How Much to Spend on an Engagement Ring: Your Official Budget Guide
While you've probably heard that you should spend three months' salary on an engagement ring, that is not a hard and fast rule. In fact, there are no rules when it comes to buying an engagement ring. It is a very personal decision for each couple.
What Should I Spend?
Spend what your budget allows. Or perhaps take a second job to upgrade a bit beyond your normal budget. We know a fellow who sold his plasma to fund his bride's ring. That's extreme, but do what works for you. The average engagement ring in 2020 was in the $4,000 range, but that's much lower than in 2018 and no doubt much higher than other years. Do what works for you.
Study Before Shopping
It's good to have a basic knowledge of the "4Cs" -- cut, color, clarity and carat -- before you venture into a store. It's also good to know your partner's preferences in a diamond. Perhaps bigger is better even with visible flaws, or perhaps smaller with great clarity is preferred.
Without knowing a partner's preference, most buyers choose a round or brilliant cut diamond. These diamonds are great for sparkle and reflecting light, but a marquis or princess cut of the same weight will look bigger.
Diamond or Nontraditional Stone
Lower clarity diamonds can be just as pretty as higher clarity but a lot less expensive. If flaws can't be seen by the naked eye, no one is the wiser. You could also choose a quality gemstone for the larger stone and put it in setting with smaller diamond accents. However, assume your beloved prefers a diamond unless you know for sure.
Antiquing We Go
Consider antique rings or putting a family diamond into a new, modern setting. Because of their cut, these diamonds may have great sparkle and life. Don't go strictly by their paperwork -- look at these diamonds in person.
Have A Conversation
Yes, surprises are nice, but most brides want an engagement ring that suits their personal style. Talk about the ring. Discuss your budget. Look at pictures of rings. Have these conversations before you find yourself at the jewelry counter falling in love with something that is beyond your budget.
If you have a plan, you'll be less likely to be caught up in the excitement and spend money that you'd both prefer go to the down payment on your first home or to make your wedding more special.
We've been around since 1984, and while things have changed over the years, we're still in the business of making sure you get the ring of your dreams. Remember, there are no rules when it comes to engagement rings. We'd love for you to contact us today.