opt for a lab-grown diamond, the same ring will set you back a mere R23 000 on average. Amazing value.

We came in at R19 500.

These numbers, although correct, are an oversimplification — to the point that you'll have to read this whole blog. I'll be the first to say your choice of jeweller and diamond should come down to much more than price. More on that shortly.

I've done my best to pack this post with clear recommendations, actionable tips, and sound advice — so you get the most diamond for your money, whatever size centre stone you land on.

Gathering 27 Quotes From Local Jewellers

The Email

Dear Jeweller,

I'm in the market for a diamond engagement ring. The diamond specifications I have in mind are:

• Shape: Round

• Colour: I–J (Mined) or D-E-F (Lab diamond)

• Clarity: VS2 or VS1

• Size: 1,00ct+

I've attached the design:

Why These Diamond Specifications?

Value.

Diamond engagement ring prices differ vastly according to the main diamond's specifications, and from one jeweller to the next. Increases in size, colour, and clarity can drive prices up exponentially.

Diamond specifications come down to the 4C model — cut, carat, clarity, and colour — the four variables that determine a diamond's price and appearance. These need to sit in fine balance to produce a high-quality, valuable stone.

The specs I enquired about are a value-centred combination: well-balanced, no compromises, maximum diamond for your Rand. I recommend this range without hesitation.

Shape — Round Brilliant

Round diamonds, also called Round Brilliants, are always in demand and the safest bet. It's been the most popular shape since we figured out how to cut a gemstone into a perfectly round profile.

Clarity — VS1 & VS2

Most people want a diamond free from inclusions visible to the naked eye. VS1 and VS2 are the safe choice — a 1,00ct diamond at this clarity will show no visible blemishes.

Cut Grade — Excellent and Very Good

Cut refers to how well a diamond was cut and polished from rough to finished stone. Every facet and angle needs to hit predetermined ratios for optimal light performance. Stick to Excellent and Very Good. For lab diamonds, there's no reason to drop below Excellent.

Colour — I and J (Mined), D-E-F (Lab)

Diamond colour is graded on a descending scale from D (colourless) to Z (visibly yellow). As with clarity, I aim for the goldilocks zone — I and J colours set up beautifully white with no obvious tint.

Lab diamonds are produced in higher colours too, and since they're priced extremely competitively at those grades, I recommend sticking to colourless: D-E-F.

Carat (Size) — 1,00ct (6.5mm)

At roughly 6.5mm in diameter, a 1,00ct diamond is an imposing, striking size that complements almost any design. Larger centre diamonds make for more impressive engagement rings — that's why it's such an aspirational size. It looks great.

Are Diamond Prices Down?

For four years running, every price survey we've run has landed lower than the last. Compared to 2022:

• Average mined diamond quote: down 35%

• Average lab diamond quote: down 40%

What drove the collapse?

Two things happened at once, and together they gutted diamond prices.

Supply manipulation unravelled. For decades, a handful of dominant producers — De Beers chief among them — managed rough diamond supply with extraordinary discipline. Throttling supply to sustain prices was, in hindsight, exactly what was happening. That grip has loosened: Anglo American's attempted sale of De Beers, the chaos that followed in the rough diamond market, De Beers cutting rough prices to clear inventory — all played out publicly. When supply management fails, prices find their natural level. That level turned out to be considerably lower.

Lab-grown diamonds changed demand permanently. Nobody foresaw quite how receptive buyers would be. Once people understood a lab diamond is physically, chemically, and optically identical to a mined one — same hardness, same brilliance, everything — resistance dropped fast. Demand shifted from mined to lab, and that shift hasn't reversed.

Lab diamond prices collapsed too, but for a different reason: there's no supply ceiling. As demand rises, producers just build more CVD and HPHT reactors. Production cost has bottomed out near the energy cost of running the equipment, and with many producers competing on price, there's no cartel to prop values up and no scarcity story to tell.

Bottom line: whether you go mined or lab-grown, prices are the best they've ever been — by a wide margin.

Very Important Issues to Consider When Comparing Diamond Quotes (Mined and Lab)

The next few sections might read a bit critical — but in the bigger picture, you're fortunate to have great jewellers in South Africa. 

I'd love to have your business, but wherever you buy and for whatever reason, I still want you to have a great experience. Here's what will help you sift through the pool of jewellers and quotes.

Who issued the diamond grading certificate?

I once heard a semi-precious gem trader put it well: a piece of laminated paper gets you further than it should in this industry. I agree.

A diamond's price is determined by its graded specs — so to compare apples to apples, you need consistent, trustworthy grading. The Gemological Institute of America (GIA) is the gold standard: the most consistent, accurate lab in the world. For lab diamonds, IGI does a solid, consistent job.

Don't fall for "great deals" on diamonds that might be overstated on paper.

A jeweller's responsibility

You probably have no experience grading diamonds and can't check a stone against its certificate yourself. You'll likely trust whatever professional-looking report a jeweller hands you.

The labs that over-grade are obviously at fault — but they can't stay in business without jewellers stocking and pushing those diamonds onto unsuspecting buyers. It's on us to make sure what you buy matches its certificate, exactly.

Two More Issues to Consider

We're not the answer to every engagement ring shopper's search. We don't work in silver, we won't set cubics, we don't do after-hours house visits, and we charge VAT.

Price can't be ignored — but trust and reputation matter just as much.

Trust and Reputation

There are countless ways someone can take you for a ride in this industry. The best way to make sure your order runs smoothly is to pick a jeweller with a real reputation — someone with more to lose than your order alone.

We work with hundreds of couples a month. I won't risk decades of business on a dodgy deal. Never.

Talk to recently engaged couples — they'll tell you who delivered on price and service, and who to avoid. Visiting a jeweller in person also gives you a first-hand read on their professionalism and lets you see the actual product, which matters more than people expect.

Reviews

Beyond checking feedback, watch for jewellers churning out fake reviews. Current estimates put roughly 1 in 3 online reviews as fake — and the jewellery industry is at least that bad, if not worse.

A reputable jeweller isn't reviewing their own business weekly or paying a marketing company to fabricate trust. Take the time to actually read the reviews. Every business has an off day, and honest reviews will reflect that.

Food for Thought on Price-Match Guarantees

We're all wired to want a guarantee when spending on something this significant — which is why jewellers plaster exotic-sounding guarantees across their sites. I've read most of them, and few hold up to what their name implies.

Same as with fake reviews: know when a guarantee is more marketing than substance. The most common one is the Price-Match Guarantee.

During my research, one jeweller quoted R40,000 more than us for the exact same spec — 1,00ct I VS1, same cut grade, same grading lab. Apples to apples. Why charge R60,000 more and then splash "Price-Match Guarantee" across your homepage? It's smoke and mirrors, banking on you assuming their prices are already fair.

Plenty of mall-based jewellers stay in business precisely because someone, a few times a month, pays that inflated price. And if you do take up a price-match offer, you have no idea where they'll cut corners on your ring to claw the margin back. It's a risky game.

We don't offer a price-match guarantee. Instead, I promise our best price the first time, every time.

Want to get her engagement ring perfect? So do we.

You're free to shop around — but if this post has been useful, make us your first stop.

Visit one of our studios in Pretoria, Sandton, or Cape Town, and see a variety of diamond shapes, colours, and sizes — loose, unset, and properly graded. Our Midrand studio is opening soon too.

We always have designers on site, so you can sit down and talk through every detail of the ring you have in mind. They're genuinely brilliant at what they do, and you'll see exactly how much value they add — they take a ring from good to unforgettable.

We'd love to have you over.

For questions, quotes, or consultation bookings, reach out directly to me at johan@poggenpoel.com, or contact us through your preferred channel.