Engagement rings can cost anywhere from a few thousand to hundreds of thousands of dollars. In a ploy to get people to spend more during the years surrounding the Great Depression, diamond company De Beers suggested dropping two months of salary on an engagement ring. Toronto jeweller Jonathan Goldberg recommends ring shoppers focus less on that old rule and more on balancing what they are willing and able to spend with their partner's preferences. Price is largely dependent on the "four Cs" — carat, cut, clarity and colour. Cut is also an area where you can easily run up your bill. Goldberg says rounded diamonds are generally "the most expensive of all" in part because it is the most popular shape. Cushion cuts are generally more affordable, but be careful with that shape, if it's size you're after. You can also opt for a diamond grown in a lab instead of being mined. Goldberg says it is getting cheaper and easier to make them every year. The price of bands can also vary dramatically. Platinum is the most expensive, while white or yellow gold will generally cost less. .