You are in good company if you are looking to design your own engagement ring. More and more couples are learning all about diamonds and choosing to build their own rings instead of buying one "off the rack".

Unless you are buying a designer engagement ring and are willing to pay a significant premium for a brand like Tiffany, why not educate yourself on diamonds and custom build your very own ring?

Since the cost of a diamond engagement ring is mostly determined by the diamond itself, there will be very little difference in price, if any, between buying one that is in stock or having them build one for you that you designed yourself.

There are many build-your-own-ring systems out there but one of our favorite online retailers makes the process so simple that it is virtually as easy as buying an airline ticket.

You start by picking your diamond. You then filter and sort the results by diamond grades, shape, cut, clarity, color, carat and price and view pictures of the actual diamond itself, inclusions and all, from the comfort of your laptop. You can also look at the diamond's official grading certificate so that you can be sure of what you are buying.

You then move on to the setting and style. The choices are almost endless and include every imaginable design you could wish for. So once you have chosen the perfect stone and a setting that suits your personal style you then select the type of metal used for the ring. Although 14K white gold is the industry standard you may want to go for platinum or yellow gold instead. The choice is yours!

That's the whole point of building and designing your own engagement ring, you get to choose every component that goes into the ring and make it as unique as your relationship.

The one caveat is that you should not go into the process blindly. Learn about the 4 Cs of diamonds, become knowledgeable on diamond shapes and research some of the benefits and drawbacks of various settings. Be an educated consumer and then design away!

Finally, make sure that you spend a little bit of time researching the retailer and that they provide a lifetime warranty and a money back guarantee. Some online jewelers are just looking for a quick sale and don't care all that much about their customers. You don't want to go through the process of designing your own engagement ring only to find out that the retailer you chose deals in conflict diamonds or does not provide independent diamond grading certificates.