2 Carat Diamond Price in the UK

Why there’s not an easy answer to the question: “How much does a two carat diamond cost?”

There’s no getting around it: diamonds are a significant investment, both financially and emotionally.

Known as a ‘magic weight’, a two carat diamond is significantly more expensive than a 1.95 carat stone, although they will look absolutely identical.

So how much does a 2 carat diamond cost? The answer depends hugely on the quality you are looking and also where you choose to buy from.

2 carat diamond price

How diamond prices change over time

Diamonds are subject to the same supply and demand forces as any other good, which means that their price can change significantly over time.

As this graph from US-based diamond search engine StoneAlgo shows, the average price in the US for a 2 carat diamond have dropped by over 25% over the last 12 months:

2 carat diamond prices oct 2023

Of course, those prices are in the US, so aren’t necessarily reflective of what you should expect to pay in the UK, but prices in the UK have varied similarly.

So, while this article is reflective of the time it was last updated (October 2023), the prices when you look at retailers may be different to those listed.

The best way to understand current prices is to play around with the an online diamond search tool which will allow you to see today’s prices, and how changing different quality factors of the diamond affects the price.

We also have guides to other diamond carat weight prices, which can be interesting to compare to two carat prices:

Factors that affect 2 carat diamond ring prices

No two diamonds are exactly the same, which means that there can be a significant difference in price between two stones that look very similar on paper.

In this section, we’ll look at some of the factors that can have a major effect on the price of a 2 carat diamond

  • natural vs. lab
  • diamond shape
  • cut quality
  • colour and clarity

2 carat diamond cost

2 carat natural diamond price vs 2 carat lab grown diamond price

Lab grown diamonds have grown hugely in popularity and acceptance over the last 3 years.

They offer significantly more value at a lower price.

Win-win, if you are comfortable with choosing it over a ‘natural’ diamond (and there’s no reason not to be comforable – lab diamonds are great!)

Here’s how the price of a ‘natural’, mined diamond compares to a lab grown diamond at one of my recommended retailers:

Price for 2 carat natural diamond:

2 carat natural diamond price

Price for 2 carat lab-grown diamond:

2 carat lab grown diamond price

The difference between these two examples is a not-inconsiderable £20,425

In other words, the natural diamond costs around five times as much as the lab-grown, while it will be impossible to distinguish.

For some people, a diamond needs to be natural – nothing else will do.

But, if you’re open to the possibility of a lab-grown stone, you can get a beautiful 1 carat diamond at a much lower price.

Diamond shape and its affect on price

There are 10 commonly chosen shapes for diamond rings and while the ’round brilliant’ is the most common, it’s also the most expensive. To show how much changing the shape can affect a half carat diamond’s price, we searched for an average price with the following stats:

  • Cut: Excellent
  • Colour: H
  • Clarity: VS2

The results are below:

NameShapePrice (£)Difference (£)Difference (%)
Roundround brilliant£25,500
Emerald cutemerald£22,300£3,20012.5%
Princess cutprincess£20,200£5,30020.8%
Cushion cutcushion£18,800£5,30026.3%

There’s obviously a pretty significant difference between the top and bottom prices there – over a 25% lower price for choosing a 2 carat cushion cut compared to a round diamond.

Colour and clarity and their affect on price

Colour and clarity are two of the key ‘4Cs’ that you’ll need to consider and will make a huge difference to how much you pay.

Some examples of realistic prices for good examples of each combination of color and clarity:

  • A 2 carat round cut with H colour and VS2 clarity is likely to cost around £25,000, although this could be 10% either way, depending on the individual stone. This combination of colour and clarity is a good starting point for your search.
  • At the top end, a D colour, IF clarity 2 carat stone is likely to cost around £60,000. Despite the huge increase in cost, this diamond will look very similar to a well-cut H colour, VS2 clarity diamond once mounted in a ring setting.
  • At the lower end, an I colour, SI1 clarity diamond is likely to cost around £20,000, but again there can be some variation depending on how it is affected by the SI1 clarity grade.
  • At the very lowest end, an L color, SI2 clarity 1 carat is likely to cost around £16,000, although we don’t recommend that you choose a diamond with these specs as its appearance will be compromised by the low clarity grade.

How where you buy will affect how much your 2 carat diamond ring will cost

Where you buy a 2 carat diamond will have one of the biggest effects on its price.

In this section, we’re going to look at four types of jewellers:

  • High St Jewellers
  • Luxury jewellers e.g. Tiffany & Co.
  • Online retailers

For each of these types of retailers, we’ll show you what to watch out for and how you can avoid getting ripped off.

jewelry store 3

Buying a 2 carat diamond ring from a high street / chain jeweller

In this section we’ll look at buying a ring from a jewellery shop you might find on your local high street or shopping centre. We’re talking about chains like:

These aren’t specialist diamond sellers and the majority of their revenue actually comes from the pricey designer watches they sell.

We can’t look at every retailer in this article, so we’ll take a look at how much a 2 carat diamond ring costs at Beaverbrooks.

They present the ring below as one of their two carat options, priced at £32,250:

beaverbrooks carat diamond ring price

This seems quite expensive, but when we read the details, there are several red flags, including this one:

beaverbrooks carat diamond ring
This says:

“Please note there could be a 5% variance on the diamond carat weight, as every diamond is unique”

5% variance on the carat weight means that the centre stone could weight as little as 1.9 carats, which is a huge difference. A 1.9 carat diamond is worth significanlty less than a two carat stone.

Other red flags are that the diamond isn’t independently graded by an organisation like GIA and that Beaverbrooks don’t include any information about the diamond’s cut quality (which determines how much it sparkles).

Price of a 2 carat diamond ring at a designer jeweller

The second category we’re going to look at is designer engagement ring retailers:

  • Tiffany & Co.
  • Cartier
  • Bvlgari
designer logos

These retailers undoubtedly sell high quality merchandise and beautiful diamonds. And buying a ring from a designer jeweller is a lovely experience. You get a glass of champagne, attentive service and are treated as a VIP. It’s fantastic.

What is less fantastic is the price you pay to be treated so well.

Tiffany & Co. have a limited selection of 2 carat diamonds to choose from on their website, but a 2.01 carat, E colour, VS1 clarity diamond in a platinum setting is priced at an eye-watering £64,000:

tiffany and co 2 carat diamond price

While having a brand name attached to a ring may be nice, and the blue box is special, once a ring is taken out of the blue box, no-one will know it is a Tiffany ring.

While it will be a beautiful diamond, A huge price premium is being charged for the brand name, the box and the buying experience.

Buying a 2 carat engagement ring from an online retailer

As with many things, online stores offer considerably more value when it comes to diamond rings.

At the time of writing, a ring that has been graded as having the same quality of diamond as the Tiffany & Co. ring is likely to cost somewhere between £30,000 – £32,000:

online price for 2 carat ring

At £30,585, this ring is over £33,000 less expensive than the Tiffany ring, for a diamond that as been graded by an independent authority to be the same quality.

This £33,000 could undoubtedly be put towards your upcoming wedding or a fantastically memorable honeymoon, rather than just paying for a brand name.

But as well as offering incredible value, one of the best things about buying online is the ability to take your time to find the diamond that is just right for you.

But as well as offering incredible value, one of the best things about buying online is the ability to take your time to find the diamond that is just right for you.

Online retailers offer search tools that allow you to narrow the search to exactly what you’re looking for, without a salesman pushing you in a certain direction. The diamond search tools and huge selection available means that you can take your time to find the diamond that is right for you, without any pressure.

Plus, online retailers offer excellent service as they know their business is only as strong as their reputation online. For example, Taylor & Hartoffer:

  • Lifetime warrant on workmanship
  • 30 day no questions asked returns
  • Free resizing
  • Diamond price matching, if you find a similar stone cheaper elsewhere
  • Free Worldwide Shipping

To sum up our test of prices for a 2 carat ring across each of the four retailer types:

Type of retailerExample retailersPrice for 2 carat diamond ring
High StreetBeaverbrooks
Mappin & Webb
(low quality)
Designer jewellerTiffany & Co.
Online jewellerTaylor & Hart
Blue Nile

Compared to overpaying for low quality diamonds on the High St, paying twice as much for a brand name or only having a couple of diamonds to choose from at smaller diamond specialists, if you’re looking for a 2 carat diamond then buying from an online retailer just makes sense.

You’ll get a higher quality ring at a lower price.

Best places to buy a 2 carat diamond ring

I have a whole post on the best place to buy a diamond ring in the UK, but the key takeout is that I have two recommendations for you to check out, depending on what you are looking for:

Top Recommendation:

taylor and hart

Taylor & Hart offer just about the service I have seen in any industry, bar none. With a fantastic selection of settings (as well as a specialism in creating custom ring designs), a huge selection of diamonds and excellent prices, they’re always my first recommendation to check out.

Plus, if you are looking for a completely custom ring design, they offer Ringspo readers 10% off any platinum setting – find out more here.

Great selection:

Blue Nile Logo

Blue Nile are the largest online diamond specialists and have been established since 1999. Primarily a US-based company, their huge economies of scale means that they can offer more diamonds then anyone else, at lower prices.

Although they are a US company, Blue Nile has a distribution centre in Ireland, which means there are no expensive import fees. Definitely worth checking out if you want to get the most for your money without compromising quality.