Jewelry Articles

The World’s Most Expensive Engagement Ring

March 16, 2018 - Jewelry Articles
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It comes as no surprise that the world’s most expensive engagement ring is owned by one of the world’s biggest divas, Mariah Carey. Carey is the proud owner of a 35ct emerald cut engagement ring, estimated at $10 million dollars. This ring easily overshadows other celebrity engagement rings such as Beyoncé’s 18ct and Kim Kardashian’s 20ct rings. Keep reading to learn all about Mariah Carey’s breath taking engagement ring, the man who gifted it to her and how you can get your dream engagement ring.

 

Facts about the world’s most expensive engagement ring

Mariah Carey received her stunning engagement ring from the billion dollar businessman James Packer, in 2016. The ring’s centre stone is a 35 carat emerald diamond, flanked by two baguettes upon a platinum setting. Carey joked that the ring is “so heavy I can’t lift my arm up!”. Her engagement ring from Packer is more than twice of the weight of 17 caret emerald cut engagement ring she received from former husband Nick Cannon.

world’s most expensive engagement ring

The engagement ring, estimated to be worth $10 million dollars, was designed by Wilfred Rosado, luxury jeweller and long-time friend of Carey. Rosado explained that the engagement ring was a challenge to create. He stated, “I wanted to create the most gorgeous ring for my dear friend, but I also wanted to create the most stunning ring for one of the most iconic divas of our generation”. When discussing the engagement ring’s breath taking centre stone, Rosado said, “The stone is so large, but we were able to create a beautiful balance with the overall simplicity of the design. It was about mixing simplicity with volume, which is very difficult to do.”.

 

The couple’s relationship

Carey and Packer’s wedding was called off after 7 months in October 2016. Their relationship turned sour after the two had intense arguments while vacationing in Greece. While the exact reason for their fallout has not been revealed, one source said, “James had huge reservations about Mariah’s new reality TV show and the fact that she was willing to expose their lives to the world”. Others link the breakup to something awful Packer had done to Carey’s assistant while on their Greek vacation. Regardless of the reason, the breakup was so difficult for Mariah Carey that she had to cancel part of her South American tour.

Mariah Carey was allowed to legally keep the engagement ring because it was Packer who broke off the engagement. According to Attorney Stacy D. Phillips, the law in California states that “if the recipient cancels the wedding, then the recipient has to give back the ring because the ring was a conditional gift — the condition being the recipient had to marry the donor. If the donor breaks it off, then the recipient can keep the ring. If they decide together mutually to cancel the wedding then the recipient has to return the ring.” Carey had every intention of marrying Packer, sources say, “she had a dress, her daughter had a dress, they were excited, they were making wedding plans”.

world’s most expensive engagement ring

When discussing his relationship with Carey, Packer stated, “I was at a low point in my personal life. She was kind, exciting and fun. Mariah is a woman of substance. But it was a mistake for her and a mistake for me”. When the two met, Packer was in billions of dollars of debt after borrowing large sums of money to give to his sister and his failing Hollywood film and financing company, RatPac.

 

The engagement ring today

After Mariah Carey and James Packer’s fallout, Carey is still in possession of the ring which she frequently wore as a dazzling fashion accessory. Today she is in an on-again-off-again relationship with backup dancer Bryan Tanaka. While Carey is determined to get married this year, she does not plan on letting Bryan Tanaka buy her engagement ring. Carey believes that her boyfriend, “will not be able to afford the kind of ring she deserves”. Which is not surprising given that her last ring was the most expensive engagement ring in the world. Who knows how Carey will top her previous extravagant engagement rings in the future, but whatever she picks will be fit for a world-class diva.

 

What makes engagement rings so expensive?

Engagement rings can cost up to hundreds of thousands of dollars. But where does this high price come from? The bulk of the engagement ring’s value typically comes from the ring’s centre stone. The factors that determine the price of the engagement ring include the centre diamond’s 4 C’s:

  1. Cut grade
  2. Clarity grade
  3. Colour grade
  4. Carat weight

The engagement ring’s brand can play a big role in its value, especially with designer brands like Tiffany & Co. and Cartier. With these brands you are not just paying for the quality of the diamond, but also their luxury image.

 

How to Sell or Upgrade your Engagement Ring

Has Mariah Carey’s engagement ring has inspired you to upgrade your own ring? WP Diamonds can help you afford your dream engagement ring.

How to sell your engagement ring:

  • Fill out our online form
  • Receive a price quote
  • Schedule an appointment OR send your engagement ring in through our free and insured shipping service
  • Get a final price and get paid

We are experienced engagement ring, jewellery, luxury watch and loose diamond buyers. Thanks to our international presence and industry connections, we are able to provide you with honest and competitive prices. Our fast, free and secure service has earned us hundreds of positive online reviews. After completing our simple online form, you can receive funds in as little as 48 hours.

 

How to upgrade your engagement ring:

We also offer a trade-in program where you can upgrade your current engagement ring and receive up to 20% more on your offer in the form of store credit with our online jewellery store partners, including Gemma by WP Diamonds. Click the button below to get your quote today.

Author
Bio: Written by one of our diamond, designer jewelry or luxury watch experts. With over 150 years of combined experience, our experts are able to comment on trends, share industry knowledge and provide diamond, designer jewelry and luxury watch education.

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