How Much Does a Custom Engagement Ring Cost in Canada? (2026)
By Clint Casmiro, Co-Founder, Smiro Studio, Toronto · Updated September 27, 2026
Short answer: Most custom engagement rings we build land between $4,000 and $5,000, and a fully custom ring starts at about $4,000 USD. Our Ready To Order Rings start at $1,299 CAD. The centre diamond is the biggest lever: a 2 carat lab grown diamond runs about $2,500 CAD, while a comparable natural stone is closer to $10,000 CAD.
People ask us this on almost every call, so here are the real numbers from our own studio, not an industry average. Everything below comes from our own 2026 quotes and diamond listings.
How much does a custom engagement ring cost?
A fully custom ring from us starts at about $4,000 USD, and most of the rings we build land between $4,000 and $5,000. That price covers the design rounds (a CAD file, then a 360 render you approve), the metal, the setting work at our Toronto bench, and free insured shipping across Canada and the US.
If you want to skip the design stage, our Ready To Order Rings start at $1,299 CAD for the setting, and you add the diamond you want.
What actually changes the price?
Four things move the number, roughly in this order:
- The centre diamond. Lab grown or natural, carat, colour and clarity. This is usually more than half the cost.
- The metal. 14K, 18K or platinum. Platinum is 95% pure and heavier, so it costs more to cast.
- Side stones and pavé. Every small diamond is set by hand.
- Hand work. Hand engraving, a tulip basket, a hidden halo or a split shank all add bench time.
How much does the diamond add?
Here is what we have seen across diamonds priced through our ring builder between June and September 2026, in Canadian dollars:
| Centre stone | Listings | Typical price (median) | Range |
|---|---|---|---|
| 2ct lab grown, IGI certified | 72 | $2,546 CAD | $1,330 to $3,798 |
| 3ct lab grown, IGI certified | 56 | $2,696 CAD | $1,599 to $6,180 |
| 2ct natural, mostly I to J colour, VS clarity | 18 | $9,905 CAD | $6,911 to $19,402 |
Loose stone prices only. The ring is on top. Lab prices move fast, so treat these as a snapshot from September 2026.
So a 2 carat natural diamond costs roughly four times a 2 carat lab grown one right now. That gap is why most of our clients go lab grown, and put the difference into a bigger stone or more detail on the ring.
How much should I spend on an engagement ring in Canada?
Spend what you are comfortable carrying, not a rule of thumb. The old "three months of salary" line came from diamond advertising, not from anyone who cares about your budget.
What we see in practice: 3 carats is the average stone we build, 2 carats is the lower end and 4 is the larger end. With lab grown, a 3 carat ring in the $4,000 to $5,000 range is very realistic. Tell us your number on the call and we will show you what it gets you, including where not to spend.
Where do people overspend?
Colour and clarity. Anything VS1 and above is eye clean, so you do not need VVS2 unless you are buying a step cut like an emerald, where an inclusion can reflect through the whole stone. And near colourless stones look warmer and more unique than a D, for less money. We cover this in our guide to diamond colour and clarity.
How do payments work?
Half to start, half when the ring is ready, before it ships. The deposit starts the design and secures the stone. We also offer payment plans on many pieces, depending on the project and what you are eligible for.
Want us to look at your idea?
A free 30 minute video call with Clint or Karina. Bring a photo, a budget, or nothing at all.
Book a free callSee our processQuestions we get about this
How much is a custom engagement ring in Toronto?
At Smiro Studio a fully custom ring starts at about $4,000 USD and most land between $4,000 and $5,000, including design, the setting and free insured shipping in Canada and the US.
Is a custom ring more expensive than buying one off the shelf?
Not always. The diamond is usually the biggest cost either way. Custom adds design time and bench work, but you only pay for details you actually want.
Are lab grown diamonds cheaper?
Yes. In our September 2026 listings a 2 carat lab grown diamond had a median price of $2,546 CAD, against $9,905 CAD for a comparable natural stone.
Do you offer payment plans?
Yes, on many pieces, depending on the project and what you are eligible for. The standard terms are half to start and half before the ring ships.
Is shipping included in the price?
Yes. Shipping is free, fully insured and door to door across Canada and the US, with an adult signature required.
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