Comprehensive Buying Guide: Oval Diamond Ring

Learn everything you need to know about buying an oval cut diamond ring.

History of Oval Diamond

The oval diamond has a rich history that spans centuries, reflecting both advances in gem-cutting technology and evolving aesthetic preferences. The idea of shaping gemstones into oval forms can be traced back to ancient times, though these early cuts were rudimentary and lacked the precision of modern techniques. During the Renaissance, advances in gem-cutting began to allow for more sophisticated shapes, including ovals, but these were still relatively uncommon compared to other shapes like the rose cut or the table cut. The modern oval cut diamond as we know it was developed in the mid-20th century. A major milestone in the history of the oval cut came in 1957 when Russian-born diamond cutter Lazare Kaplan, a relative of the famed Asscher family, introduced the modern oval cut. Kaplan's innovation was driven by his desire to create a diamond cut that would maximize the brilliance and fire of the stone while providing an elegant, elongated shape. Kaplan’s oval cut features 56-58 facets, similar to the round brilliant cut, which allows it to retain a high level of brilliance and fire. Advances in diamond cutting technology have continued to refine the oval cut, allowing for greater precision and consistency in achieving the ideal proportions and symmetry.

Popularity of Oval Diamond Ring

Oval diamond rings are popular due to their elegant and flattering shape, enhanced brilliance, versatility in settings and celebrity endorsements. The oval cut diamond combines the brilliance of the round cut, while the elongated shape allows for excellent light reflection. An oval cut diamond can be set in both modern and vintage settings. The unique shape also allows the diamond to be set east-west providing even more ways customize the setting versus a round diamond.

Rarity also makes an oval diamond popular with luxury buyers. Oval diamond ring over 3 carats in VS clarity or better and G color or better make up less than 1% of the diamond market. Round brilliant diamonds account for 75% of diamonds sold and only 1% of diamonds are over 2 carats.

The 4 Cs: Carat, Clarity, Color, and Cut

An oval diamond typically has 56-58 facets and the elongated shape makes the diamond appear larger than a round diamond.

Carat: As a luxury seller of diamonds, Sotheby's generally carries oval diamonds that are 3 carats and above. Sotheby's sells some smaller oval cut diamonds but these are either colored diamonds or very high quality diamonds that are classified as colorless and in the flawless/internally flawless clarity grade.
Clarity: Sotheby's recommends a clarity grade of VS1 or higher for oval cut diamonds. Oval diamonds can exhibit a bow tie effect, dark area across the center of the diamond. A well cut stone with higher clarity will have less noticeable bow-tie.
Color: Oval diamonds show color more easily than round diamonds so we recommend a G color or better.
Cut: A common ratio for oval diamonds is 1.30 and 1.50. A ratio of 1.35-1.45 is often considered ideal for a balanced appearance.

Type I and Type II Diamonds

About 95% of diamonds are Type Ia and contain trace amount of nitrogen. Most engagement rings and other diamond jewelry are made from Type Ia diamonds. Type Ib diamonds are often associated with intense canary yellow diamonds and are often used for jewelry. Type II diamonds are much rarer than Type I diamonds and have fewer inclusions and higher clarity than the more common Type I diamonds.

Type IIa diamonds are the purest form of diamonds with no measurable nitrogen or boron impurities. These diamonds are often colorless but can also be found in rare colors like pink, brown or blue. These are extremely rare and comprise less and 2% of all mined diamonds. These diamonds are formed under high-pressure and high-temperature conditions which can give the diamond higher clarity and brilliance. Sotheby's sold a Type IIa Oval Brilliant Cut diamond weighing 102.39 carats for $15.8 million in 2020.

Type IIb diamonds contain boron which give them blue or grayish-blue color. Unlike other diamonds, Type IIb are semiconductors and can conduct electricity and are even rarer than Type IIa diamonds. The Hope Diamond is an example of a famous Type IIb diamond.

Fancy Colored Oval Diamond Ring

The elongated shape of the oval diamond can enhance the color of fancy colored diamonds, making it a favored choice for colored stones as well. Oval colored diamonds are significantly more expensive than similar size and quality white diamond due to rarity in the market. Sotheby's sold a fancy intense orangy pink oval modified brilliant cut weighing 4.76 carats for 1.1 million CHF and a fancy yellow oval cut diamond weighing 33.03 carats for $610,000 in 2023.

Celebrity Oval Diamond Ring

Many celebrities have chosen oval diamond engagement rings. Blake Lively's engagement ring from Ryan Reynolds is a 12-carat oval pink diamond set in a rose gold pave band. Hailey Baldwin Bieber has received two oval diamond rings from Justin Bieber. Her original engagement ring featured an oval diamond estimated between 6-10 carats and her recent upgrade features an estimated 18-carat oval diamond. Selma Hayek received a 5-carat oval diamond engagement ring from Francois-Henri Pinault. Nicola Peltz's second engagement ring from Brooklyn Beckham features an oval diamond estimated to be between 6-8 carats. Kourtney Kardashian received a 10 carat oval diamond engagement ring from Travis Barker.

Advantages to Buying Diamond Jewelry on the Secondary Market

There are many advantages to buying diamond jewelry at Sotheby's. As one of the largest and most established global luxury secondary markets, Sotheby's offers clients many unique advantages when growing a diamond jewelry collection.

1. Access

Sotheby's is able to provide access to a curated selection of diamond jewelry from its long established global network of sellers. Sotheby's is a leading global marketplace that offers pristine diamond jewelry in the most rare colored diamonds from an assortment of designers. Our jewelry specialists are always sourcing the more desirable diamond jewels from collectors around the world. Sotheby's also sells incredible private collections that include one of a kind diamond jewelry.

2. Flexibility

Sotheby's provides multiple ways to purchase diamonds including auction, online and in person in New York, Hong Kong, Paris and London. Sotheby's also offers a concierge service if you need assistance sourcing a specific diamond jewels that aren't available at auction or online.

3. Value

As a leading global secondary market, Sotheby's often provides great value for diamond jewelry. While Sotheby's regularly sells diamond jewelry over $600,000, many of these diamond jewels sell for below the original retail price. Signed diamond pieces can experience a 30 to 40% decrease from retail price to secondary market. Non-signed diamond pieces may fluctuate based on the current market price for the raw materials themselves. The discount varies depending on the jewelry's design, quality, size of the diamond and gem stones, and overall market conditions. Some diamond jewelry can also sell at a premium to the original retail, especially for one of a kind vintage designs, diamond jewelry with provenance linked to celebrities and/or royalty, and pieces featuring exceptionally rare diamonds and colored gem stones. Sotheby's is a great place to start collecting diamond jewelry. Sotheby's also provides seasoned collectors value for vintage diamond jewelry at prices that can be materially lower than retail replacement values.

4. Discovery

One of the best parts of a global luxury secondary market is discovering unique pieces from decades earlier and custom designed one of a kind diamond jewelry pieces. Sotheby's curated selection changes regularly and each auction has a unique selection of diamond jewelry. You are likely to discover something new to you.

Buy and Sell Diamond Jewelry At Sotheby's

Sotheby's often has rare and collectible pink diamonds available at auction. Sotheby's also has a curated selection of diamond jewelry available for immediate purchase on marketplace. If you would like to view diamond jewelry, a salon specialist would be happy to assist. Sotheby's is also able to source diamond jewelry from its global supplier network. Prices for diamond jewelry start around $4,000 for white gold and diamond band rings and rise significantly for more coveted diamonds. Iconic diamond rings, such as platinum diamond engagement rings can exceed $800,000.

Explore upcoming jewelry at auctions in New York, London, Switzerland, Paris, and Hong Kong.
Speak to a Salon Associate in New York, London, Paris, or Hong Kong to schedule an appointment.
Contact a Jewelry Specialist about selling diamond jewelry.

Trust our worldwide network of leading jewelry specialists from a globally renowned auction house established in 1744.