How to decide how much to spend on your engagement ring
Are you planning your engagement proposal and trying to figure out the last step of getting that perfect engagement ring for your beloved? We are here to guide you through the entire process, from the design of your ring to its price. How much would be an ideal amount to spend on an engagement ring? Are there any myths that stand in your way, when it comes to engagement ring prices? Or are there any easy hacks that you could use while shopping for your special engagement ring? Read through to get all your answers to these seemingly complicated questions!
As per a 2019 survey from The Knot, the average cost of an engagement ring is near $5,900, and a significant number of respondents in the survey (~10%) spent less than $1,000. While, in a much recent (2020) Brides’ American Wedding Study, couples revealed spending an average of $3,756 on their respective engagement rings. This was more than $2,000, but still less than the average 2019 spending on engagement rings.
There is this old saying that you should spend a quarter of your annual income as your engagement ring’s worth. But is sticking to such rules a necessity? Definitely not! It’s good if you want to spend this much, and it’s great if you can. But remember not to be pressured into paying a quarter of your annual income, just to fit into this expenditure myth. Do it only if you have the means to meet this cost, moreover if you really want to. What matters is your love for your soon-to-be life partner, and no rings can match the value of that love. So stressing over the cost of the ring and compromising on the joy of your union is not worth it! Get a ring that is affordable for you and enjoy this new journey of life in more comfort.
The cost of your rings is determined by two factors: a) The cost of the diamond(s)/stone(s) and the metal used & b) The cost of the design of the ring - the setting of the centre stone/diamond and the ones around. To cut costs on the first front, you can ditch the diamond entirely. What would this mean for your engagement ring? This is a question you need to ask yourself while making this decision. Would you and your partner be fine with a centre stone that is not a diamond and instead a gemstone? That is a gemstone which is as brilliant or even better, adding a hue to the message of love that your engagement ring is to carry. If you wish to consider this path then ruby, white sapphire, emerald, blue sapphire and tanzanite gemstones would be a great replacement. While ruby, blue sapphire, emerald and tanzanite are coloured options, white sapphire is a close cousin to the diamond in terms of being transparent and nearly as brilliant. If you wish to ditch diamond and not its aesthetics, selecting a white sapphire centre stone would be the smartest way to cut the cost of your engagement ring. If you desire to go for a diamond ring on a pocket-friendly budget, you can always go for smaller-sized solitaires on your diamond engagement ring.
When it comes to the band of the ring, your options will be in yellow, rose white gold or platinum. Platinum is usually found at the most expensive end of a diamond engagement ring, and rightfully, so it is suggested to make one of the most enduring holds for solitaire diamonds on an engagement ring. But if you wish to manage costs, white gold would be a smarter replacement. If you wish to have an aesthetic appeal to your ring that fits a platinum diamond engagement ring, but on a budget - a white sapphire solitaire gemstone engagement ring on a white gold band should do the magic! Like this, you may try all the other gemstones that are available with metal bands that are more comfortable on your budget to cut down the cost of your perfect engagement ring.
Finally, in your ring’s design, it is the setting of the stones and diamonds that could heavily affect the cost on either side of your budget. Stone settings like a three-stone engagement ring set can prove to be expensive since a three-stone set would also mean a larger centre stone, which would increase the cost of the engagement ring, especially if the centre stone is a diamond. We would highly recommend not going for a cluster setting either unless you are looking for a cluster of tiny-sized gemstones. What is ideal for a ring on a budget is always a classic solitaire diamond!
There is always a way to accomplish any look on any budget. When the look you want is diamond, the ways are hidden in playing around with the four C’s of the diamond on your diamond engagement ring. The four C’s stand for Colour, Clarity, Cut and Carat of the diamond used to make your solitaire. But remember the C that you should play the least with should be the cut of the diamond unless it is the only C of the four C’s that you are playing with. Persuading the cute too much can affect the brilliance of the diamond used. While the colour and clarity are the two C’s that you can play around with to persuade a diamond engagement ring into your budget. While experimenting with the carat of a diamond, remember that as the higher the carat is, the costlier the engagement ring becomes. Smartly exploring ways to deal with the costs of the diamond by using the four C’s to your advantage you can definitely bag a diamond engagement ring of your liking any day any time!
While buying an engagement ring on a budget, remember that the ring you buy would be worn for a lifetime, so there should be enough of an investment to make the stone and the band last in the long run. At the same time, you don’t need to go overboard and go on spending so much that it would bring in debt unreasonably.
Make sure to keep our tips in mind and do share them with friends who are to be brides and grooms soon!