Engagement Rings Engagement rings need to be purchased from a reputable jewelery source. Diamond rings can start under $1000, but the typical engagement ring will more likely be $3000 and up. Prices  tend to increase dramatically when you jump up to one full karat. They come in many varieties of shapes such as round, oval, heart, shappire, etc. The karat of the diamond is only the beginning in the value of the diamond. Diamonds are also rated in several ways, such as percentage of flaw (inclusions), and color rating. These ratings are assigned by a few gemological sources. When comparing prices between two diamonds, you must be sure to ask for the rating source so you are comparing prices based on the same rating system. A common  recommendation in the diamond industry, is to use the GIA(Gemological Institute of America) rating as a guide. Always ask for a certificate to guarantee the diamond's rating. Also, some recommend to have the diamond re-certified after it has been placed in the setting. Before you start shopping for a diamond, we recomend visiting GIA's web site at www.gia.edu. Again, a trusted jeweler is the key. After the ring is purchased, don't forget to insure such a valiable asset. Insurance for your diamond ring can usually be added to your homeowners policy.