Meghan Markle’s new engagement ring from Prince Harry is extraordinary. The stunning diamond ring is fit for an incoming member of the royal family. Designed with input from Prince Harry himself, the engagement ring features diamonds not only of substantial monetary value, but also of invaluable sentimental value as it is a tribute to his beloved late mother, Princess Diana. For that reason, experts in the jewellery industry are calling Markle’s ring “priceless.” Set in a yellow gold band with white gold claws, the centre stone of the engagement ring is from Botswana, where Prince Harry travelled whilst growing up, and again this past year with Megan Markle to celebrate her 36th birthday.
The engagement ring — created by Queen Elizabeth II’s preferred jeweller, Cleave and Company — features two shoulder set diamonds either side of the centre stone which came from the late Princess Diana’s personal jewellery collection, a rarity that has industry diamond industry experts in awe.
“There is no way for anyone to put a value on the whole ring,” Megan Barnes, the CEO of International Diamond Corporation, a company that helps find quality and affordable diamonds, said in an email. “Having diamonds form the royal collection that Princess Diana wore makes the ring priceless.”
Experts say the ring, which has is a classic design, includes diamonds that can cost hundreds of thousands of dollars — or as high as $AUD 600,000, depending on its quality.
“A five-carat diamond like that should cost around $500,000, through the diamond qualities non-Royal folk usually go with would allow us to get a similar sized diamond for about $280,000,” Barnes said.
Scott van Iperen, director of strategy and marketing at Brisbane Diamond Company , an ethically sourced online diamond and jewellery company, estimated the ring has 6.2 carats in total, with the centre diamond at roughly 5 carats. “This ring is truly priceless with unmatched cultural significance,” he said in an email.
Megan Barnes, of Sydney Diamond Company, one of the largest online retailers for diamonds, estimated that if the ring included perfect diamonds, it could cost between $400,000 to $550,000. If using mid-range diamonds, it would cost closer to $35,000 to $40,000.
However, they all agreed that in this case, the ring is “priceless” due to its ties to Princess Diana.
“The ring is obviously yellow gold because that’s (Markle’s) favorite and the main stone itself is sourced from Botswana and the little diamonds either side are from my mother’s jewellery collection to make sure that she’s with us on this crazy journey together,” Prince Harry said in an interview with BBC on Monday.
Prince Harry is following the lead of his brother Prince William, who gave Kate Middleton an 18-carat sapphire and diamond ring that once belonged to his mother. That ring reportedly cost 30,000 British pounds (or around $AUD45,000, using conversion rates) when Prince Charles bought it back in 1981, according to TIME magazine.
“It was my way to make sure my mother did not miss out on today and the excitement that we are going to spend the rest of our lives together,” Prince William said at the time, according to TIME’s report.
In Australia in recent years, the average amount a person spends on an engagement ring in the Australia has grown to $12,163, according a 2016 Real Weddings Study, and it’s likely it will continue to rise.