Diamonds have long made hearts flutter. Interestingly, their journey from ancient rivers to royal fingers is one that spans centuries. In the fourth century BC, India was already trading in these shimmering stones, and by the 1400s, they had become a fashionable flourish among Europe’s elite. Still, they were rare, and rare meant reserved for the few who could afford such extravagance. That all changed in 1866, when glints of brilliance were found in the earth of Kimberley, South Africa. From there, the modern diamond market was born. By the turn of the 20th century, De Beers had its grip on nearly 90% of the world’s diamond supply. Thanks in no small part to a post-war masterstroke in marketing, the now-iconic phrase “A Diamond is Forever” changed the status of this stone to embody everlasting love.
From as far back as ancient Egypt, braided plant fibres were exchanged as tokens of affection, worn on the fourth finger in the belief that a vein ran directly from there to the heart. The Romans gave the tradition a colder edge, using iron bands to symbolise ownership more than romance. When Archduke Maximilian of Austria proposed to Mary of Burgundy in 1477 with a diamond ring, the trend among European nobility had started to take root.
As the most expensive engagement rings are listed below, they combine historical gems with noble heritage and red-carpet sparklers that are a real cut above the rest.
Wittelsbach-Graff Diamond Ring
The Wittelsbach-Graff Diamond is a 31.06-carat Fancy Deep Blue diamond, internally flawless after recutting, and it was once part of the European royal crowns. Originally discovered sometime back in the 17th century in India’s famous Kollur Mine, this highly precious piece of blue diamond passed through the Austrian and Bavarian royal hands. In 2008, jeweller Laurence Graff purchased and recrafted it to enhance its clarity.
Now set in a ring and known as the Wittelsbach-Graff, it weighs just over 31 carats and displays a captivating deep blue hue. The Wittelsbach-Graff is often regarded as the most valuable engagement ring in existence. Its estimated worth reaches an astounding $80 million, though it was never sold at auction, but enjoying such rarity and royal provenance, as well as exceptional deep blue colour, makes it a strong contender for the highest appraised value of any ring to date. In 2011, Graff sold it to Sheikh Hamad bin Khalifa Al Thani, the former Emir of Qatar, adding a royal pedigree to this ring’s already rich history.
The Pink Star Diamond Ring
As for record-breaking diamonds, the Pink Star stands above all. This oval-cut pink diamond weighs an astonishing 59.60 carats, and it has also been graded Fancy Vivid Pink and internally flawless. The pink star diamond, discovered in South Africa in 1999, took nearly two years to cut and polish from a 132.5-carat rough. It was first auctioned in 2013 for a record $83 million, though that buyer defaulted. It ultimately landed in the hands of Hong Kong jeweller Chow Tai Fook in April 2017 for a final price of $71.2 million. Later on, it was renamed the CTF Pink Star, and it remains the priciest ring ever publicly purchased.
The Oppenheimer Blue Diamond Ring
This ring contains a 14.62-carat diamond of immaculate quality. The stone, a rare rectangular-cut Fancy Vivid Blue diamond, is exceptional in both colour and clarity. It was once owned by Sir Philip Oppenheimer, and it set off a battle in Geneva. The ring was also known as the Oppenheimer Blue and was sold for $57.5million at auction in 2016. While the Pink Star surpassed it in price, it is still one of the most famous blue diamonds ever auctioned. But its bright hue and extraordinary provenance are what continue to attract collectors and auction houses from all over the world.
The Blue Moon of Josephine Diamond Ring
The Blue Moon of Josephine is a 12.03-carat Fancy Vivid Blue diamond purchased in 2015 by Hong Kong billionaire Joseph Lau. He spent $48.4 million at auction by Sotheby’s Geneva and named the gem after his daughter. Its vivid blue colour and flawless clarity made it the highest price-per-carat at the time. This diamond ring wasn’t just a display of wealth alone; it was a tender expression of a father’s love that elevated the gem to a symbol of legacy and adoration.
The Graff Pink Diamond Ring
The Graff Pink features a 24.78-carat Fancy Intense Pink diamond in an emerald cut. It previously belonged to jeweller Harry Winston and was bought by Laurence Graff when it was sold on 16 November 2010 for $46.2 million, setting a world record for any jewel sold at auction at the time. After re-polishing, Graff set it in a platinum ring flanked by two side diamonds. Its value lies in the rare combination of sizeable carat weight and a saturated pink colour. However, reports claim that it remains in Graff’s personal collection.
Grace Kelly’s Cartier Diamond Ring
In 1956, Prince Rainier III of Monaco proposed to Hollywood actress Grace Kelly with a Cartier engagement ring featuring a 10.47-carat emerald-cut diamond, flanked by two baguette diamonds. Following their wedding later that year, Kelly became the princess of Monaco, and the ring stood as a lasting emblem of their love story. Originally reported to cost around $4 million, it would be valued today at approximately $38.8 million. It remains on display in Monaco as one of the most glamorous and admired engagement rings in history.
Jackie Kennedy Onassis’s Lesotho III Diamond Ring
The Lesotho III was a 40.42-carat marquise-cut diamond, which was cut by Harry Winston from a 601-carat rough stone found in 1967. It was the engagement ring given to Jackie Kennedy by Greek shipping mogul Aristotle Onassis, whom she married later that year. She was only spotted wearing it twice – a fact that makes it one of the most discreet yet valuable pieces in her jewellery collection. The ring was sold at Christie’s in 1996 and fetched $2.59million. Today, based on its size and provenance as well as its connection to one of the most iconic women of the 20th century, experts estimate it could be worth as much as $20 million.
Elizabeth Taylor’s 33-Carat Diamond Ring
Richard Burton presented Elizabeth Taylor with a 33.19-carat Asscher-cut diamond ring, once known as the Krupp Diamond. It was acquired for $305,000 in 1968 and sold in 2011 for $8.8million. Superbly clear and large, it is still the most famous celebrity ring there is. Taylor wore it proudly – even as a kind of everyday piece – which cemented the ring’s status as a beloved part of her dramatic life and eternal glamour.
Mariah Carey’s 35-Carat Engagement Ring
Mariah Carey’s 35-carat emerald-cut diamond, presented to her by James Packer in 2016, is valued at $10 million. The ring’s designer and Carey’s long-time friend, Wilfred Rosado, said: “ We were able to create a beautiful balance through the simplicity of the design. It was about mixing volume with restraint, which is much harder than it looks”. Although the engagement of Mariah Carey and James Packer was called off, the sheer size and quality of the ring cement its place as one of the most valuable celebrity engagement rings of all time.
Beyoncé’s Engagement Ring
The ring stars a 24-carat emerald cut diamond designed by Lorraine Schwartz and was worth $5million at the time – although now it could fetch as much as $8million. The ring has become a widely recognised piece of contemporary celebrity jewellery, often referenced in fashion and entertainment media – its refined design and substantial size reflecting Beyoncé’s sophisticated style.
Jennifer Lopez’s Green Diamond Ring
The rekindled love story of Jennifer Lopez and Ben Affleck culminated in marriage and was marked by an 8.5-carat natural green diamond engagement ring. Its value sits between $5 million and $8 million, and it is considered the rarest coloured diamonds seen in celebrity jewellery. The green hue adds a personal touch, since it is reportedly Lopez’s favourite colour.
Princess Diana’s Sapphire Engagement Ring
One of the most famous engagement rings in the world, Princess Diana’s traditional sapphire ring now rests on the finger of Catherine, Princess of Wales. Its elegant design has inspired numerous imitations worldwide. The ring features a 12-carat blue Ceylon sapphire surrounded by 14 solitaire diamonds, and is set in 18-carat white gold by royal jeweller Garrard. With an initial price of £28,000, the ring now serves as the royal family's legacy and holds immeasurable value, representing continuity within the royal lineage passed down through generations.
Final Thought
The rings featured above reflect a clear shift in high-value engagement jewellery, which is represented by a strong preference for coloured diamonds over traditional colourless stones. For example, blue diamonds represent just 0.0001% of all diamonds mined globally, and only 1% of those achieve the deep tone and saturation required for a Fancy Vivid grading. Similarly, top-quality pink diamonds are still exceptionally rare, with only 50 to 60 entering the market each year, often commanding 20% to 40% more per carat than white equivalents.
White gold is the dominant metal of choice, seen in more than half of all royal engagement rings. Its popularity is often linked to symbolic qualities, with some believing it brings calm and protects against negative energy. Round cuts remain common, but many of the most valuable rings listed here feature emerald, marquise, or cushion cuts to best display coloured stones. Together, these rings show how rarity, provenance, and personal significance can greatly influence the value of the most expensive engagement rings.
