Engagement Rings In Canada For Cheap: Options for Couples on A Budget

Shopping for engagement rings can be a hassle, especially if you’re on a budget. While many people suggest spending 3 monthly salaries on a ring, this may not be an option for you, or you may just prefer spending that money on something else like a down payment for your future home or on a lavish honeymoon.

If you’re looking for engagement rings in Canada for cheap, you’ve come to the right place. We curated a list of the best and most affordable options that’ll still Wow! your fiance-to-be without breaking your bank.

The Best Engagement Rings In Canada For Cheap

#1 Lab-Grown Diamonds—Best Overall

Lab-grown diamonds, also known as artificial diamonds, are created in a laboratory using advanced technology. These diamonds are chemically, physically, and optically identical to natural diamonds. Still, they’re produced in a controlled environment using processes that mimic the conditions under which natural diamonds are formed in the earth.

In recent years, lab-grown diamonds have gained popularity due to their environmental and ethical benefits and affordability compared to natural diamonds. They offer a more sustainable and socially responsible alternative, as they don't involve mining or exploiting natural resources. Lab-grown diamonds are also widely available in various shapes, sizes, and colours, giving you more options.

Features

• Lab-grown diamonds offer many of the same benefits as natural diamonds, including exceptional beauty, durability, and brilliance.
• Lab-grown diamonds are available at a lower cost than natural diamonds, making them a budget-friendly option for couples.
• In addition to their cost and quality, lab-grown diamonds also have environmental and ethical benefits. Because they're created in a laboratory, they don't require mining, which can have negative ecological impacts. They also don't contribute to the human rights abuses and conflict often associated with the diamond mining industry.
• There are many beautiful styles of lab-grown diamond engagement rings to choose from, including solitaire, halo, and three-stone rings. Lab-grown diamonds can also be paired with natural diamonds for added sparkle, such as in a ring with a diamond halo or diamond accents.
• Lab-grown diamonds are carefully and precisely created in a controlled laboratory environment, which ensures consistent quality and perfection.
• Lab-grown diamonds are a unique and modern choice for couples. They're becoming increasingly popular as an alternative to natural diamonds.

Pros Of Lab-Grown Diamonds

• Don't contribute to human rights abuses or conflict
• It can be produced in a variety of colours and sizes
• Offer greater availability and accessibility to consumers
• Maybe more durable and have a longer lifespan than natural diamonds
• It may have higher clarity and lower inclusion rates compared to natural diamonds
• May be a more ethical choice for consumers who want to avoid supporting the traditional diamond industry
• It may be a more affordable option for consumers who wish for the look and feel of a diamond but cannot afford the high price of a natural diamond.

Cons Of Lab-Grown Diamonds

• Cost: While lab-grown diamonds may be less expensive than natural diamonds, they're still a significant financial investment.
• Perception: Some people may view lab-grown diamonds as less valuable or less desirable than natural ones due to their artificial origin.
• Resale value: Lab-grown diamonds may not have the same resale value as natural ones, which can be a concern for those looking to sell their diamonds in the future.

Pricing

• A 1-carat lab-grown diamond may cost anywhere from $2,000 to $10,000, while a 2-carat lab-grown diamond may cost anywhere from $6,000 to $20,000. While this may not sound cheap, it’s a lot cheaper than what an equivalent natural diamond would cost (a 2-carat natural diamond can cost up to $50,000).
• Colour is a key factor in determining the price of lab-grown diamonds.
• The quality of a lab-grown diamond also influences the price. 

Best For

• A person looking for a cheap, ethically-sourced diamond ring.

Related: If you’re planning your wedding, you may also be interested in the cheapest wedding venues in Toronto.

#2 Moissanite Engagement Rings—Best High-Quality Alternative

If you’re looking for a sparkly, affordable alternative to diamonds, you need to check out moissanite. It’s a lab-grown gemstone made of silicon carbide, a mineral that’s super rare in nature. Scientists have found a cost-effective way of making it in a lab. But don’t let that fool you—moissanite has all the same properties as diamonds, making it just as shiny and durable.

People love moissanite as a diamond alternative in jewelry because it’s way more budget-friendly and eco-friendly. And yes, it’s perfect for an engagement ring.

Features

• Moissanite is a diamond alternative that offers many of the same benefits as diamonds, including exceptional beauty, durability, and brilliance.
• Moissanite is known for its exceptional durability, with a hardness rating of 9.25 on the Mohs scale. It's resistant to scratches and chips, making it an excellent option for everyday wear.
• In addition to its beauty and durability, moissanite is an affordable option for couples looking for budget-friendly engagement rings. Because it's not as rare as diamonds, it can be produced in large quantities at a lower cost.
• There are many popular styles of moissanite engagement rings to choose from, including solitaire, halo, and three-stone rings. Moissanite can also be combined with diamonds for added sparkle, such as in a ring with a diamond halo or diamond accents.
• Moissanite also has environmentally friendly qualities, as it's created in a laboratory and does not require mining. It does not contribute to the negative environmental impacts often associated with diamond mining.
• Moissanite has a unique and captivating sparkle that distinguishes it from other gemstones. Its exceptional brilliance and fire give it a truly striking and eye-catching appearance.

Pros Of Moissanite Engagement Rings

• Moissanite is a hypoallergenic gemstone, making it an excellent choice for people with sensitive skin. It contains no impurities or additives that could cause irritation or allergic reactions.
• Moissanite is a durable gemstone, making it an excellent choice for people who lead an active lifestyle or are prone to accidents. It's less likely to chip or break than other gemstones, such as diamonds, sapphires, or emeralds.
• Moissanite has a higher refractive index than diamonds, which means it has more fire and shine. This makes it an excellent choice for people who want a flashy gemstone.
• Moissanite is a very versatile gemstone and can be used in a wide range of jewelry designs, from classic and traditional to modern and contemporary. It can be set in various metals such as white gold, yellow gold, rose gold, and platinum.
• Moissanite is a great choice for couples who want to save money on their engagement ring without sacrificing quality. It's much more affordable than diamonds and other precious gemstones, making it a budget-friendly option.
• Moissanite has a unique and beautiful colour, ranging from a near-colourless white to a faint yellow or green hue. This allows you to choose the perfect shade to match your style.

Cons Of Moissanite Engagement Rings

• Moissanite is a synthetic gemstone, which means it's not a natural mineral. Some people may prefer natural gemstones or diamonds for their engagement rings.
• Moissanite may not have the same prestige as diamonds, as it's not as rare or valuable. Some people may place more value on diamonds due to their rarity and status symbol.
• Moissanite may not have the same level of resale value as diamonds, as it's not as sought after in the secondary market. This could be an issue for those considering resale value in the future.
• Moissanite can sometimes be difficult to distinguish from diamonds, as it has a similar appearance. This could be an issue for those who want a unique engagement ring.

Pricing

• Moissanite may not be as expensive as diamonds, but it's still a relatively costly gemstone. It may not be an affordable option for those on a tight budget.
• Generally, costs about $500 per carat.
• Moissanite engagement rings can range in price from $500 to $2,500, depending on the ring’s size, quality, and design.

Best For

• Couples looking for an affordable and high-quality sparkle.

#3 Gemstone Engagement Rings—Best For Those Looking For Something Different

Gemstone engagement rings are an excellent option for couples on a budget who want a beautiful and unique ring without breaking the bank. Gemstones such as sapphires, emeralds, and amethysts are often more affordable than diamonds, making them a great choice for those looking to save money on their engagement ring.

In addition to their affordability, gemstone engagement rings offer a variety of features that make them a desirable choice for many people. These features include a range of colours, durability, and versatility in design. Gemstones also have a rich history and symbolism, making them a meaningful and sentimental choice for an engagement ring.

Features

• Gemstones come in various colours and types, each with its unique beauty and symbolism. Sapphires, for example, are known for their deep blue colour and association with royalty and wisdom. On the other hand, Emeralds are known for their vibrant green colour and association with love and growth.
• In addition to their unique beauty and symbolism, gemstones are also a budget-friendly option for couples. Because they're not as rare as diamonds, they can be found at a lower cost. This means couples can choose a stunning and unique gemstone engagement ring without breaking the bank.
• There are many popular styles of gemstone engagement rings to choose from, including solitaire, halo, and three-stone rings. Gemstones can also be paired with diamonds for added sparkle, such as in a ring with a diamond halo or diamond accents.
• Gemstones can be found in various cuts, including round, oval, pear, and marquise, allowing couples to choose the perfect shape and style for their engagement ring.
• Gemstones are often ethically sourced and conflict-free, making them a responsible and socially conscious choice for couples.
• Gemstones are a unique and personal choice for couples, allowing them to express their individual style and personality through their engagement ring.

Pros Of Gemstone Engagement Rings

• Gemstones are durable and resistant to scratches and chips, making them an excellent choice for everyday wear. This makes them a practical and long-lasting option for an engagement ring.
• Gemstones are an excellent choice for people with allergies or sensitivities to certain metals. They can be set in various metal options, including nickel-free and hypoallergenic options, ensuring they're suitable for everyone.
• Gemstones are a sustainable and environmentally friendly choice due to their ethical sourcing.
• Gemstones have a rich history and symbolism, making them a sentimental and meaningful choice for an engagement ring.
• Gemstones offer a wide range of colours and styles, allowing couples to choose a ring that perfectly matches their personal preferences.
• Gemstones are a budget-friendly option for couples, as they're often more affordable than diamonds and other precious gems. This allows couples to save money on their engagement ring without sacrificing quality or beauty.

Cons Of Gemstone Engagement Rings

• Gemstones may not have the same prestige as diamonds, as they're not as rare or valuable in the market. Some people may place more value on diamonds due to their rarity and status symbol.
• Gemstones may not hold their value as well as diamonds, which tend to increase in value as they age. This could be an issue for those considering resale value in the future.

Pricing

• The price of gemstone engagement rings can vary significantly depending on the type and quality of the gemstone, as well as the size and design of the ring. Some common gemstones and their price ranges are:
  • Sapphires: $100 to $10,000
  • Emeralds: $100 to $5,000
  • Amethysts: $50 to $1,000
• It's worth noting that Rubies are an exception, as a good-quality ruby will typically cost more than an equivalent natural diamond.

Best For

• Couples who want something less flashy but far more unique than a diamond.

#4 Cubic Zirconia Engagement Rings—Cheapest Overall

Cubic zirconia is a synthetic gemstone that has become increasingly popular recently due to its low cost and similarity to diamonds. While it's not a natural mineral, it's often used as a substitute for diamonds in jewelry because it's much more affordable. In fact, cubic zirconia is often referred to as a “diamond simulant” because it looks so much like a diamond but is much cheaper to produce. It’s even cheaper than synthetic diamond.

Despite its lower price, cubic zirconia is still a beautiful and durable gemstone that is perfect for those who want a high-quality engagement ring without breaking the bank.

Features

• Cubic zirconia is an artificial gemstone similar to diamonds in all the ways that matter. It's made of zirconium dioxide, crystallized under high pressure and heat to create a gem with the same properties as a diamond.
• Cubic zirconia is much less expensive than diamonds, making it a budget-friendly option for couples. It's available in various sizes, shapes, and colours, allowing couples to choose the perfect CZ engagement ring to suit their individual style and preferences.
• Cubic zirconia is a durable gemstone resistant to scratches, chips, and other types of damage. It's also very hard, ranking 8.5 on the Mohs scale of mineral hardness, slightly less than a diamond.
• Cubic zirconia has exceptional brilliance and sparkle, which is why it's often used as a diamond alternative. Its high refractive index means it can reflect light similarly to a diamond, creating a dazzling and radiant effect.
• Cubic zirconia is a versatile gemstone set in a wide range of engagement ring styles, including solitaire, halo, and three-stone rings. It can also be paired with diamonds for added brilliance, such as in a ring with a diamond halo or diamond accents.
• Cubic zirconia is an ethical and environmentally friendly choice for couples, as it's not mined from the earth and does not contribute to any negative impacts on the environment or human rights abuses.

Pros Of Cubic Zirconia Engagement Rings

• Cubic zirconia is a hypoallergenic gemstone, making it suitable for those with allergies to certain metals or gemstones.
• Cubic zirconia has excellent colour stability, meaning it will not fade or change colour over time.
• Cubic zirconia rings are easy to care for and maintain, requiring minimal cleaning and maintenance to keep them looking their best.
• Cubic zirconia is a great choice for those who want the look of a diamond but don't want to pay the high cost associated with diamonds.
• Cubic zirconia can be cut and shaped into various styles, allowing for more creativity and customization in engagement ring design.
• Cubic zirconia is a versatile gemstone set in a wide range of engagement ring styles, including solitaire, halo, and three-stone rings. It can also be paired with diamonds for added brilliance, such as in a ring with a diamond halo or diamond accents.

Cons Of Cubic Zirconia Engagement Rings

• Cubic zirconia is not a natural gemstone, and some people may not give it the same sentimental value as a natural diamond.
• Cubic zirconia is not as durable as a diamond, ranking 8.5 on the Mohs scale of mineral hardness compared to diamond’s 10. This means it may be more prone to scratches, chips, or other types of damage.
• Cubic zirconia is not as valuable as a diamond and may not hold its value well over time.
• Cubic zirconia may not be as high quality as a diamond, with some experts claiming that it does not have the same level of brilliance or sparkle as a diamond.
• Cubic zirconia is not as rare as diamonds, making it less exclusive and unique.

Pricing

• Cubic Zirconia generally costs about $20 per carat.
• Basic cubic zirconia engagement rings are the most budget-friendly option and can range from $50 to $100.
• Mid-range cubic zirconia engagement rings: These rings have better quality cubic zirconia and more intricate designs, ranging from $100 to $500.
• High-end cubic zirconia engagement rings: These rings are made with the highest quality and often have diamonds or other precious gemstones incorporated into the design. Prices for these rings can range from $500 to $1,000 or more.

Best For

• Couple looking for something similar to a diamond on a tight budget.

Related: You may also be interested in Shopkick, the innovative cash back app that pays you just for entering a store.

In Summary

Traditional engagement rings can be a significant financial investment, with the cost of diamonds skyrocketing in recent years. This can be a major concern for couples on a budget who want to find a beautiful and meaningful ring without breaking the bank. Fortunately, several options are available for cheap engagement rings that still offer the same level of quality and beauty as traditional diamond rings. Artificial diamonds, moissanite, and gemstone engagement rings are great alternatives at a medium to low price range, while cubic zirconia is the cheapest overall costing about $20 per carat. Each of these options offers unique benefits and drawbacks, and it’s up to you to decide which will entice your future fiance the most while saving the extra money for your future life together.

Engagement Rings In Canada For Cheap FAQs

What is the cheapest type of engagement ring?

The cheapest type of engagement ring can vary depending on the materials and design. The biggest determinant of the price is the central stone, so going for cubic zirconia is the cheapest option, regardless of the band’s material. If you want to save even more, a sterling silver ring instead of one with a gold or platinum band with a simple design may be relatively inexpensive.

How cheap should an engagement ring be?

There's no set amount that an engagement ring should be. The cost of a ring should be based on the couple’s budget and personal preferences. Some couples may spend more on a high-quality ring, while others may prefer to save money and choose a more affordable option.

Is $5,000 cheap for an engagement ring?

$5,000 may be considered cheap for an engagement ring, depending on the quality of the ring and the couple’s budget. Some couples may consider $5,000 to be a reasonable amount to spend on an engagement ring, while others may consider it to be too expensive.

What is the 3-month salary rule?

The 3-month salary rule is a guideline that suggests that a person should spend three months of their salary on an engagement ring. However, this rule is not set in stone and should not be followed blindly. The cost of an engagement ring should be based on the couple’s individual circumstances and budget rather than an arbitrary rule.