Top 10 Diamond Alternatives for Engagement Rings in 2025

What if your engagement ring wasn't a diamond—and never needed to be?

In 2025, more couples are leaning into individuality when it comes to popping the question. The "one ring to rule them all" mindset has quietly faded. Instead, you'll find brilliant blue sapphires, cosmic salt-and-pepper diamonds, and even stones that change colour depending on the light.

Why the shift?

The answer's a mix of emotion, economics and ethics. Diamond prices have fluctuated. Sustainability matters more than sparkle. And for many, the engagement ring cost feels better spent on a unique, meaningful stone that can withstand daily wear.

Fun Fact: According to Forbes, in 2015, lab-grown stones accounted for just 1% of diamond sales but rose to approximately 20% by 2024.

And with that rise in customisation comes a new wave of questions, such as:

• What stone suits our story?

• Will it last as long as a diamond?

• And if I spend thousands on it, can I still get engagement ring insurance?

You're not alone in asking.

Together, we'll uncover 10 standout diamond alternatives—ranked from least to most expensive—while breaking down what makes each one special, how they're sourced, and what to keep in mind if you're planning to cover your ring.

Because in 2025, it's not just about what shines. It's about what speaks to your love story.

Why Couples Are Choosing Diamond Alternatives

In 2025, more couples are choosing to redefine what "forever" looks like. That doesn't always mean a round, colourless diamond. Instead, they're turning to stones that better reflect their shared values, budget, and story.

• Individuality over imitation: No two relationships are alike, so why should the rings be? Stones like parti sapphires and grey spinels give couples a chance to build something bespoke from the start.

• Ethics matter: With growing awareness around diamond sourcing and environmental impact, many are opting for lab-grown or traceable gems with cleaner origins.

• Visual impact: Diamond alternatives often deliver greater size, bolder colour, or deeper symbolism—without sacrificing wearability.

Insider tip: Stones like Moissanite and lab-grown diamonds now have grading certificates, so you can still shop with transparency and precision, even when going non-traditional.

Engagement Ring Cost in 2025

Diamond prices haven't exactly cooled. A well-cut, 1 ct natural diamond now averages $10,000 to $15,000 AUD, depending on clarity and provenance.

Compare that to:

• Moissanite: ~$700–$900 AUD

• Lab-grown diamond: ~$2,500 AUD

• White sapphire: Often under $700 AUD

10 Diamond Alternatives (Ranked Least to Most Expensive)

Not all sparkle needs to come with a six-figure price tag. Here are 10 standout diamond alternatives in 2025—ranked by cost, but each with its own unique story, sparkle, and staying power.

1. White Sapphire (A$450–$700)

Why couples love it:
White sapphire offers a crisp, colourless look that feels elegant and timeless—without the diamond price tag. With a Mohs hardness of 9, it's one of the most durable gemstones available, making it ideal for everyday wear. Unlike some diamond simulants, white sapphire is naturally mined, so there’s no confusion around lab-grown labels or synthetic origins. It’s a favourite among those who want something understated, real, and refined.

Sourcing & market notes:
Most white sapphires are mined in Sri Lanka and Thailand, where stones are routinely cut and calibrated for jewellery use. Availability is generally strong in Australia, especially in classic shapes like round and oval. For those after a brighter appearance, well-cut stones with minimal cloudiness are worth the search—lower grades can sometimes appear slightly milky in strong light.

Insurance note:
White sapphire is classified as a natural coloured gemstone (despite being colourless), so clear documentation is key when arranging engagement ring insurance. Include a detailed valuation, carat weight, and origin if known—particularly if the stone is large or custom-set. Most providers will cover it at modest premiums, especially when paired with precious metal bands.

Fun fact: Sapphires are September's birthstone and linked to Virgo, making them meaningful for zodiac-inspired and budget-conscious choices. Interested in learning more about birthstones? Check out What Your Partner's Birthstone Says About Their Ideal Engagement Ring

2. Moissanite (A$600–$900)

Why couples love it: Moissanite is the second-hardest gemstone used in jewellery (9.25 on the Mohs scale), making it ideal for daily wear. With a refractive index even higher than diamond, it delivers unmatched fire and brilliance—those rainbow flashes couples often associate with "sparkle."

It's lab-grown, ethically sourced, and offers larger carat sizes for a fraction of the cost, making it a favourite for those who want visual impact and values-driven origins. Moissanite engagement rings continue to rise in popularity with younger buyers who prioritise both beauty and budget.

Sourcing & market notes: Originally discovered in a meteor crater, today's Moissanite is grown in controlled lab environments—primarily in the US, China and South Korea. Round, oval and pear cuts are readily available, often stocked in settings designed for traditional diamonds.

Insurance note: While Moissanite is sometimes mistaken for a diamond, it must be accurately listed in any engagement ring insurance documentation to ensure accurate coverage. Most specialist insurers will classify it as a high-grade gemstone, not a diamond, so a detailed receipt or valuation is essential.

Pop culture nod: Moissanite has been embraced by Hollywood names including Kristen Bell, Olivia Wilde, and Natalie Portman—all known for championing sustainable fashion and ethical sourcing. Wilde's vintage-style ring featuring a round-cut moissanite brought significant attention to its beauty and credibility.

Keen to learn more? Check out 8 Reasons to Choose Moissanite For Your Engagement Ring.

3. Grey Spinel (A$1,200–$1,800)

Why couples love it: Grey spinel's moody, misty tone—often described as "storm-cloud chic"—is gaining traction among couples who want an understated but deeply stylish alternative to colourless gems. It's cool neutrality complements both minimalist and vintage-inspired settings, and the fact that it's naturally untreated gives it added appeal for those who favour authenticity. With a hardness of 8 on the Mohs scale, it's suitable for everyday wear, offering resilience and elegance in equal measure.

Sourcing & market notes: Natural grey spinel is sourced primarily from Myanmar and Tanzania. While smaller stones (under 1 ct) are fairly accessible, well-cut, larger sizes with strong saturation and clarity can be harder to find—especially if you're after a specific shade, such as gunmetal or silvery graphite. Some jewellers require a longer lead time to source stones above 1.5 ct, so early planning is wise.

Insurance note: Grey spinel is classified as a coloured gemstone, so any engagement ring insurance should clearly reflect that in the documentation. Include full descriptions, including the origin (if known), weight, and treatment status, to ensure accurate cover.

Did you know: Spinel was historically mistaken for sapphire or ruby in royal crowns—including the Black Prince's Ruby in the British Crown Jewels, which is actually a spinel.

4. Champagne Diamond (Natural) (A$1,800–$2,400)

Why couples love it: Champagne diamonds bring warmth and subtle sparkle to an engagement ring, blending earthy undertones with natural brilliance. Their golden-brown hues soften harsh reflections and cleverly mask inclusions—making them a practical yet stylish choice.

The tones vary from soft honey and cognac to deeper mocha, offering a luxe, organic look that feels grounded and contemporary. These diamonds also carry emotional appeal: their colour reflects themes of warmth, resilience, and understated glamour.

Sourcing & market notes: Following the closure of Australia's Argyle mine in 2020, champagne diamonds have become increasingly scarce, with sourcing now primarily occurring through auctions in India and Africa. While stones under 1 carat remain available, premium-cut, larger stones or rare shades (such as pink-champagne blends) can command higher prices due to a tightening supply and increased global demand. Expect costs to trend upward over time, especially for well-proportioned stones with rich, even colour.

Insurance note: Champagne diamonds are graded for both colour intensity and clarity, making proper documentation essential. When covering this stone with engagement ring insurance, ensure the certificate details the colour grade (e.g. C2, C3, C5), cut quality, and origin if known. These variables significantly impact market value.

Fun fact: Some jewellers now offer custom blends of champagne and rose-cut styles, drawing inspiration from the art deco era and aligning with the resurgence of vintage design in 2025.

5. Lab‑Grown Diamond (A$2,000–$3,500)

Why couples love it: Couples are drawn to the clarity, size-for-spend advantage, and transparency around sourcing. For those who love the brilliance of a classic diamond but want a modern origin story, this alternative offers both. Plus, many appreciate the ability to go bigger or custom without the financial strain. 

Sourcing & market notes: Most lab-grown diamonds are created using HPHT or CVD technology in controlled labs across India and the United States. Stones may be certified by respected bodies like GIA and are commonly stocked by Australian jewellers.

Industry insight: Resale value is typically lower than mined diamonds, and some gemmologists predict prices will continue to soften as supply expands. If you're shopping with investment in mind, it's worth discussing your goals with a reputable jeweller.

Insurance note: Lab-grown diamonds are usually treated the same as natural diamonds for insurance purposes—provided they are properly documented. A valuation certificate noting the origin (lab-grown), carat weight, cut, and grading lab (e.g. GIA or IGI) is recommended. Some specialist insurers, including JewelCover, offer annual revaluations, helping your cover adapt as market prices shift.

6. Parti Sapphire (A$3,000–$5,000)

Why couples love it: Parti sapphires are visual storytellers. Each one is completely unique, showcasing natural zoning that blends blue, green and sometimes yellow in painterly swirls. For couples seeking symbolism, it's hard to beat—a stone with multiple colours represents unity, growth and individuality. There's also growing appeal in keeping things close to home: many Australians love the idea of proposing with a gem mined and set entirely on local soil.

Sourcing & market notes: Sourced primarily from artisanal miners in Central Queensland, parti sapphires are often hand-dug in small volumes, with limited access to eye-clean stones over 1 ct. Because every gem displays different zoning patterns, many buyers choose stones in person or via high-definition video. Demand has increased in recent years as consumers lean toward ethical sourcing and regional provenance.

Insurance note: Due to the completely individual appearance of each parti sapphire, standard grading reports don't always capture the full picture. An up-to-date, detailed valuation, ideally with high-resolution imagery, may be recommended for accurate ring insurance. If your stone is particularly rare or was purchased bespoke, inform your insurer upfront to ensure the appraisal accurately reflects its market value, not just its weight and colour.

Birthstone connection: While not a traditional birthstone, sapphires are associated with September and the zodiac sign Virgo—adding another layer of meaning for couples seeking astrological ties.

7. Salt‑and‑Pepper Diamond (A$4,500–$6,000)

Why couples love it: Salt-and-pepper diamonds are the rebels of the engagement ring world. Instead of chasing flawlessness, they embrace it. With visible inclusions that scatter like stars in a night sky, each stone feels wildly individual—moody, romantic, and full of depth. Couples who choose salt-and-pepper often gravitate toward symbolism: that real love isn't perfect, but perfectly theirs. They also tend to favour non-traditional styles, such as geometric cuts or minimal bezel settings.

Sourcing & market notes: Most salt-and-pepper diamonds are mined in Botswana and Canada, with cutting often done in Antwerp or Mumbai. The goal with these stones isn't clarity but character—cutters work around inclusions to highlight each gem's unique aesthetic. Due to this approach, no two stones are alike, and larger carat weights (above 1.5 ct) are especially sought-after in alternative jewellery circles.

Insurance note: Because clarity and cut are non-standard, a detailed, in-person valuation may be recommended. Document the stone's carat weight, cut style (e.g., hexagon, kite, rose cut), and distinctive internal features. High-quality photography and descriptive appraisals help ensure your ring is accurately covered under engagement ring insurance—especially if you ever need to repair or replace it.

Insider tip: Pairing a salt-and-pepper centre stone with clean white diamond pavé or warm yellow gold can elevate the contrast and emphasise its natural beauty. Some buyers also choose to engrave the band with a personal message that mirrors the stone's individuality.

8. Black Diamond (A$5,000–$8,000)

Why couples love it: Black diamonds bring unapologetic boldness to the proposal moment. Whether set solo in a matte gold bezel or framed by white diamond pavé, they make a powerful, sleek, and often gender-neutral statement. Their deep, opaque colour symbolises strength and resilience, making them popular with couples seeking an unconventional centre stone that still holds emotional weight. They've become especially popular in men's engagement rings and for those seeking a more fashion-forward look.

Sourcing & market notes: The majority of black diamonds on the market are HPHT‑treated (high‑pressure, high‑temperature), with rough sourced from Colorado and Brazil. Naturally black diamonds, those with uniform graphite inclusions, are far rarer and command higher prices per carat. As with salt‑and‑pepper diamonds, size and shape tend to vary, and large, untreated stones often appear at auction.

Insurance note: Treatment status directly affects value. It's important your valuation specifies whether the stone is natural-colour or treated, and notes any unique features like fancy shapes or large carat size. Some engagement ring insurance policies may price natural stones differently, so be sure to keep your grading or origin certificate handy if available.

Pop culture nod: Carrie Bradshaw's infamous black diamond ring from Sex and the City 2 may have sparked the mainstream love affair, but celebrities like Carmen Electra and Kat Von D have also embraced the mystique, opting for black over bright colours.

9. Fine Ruby (Mozambique Origin) (A$8,000–$12,000)

Why couples love it: Rich in symbolism, ruby represents passion, vitality and enduring love. It's also July's birthstone, often chosen for its romantic undertones or to reflect a meaningful date. Among all coloured gemstones, fine rubies have shown some of the strongest value stability—even as other markets cool.

Sourcing & market notes: High-quality stones are primarily sourced from Mozambique's Montepuez mine. Reputable Australian dealers typically provide GRS or AGL certification to verify origin and treatment status.

Insurance note: Due to their investment-grade nature, rubies should be supported by a gemmological certificate and recent valuation. If you're considering a ruby engagement ring, ensure your insurer recognises and covers coloured gems based on their current market value.

10. Alexandrite (A$12,000–$20,000)

Why couples love it: Alexandrite is a marvel of nature, green in daylight, red in candlelight, and few stones carry such mystique. Its rarity and colour-shift make it feel magical and deeply personal, often chosen by those who want their engagement ring to reflect transformation, duality, and surprise. With its ability to appear like two entirely different stones in one, Alexandrite creates a dynamic storytelling piece with built-in heirloom potential.
It's also the birthstone for June, adding symbolic value for those born under the sign of Gemini or Cancer, or proposing in the winter months.

Sourcing & market notes: Fine Alexandrite is extraordinarily rare. High-quality stones above 0.8 ct are typically sourced from small deposits in Brazil and Tanzania, with intense colour-shift specimens often commanding auction-tier prices. Because supply is limited and quality varies wildly, working with a reputable jeweller or gem dealer is key.

Insurance note: Due to its rarity and wide pricing variability, a recent independent valuation is essential. For high-value or auction-grade alexandrite engagement rings, insurers often require documentation that includes carat weight, colour shift intensity, and origin, particularly when getting cover under specialist jewellery policies.

Pop culture nod: While not as widely worn as mainstream centre stones, Alexandrite has been quietly gaining prestige in fine jewellery circles. It frequently appears in vintage or estate pieces and is often selected by collectors seeking long-term value with visual drama.

Whether you're drawn to a galaxy-filled salt-and-pepper diamond, the fiery sparkle of Moissanite, or the once-in-a-lifetime allure of Alexandrite, these alternatives offer more than just value—they offer story, sentiment, and standout beauty. Each gem on this list proves that brilliance doesn't begin and end with a diamond.

Now, let's unpack some of the most common questions couples ask when exploring alternatives—so you can shop with clarity, not guesswork.

Common Questions About Diamond Alternatives

Curious about how these stones compare in real life? You're not alone. Here are some of the most searched—and most helpful—questions couples ask when exploring engagement ring alternatives:

Does an engagement ring have to have a stone?

Not at all. Some couples are opting for metal-only bands, custom engravings, or even permanent tattoos instead of the traditional gemstone. These options focus on personal symbolism over sparkle—and they can be just as meaningful.

Is tourmaline a good stone for engagement rings?

It depends on the variety. Tourmaline is undeniably beautiful and comes in a broad spectrum of colours (from watermelon to mint green), but it ranks 7–7.5 on the Mohs scale. That makes it more prone to scratching than harder stones, such as sapphire or Moissanite. For daily wear, protective settings and extra care are recommended.

Are Moissanite engagement rings popular?

Yes—and popularity is rising. Moissanite engagement rings have seen a sharp increase in popularity, especially among younger buyers who value ethical sourcing, visual drama and affordability. They're often chosen as a modern alternative to diamonds, offering a similar dazzle.

How much is a Moissanite engagement ring?

A 1 ct Moissanite typically ranges from A$600 to $1,500, although the price can vary based on brand, cut quality, and setting design. Larger stones or branded Moissanite may command slightly higher prices.

How to care for a Moissanite engagement ring.

Moissanite is durable, but like all fine jewellery, it benefits from regular care. Use a mild soap and soft toothbrush to clean, then rinse with lukewarm water. Avoid ultrasonic cleaners and chemical dips. Because Moissanite can attract oil or residue, especially in open-claw settings, a quick monthly clean helps keep its fire alive.

When Does Ring Insurance Come Into Play?

Skipping the diamond doesn't mean skipping cover. If your chosen stone holds significant financial and emotional value, it's worth understanding when and how ring insurance becomes relevant.

What to Know

• Cover begins when you make the purchase—whether it's a stone, a custom setting, or a finished ring. Even if the proposal hasn't happened yet, you can usually arrange cover as long as you have the correct documentation.

• Specialist jewellery insurance may offer cover for loss, theft, and damage, and sometimes includes broader benefits such as worldwide cover or the ability to return to your original jeweller for repairs. Check the Product Disclosure Statement (PDS) for full details.

• Most providers require a recent valuation or itemised receipt, and the item must meet the minimum market value threshold. For example, at JewelCover, an individual item must be valued at $1,000 AUD or more to be eligible for cover.

The Right Stone for the Right Story

Choosing a diamond alternative isn't a compromise, it's an intentional choice. One that reflects your values, your budget, and your unique connection. Whether it's the lab-grown brilliance of Moissanite, the wild individuality of a salt-and-pepper diamond, or the rare magic of Alexandrite, every stone tells a story. Your love story.

And when that story includes a ring of any kind, it's worth thinking about how you'll cover it.

At JewelCover, we're here to help you understand your options, whether you're months from proposing or finalising your stone this week. Because what matters most isn't how traditional your stone is—it's how well it fits your journey.

Looking to cover your engagement ring—whatever stone you choose? Get an indicative quote from JewelCover today.