How Much to Spend on an Engagement Ring

Engagement rings can be one of the most crucial investments in your relationship. It's a symbol of your love for your significant other, and it can be an expensive one. So, how much should you be spending on an engagement ring? Depending on your specific financial situation, the answer might vary. A cunning marketing ploy by some of the world’s top jewellers would have you believing that you should be budgeting at least 2x - 3x your monthly salary. However, when it comes to the tradition of giving an engagement ring, there are no hard and fast rules. Some couples prefer to go smaller with more simple rings, while others might choose to spend a little more for something truly unique.

Average Cost of Engagement Rings

According to numerous annual reports, the average cost of engagement rings purchased in the U.S. in 2021 was $6,000. However, it is important to note these figures can be skewed by exceptionally high or low purchases, so don’t fixate on them too much! Budgets at the lower end of the scale can still find you some stunning rings if you know where to look; think white gold or platinum metal paired with diamonds; or rings containing semi-precious stones such as tanzanites, sapphires, or rubies.

Set Your Budget

The only way that you will be able to afford a great ring is by keeping your expenses in mind. That means that while you don't want to feel restricted by your budget, you also don't want to feel as if you are throwing money away on a ring that’s too expensive. When setting your budget, it's important to first investigate the different styles of rings, so you can get more of an idea about the general price lines for the preferred style. There are several factors that can impact the cost of a ring, including the size and shape of the diamond and any additional features, such as engraving or gemstones. Therefore, it is fundamental to carefully consider your needs and expectations before shopping.
When setting your budget and browsing for the perfect piece, remember to consider your current spending also any expenses that may come with an engagement, such as property purchases, weddings, and honeymoons. Many jewellers offer financing options that allow you to pay a smaller amount first and then pay in monthly instalments. This idea may be a more appealing option because you won’t have to save up for one big payment.
Once you've settled on a budget, you can start looking for rings in that range. However, it's essential not to sacrifice quality or durability to stay within budget. With a bit of planning and shopping, you can find the perfect ring without breaking the bank.

Cutting the Cost of Your Dream Ring

It’s always preferable to factor most (around 75%) of the cost towards the centre stone; a simple solitaire style may be the way to go for this option as you can devote a large chunk of the budget to the singular core stone, enabling you to really get that wow factor! It’s also handy to remember that you do have the option to add additional stones to the ring in the future if you wish.
If an embellished statement is more your partner’s style, you can keep prices lower by comparing the different metals used in the ring's band. For example, a band made out of sterling silver will be much more cost-effective than one made out of platinum. This choice will enable you to get a more elaborate ring that includes more stones but is still within your budget.
You might be looking for a more unique / one-of-a-kind or even vintage ring for your proposal, and while this could prove a costly choice, there are options out there that enable you to get the ring of their dreams without breaking the bank. Many certified second-hand jewellers sell beautiful pieces for a fraction of the original cost. Many of them also issue warranties to give you peace of mind, however, be sure to compare offerings in numerous stores to find the perfect style and price for your needs.
By far, one of the most inexpensive options to consider for your purchase is auctions. Check your local auction houses to see if they have any jewellery auctions coming up, browse their catalogue for the perfect piece, and head over to view the item in person before making a bid. A riskier but cheaper way to buy a ring at auction is to use a specialised site like eBay. Thousands of pieces are listed on these sites daily, and with there being such an extensive catalogue you are sure to find exactly the right ring. Just be sure to read product descriptions, view all pictures, and ask the seller any questions before your purchase so you can be sure of what you’re getting. And, as always, be on the lookout for scams.

Conclusion

So, what’s the answer when it comes to budgeting for your engagement ring? It may not be easy, but it is possible to find a beautiful ring without spending a pretty penny. Start by considering what you can afford then, shop around for the best deal. Don’t be afraid to get creative with your search; there are many places to find affordable rings, including online retailers and local jewellers. And finally, remember that it’s the thought that counts. A lovingly chosen ring will mean more than anything money can buy.

FAQ

Is 10k too much for an engagement ring? There is no definitive answer when it comes to how much you should spend on an engagement ring. Some may think that 10k is a reasonable amount to spend, whereas others may want to go for something less expensive and use the excess towards starting a future with their significant other. No matter how much you decide is right for you, It’s important to stay within your budget so you don’t end up putting a strain on your finances. Remember, the price of a ring doesn’t indicate the degree of your love.
How many carats is Kim Kardashian's ring? Kim Kardashian's engagement ring from Kanye West is a 20-carat cushion-cut diamond set on a band of smaller diamonds. The ring is estimated to be worth $3 million. Her first engagement ring, from ex-husband Kris Humphries, was also a 20-carat diamond, but was oval in shape and was estimated to cost around $2 million.
What is the most popular diamond size? The average engagement ring contains a 1.00-1.50 carat diamond. However, the most popular size for an engagement ring is between 1.08 and 1.2 carats. It's big enough to be noticed, but not so big that it's too expensive or impractical.