HOW MUCH TO SPEND ON AN ENGAGEMENT RING
Nothing about buying an engagement ring is one-size-fits-all. Whether you choose to design a custom piece together, surprise her with a ring that costs half your salary or go with an alternative to the traditional diamond engagement ring is up to you. Whatever you decide, an engagement ring is an important purchase, both for your relationship and your wallet. Here’s how to determine how much you should spend on an engagement ring.
THE MOST COMMON ENGAGEMENT "RULE"
Ever heard that you should spend roughly three months of your salary on an engagement ring? The idea actually stems from a marketing campaign from the 1930s that sold people the idea that how in love and committed you are was directly correlated to how much the ring costs. We know that is far from being the case, but somehow the “rule” has persevered.
In reality, the average engagement ring cost could be anywhere between $1,000 and $5,000 with some people spending more and some spending less.
WHAT IS YOUR BUDGET?
The last thing you want is to get engaged and then have to pay off the debt you accrued by choosing a ring that was beyond your means. Think about it: you still have a wedding to plan and a whole life together to finance.
SET PRIORITIES
Before you start shopping for the engagement ring of your dreams, take some time to come up with a budget for what you can realistically spend. The 4 Cs (cut, color, clarity, carat) all factor into the ultimate price of a diamond, so a quality stone doesn’t necessarily have to be flawless in every way.
Setting priorities can help you narrow down your choices, and a certified gemologist can help you navigate your options. With a budget as your guide, you won’t waste any time looking at rings that you can’t afford—no matter how beautiful they may be.
WHAT STYLE OF RING DO YOU WANT?
An engagement ring is about more than just the diamond. The metal, setting and overall style can also affect the cost. Classic 14-18K white gold or platinum are the most popular choices but can also be on the more expensive side. Alternatives like 10K gold (rose, white or yellow) can give your ring a more unique or vintage vibe, while sterling silver is always a great option if you are on a tighter budget.
Next, the number of stones you choose will also affect the overall price. A solitaire engagement ring is a popular choice but so is a 3-stone engagement ring or a design with halo detailing (smaller gemstones surrounding the main center stone).
You might also consider choosing a lab-created diamond. They are optically, chemically and physically the same as a natural diamond, but often come at a lower cost. With more of your budget left over after you choose a diamond, you’ll have added flexibility with the choice of metals and setting designs.
THE BEST PLACE TO BUY AN ENGAGEMENT RING
Whether you’re looking for a loose diamond or a pre-designed ring, the best place to buy an engagement ring depends on a few of the things we’ve already mentioned. What is your budget? What kind of diamond are you looking for? What style do you have in mind?
The experts at Jared can help you narrow down your search and provide guidance for getting the most out of your budget. Our custom design studio is the perfect option if you want to create a one-of-a-kind engagement ring that represents the bond you and your partner share. In the end, no matter where you choose to buy an engagement ring, how much you spend is up to you.
