So, you’ve fallen in love and made the most important decision of getting married to your love. The next important decision is probably how much should I spend on an engagement ring, while considering engagement ring cost and types of engagement rings available.
A recently conducted survey by EBates shows that 50% of men and women in the US are likely to buy an engagement ring for around $1000 to about $5000, with average spending being $4758. You could say this is the average engagement ring cost 2018, with the engagement ring price range being anywhere between $1000 to $5000. Another estimate by Lauren B.Fine Jewelry & Diamonds says that men spent around $7000 on an average this year.
How much should an engagement ring cost traditionally? Myths Debunked
Well, this one is a tough cookie. There are so many myths surrounding engagement rings, that it’s well near impossible to specify a cost.
One myth actually says that you should spend your three months of salary on your engagement rink. Do you think this myth dates back to several centuries? No way. It was in fact due to a De Beers advertising drive. In fact, before 1930, there was no norm for presenting a diamond engagement ring.
De Beers suggested through its campaign in the 1930s that you spend one month’s salary on your engagement ring. This changed to two months’ salary during the 1980s. They also successfully linked diamonds to an engagement ring.
Actually, there’s no etiquette or rules surrounding this all-important ring for your better half. It all boils down to your budget in the end. .
For instance, there are people like Justin Theroux who shelled out a million dollars for Jennifer Aniston.
Types of Diamond Engagement Rings
You’d want to sweep your bride right off her feet by placing the most unique engagement ring on her finger. There are different types of engagement rings and the diamond rings price depends on this as well.
You can go the classic route by opting for the solitaire ones in classic design. It’s a foolproof choice and also the most expensive one. There are also other options like multiple diamonds, stones all around the perimeter, a diamond band, a three stone combination and so on.
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Unique engagement rings or Non-traditional styles also feature colored gems like topaz, irregular cuts. They add a unique touch and are perfectly suitable if your bride is an unconventional one. Vintage rings belong to a particular era, rather like an antique. It carries a lot of historical weight, rather than just an artistic one. Just take care to buy from a reputable site like Trumpet & Horn or Brilliant Earth.
Cheap Engagement Rings
Did you know that 39% of wedding proposals are made from Thanksgiving to Valentine’s Day? You bet there are better deals around the holiday season.
- Before you set out to buy engagement ring, begin with a plan/budget.
- Find out your partner’s tastes.
- Consider her lifestyle. For instance, if she is a doctor or a nurse, she might have to wear gloves most of the time. So a low setting would be preferable.
- Consider rubies or a morganite engagement ring. They are cheaper and quite popular alternatives.
- Remember, the cost depends on the 4Cs – the carat; the cut; the clarity and the color.
Tip: If you want excellent value for money, go for diamonds with H and I grading.
- Buy a ring certified by the GIA or the AGSL, as it guarantees these 4 Cs. Of course certified diamonds do cost more, but at least you don’t get scammed. Don’t believe in house certifications.
- You can buy the diamonds and the settings separately, for a customized look. For instance, check out the settings at Tiffany website and then ask your local jeweler to set it that way to save costs.
- If all this is too much for you, and you want budget engagement rings, just go over to Costco to get a typical engagement ring at a fraction of the price.
- Also, consider cheaper metal options. Instead of platinum engagement rings (the most expensive ones), you could opt for rose gold engagement rings. It is cheaper than a white/yellow gold one, as the copper used in it is cheaper.
Tip: check out whether your fiancée is allergic to copper.
- Use an engagement ring calculator. It can calculate the rough amount you should be spending on the engagement ring, based on your answers to some personal questions.
- What is the average engagement ring size? It’s around 0.9 carat. That’s because a diamond that is just off the 1 carat mark is much cheaper, and the difference in size is hardly visible.
Princess Cut Engagement Rings or Cushion Cut?
There are several fancy cuts available, like Princess cut; cushion cut engagement rings; oval; marquise; emerald cut engagement rings; asscher; pear and so on. Actually, you could save around 40% by going in for a non-round shape. Round diamonds are more expensive than hearts and ovals.
How much do engagement rings cost? Engagement ring prices depend on the 4Cs. Apart from the 4Cs, specialty jewelers and designers will have higher costing diamonds, compared to mass-market stores or retail jewelers.
Customization can also make it more expensive. You can buy it online at Blue Nile, or James Allen to save more than 40%. Ebay or Etsy are also good options, but navigation is tricky.
There’s no one size fits all for the question ‘how much should a man spend on an engagement ring?
The four Cs can affect the price of your diamond engagement ring. So decide which one you wish to compromise on. You can even opt for 0.96 carat diamond instead of the 1 carat one, and avoid the premium price. Again, if you are opting for a round diamond, it could cost $5000, whereas a princess cut would only be $3000, all other characteristics being the same.
So the bottom line is that there are no hard and fast rules regarding how much you should spend on an engagement ring. Remember, you don’t have to go into debt, just spend what you can. Also, consider your partner’s wishes and preferences. If she really wants a rock, you may have to spring for it, but if she’s happy with something minimalistic, you’re in luck!!