There are a couple of options to choose from when shopping for a pink engagement ring. In terms of diamonds, naturally pink options are few and far between, which is why they come with a higher price tag. (After red diamonds, pink diamonds are the most expensive natural diamond color on the market, as reported by The Diamond Pro.) According to the Gemological Institute of America (GIA), of the over 800 million carats of rough diamonds produced at Australia’s Argyle mine — one of only a handful of places where pink diamonds are mined — less than 1% are pink. If you’re in the market for something a bit more cost-effective, precious stones, like sapphire, or semi-precious ones, like morganite and tourmaline, are excellent alternatives. (Morganite stones tend to be more champagne-like in color, while tourmaline stones are brighter and more vibrant.)