The cost of a decent diamond ring can vary significantly depending on the quality and size of the diamond, as well as the type of metal used in the setting and the overall design of the ring. In general, diamond rings in Toronto can range in price from a few hundred dollars to several thousand dollars or more. Diamonds are typically graded based on the "Four Cs" of diamond quality: carat weight, cut, color, and clarity. Diamonds with higher grades in these categories will generally be more expensive than those with lower grades.