In 1477, Austria's Archduke Maximillian gave Mary of Burgundy the very first diamond engagement ring. In the 15th century, diamonds were said to carry power to enhance the bond of love between a wife and her husband. From that day forward, the diamond would signify commitment, faithfulness and devotion for married couples around the globe.

Today, engagement rings come preset or can be created by selecting a unique setting and a loose center diamond (with or without side stones). While the choices are endless, the most popular type of engagement ring is the diamond solitaire ring--a single stone set on a simple setting. While some women prefer elaborate design and detail, the solitaire ring continues to be the most frequently purchased engagement ring throughout the world.

Since the beauty of a diamond solitaire ring depends wholeheartedly on a single stone and its setting, choosing each of these elements is critical. The prong or claw setting is typically used in a solitaire ring. This setting embraces the stone using four or six prongs. This construction allows for light to pass through the diamond giving it a brilliant shine. Tension settings are also used in solitaire rings and offer a more contemporary look.

With the setting chosen, the next step is to select the diamond itself. Though a diamond solitaire ring is the most simple of its kind, there are still a lot of choices to be made. The cut, color, carat and clarity of each diamond is distinctive. Each of these 4Cs will play a large part in determining the final price of the solitaire ring.