The range of diamond jewelry prices can be dramatic depending on the size and quality. For example a half caret brilliant cut round diamond of K color and I1 clarity would cost about $2000 per caret or $1000.
The most popular diamond earrings shape has been the round brilliant because people believed it to be an "ideal cut" that displayed the most brilliance and sparkle in a ideal cut diamond.
In 1477 AD, Archduke Maximilian of Austria presented a butterfly ring to Mary of Burgundy as a sign of their engagement. He put it on the third finger of her left hand, She accepted his proposal and the ideal cut diamond was born.