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How Much To Spend on an Engagement Ring? Shop Affordable Engagement RingsMay 15, 2018 - Diamond Articles
In order to make your proposal as stress-free as possible, it is a great idea to be prepared and do as much research as possible. It is also important to note that there is no right way to get engaged and there is no right amount to spend on an engagement ring. So although you need to do your research, remember that this process is individual to you and guidelines are only there to lead you in the right direction.
- How much does the average engagement ring cost?
- How much should I spend on an engagement ring?
- How to buy affordable engagement rings?
- How to choose the best ring on a specific budget
- What do I need to know before buying a diamond ring?
- How to afford an engagement ring
How much does the average engagement ring cost?
According to the Knot’s 2017 Real Weddings Study, the average American spends $5,764 on an engagement ring. The study shows that prices for wedding related costs have actually gone down over recent years, for example in the Knot’s 2015 Real Weddings Study, the average engagement ring price was at $5,871.
Price and engagement ring styles vary throughout the country. Read our Diamond and Jewelry Ranking Report to see what types of diamonds are most popular in your state.
How much should you spend on an engagement ring?
There are a number of different theories on how much you should spend on an engagement ring. But the simple answer is that it is entirely up to you and what you think your partner would be happy with.
Interestingly, engagement rings prior to the 1930s were usually inexpensive and rarely even contained diamonds. It was DeBeers’ campaigns that initiated this concept of how many months’ salary should be spent on an engagement ring. In the 1930s, DeBeers suggested spending one month’s salary on an engagement ring but fifty years later this had been changed to two or sometimes even three months.
The US does have a tradition of spending more on engagement rings than other countries such as the UK, where the average engagement ring costs around $775. It is important to look at your own finances and what is realistic for you to spend on an engagement ring before getting caught up in statistics. Set yourself a realistic budget, whether it be two weeks’ salary or four months, and stick to it.
The bottom line is, don’t buy something that you cannot afford. Remember that you will have an entire wedding and honeymoon to fund shortly with a lot of different expenses. Starting married life stressed and in debt is not a good idea.
How to shop affordable engagement rings
If you are looking for inexpensive engagement rings that won’t break the bank, that does not mean you have to forgo her dream ring. It just means you have to shop smart.
When it comes to affordable engagement rings, our top tip is to shop pre-owned:
- Cost: Pre-owned and expertly authenticated diamond engagement rings cost a fraction of new engagement rings, without compromising on quality.
- Sustainable: Not only are pre-owned diamond rings the most affordable engagement rings (when it comes to real diamonds and not lab grown); they are also the most eco-friendly option. This is because recycled diamonds reduce demand for new diamond for mining.
How to choose the best engagement ring on a specific budget?
- Under $1,000: If you are looking to spend under a thousand dollars, it may be wise to choose colored gemstones or a diamond under 1ct for the center stone. Halo engagement rings are a popular choice as are cluster rings, which are a great option for making a center diamond appear larger.
- $1,000-$5,000: Depending on the style of ring that you are after, you can get a great quality round 1ct diamond. Opt for a fancy cut if you are searching for a diamond over 1ct. You can also choose a pave diamond band for extra sparkle and a more unique look.
- $5,000+: At this price point you have the luxury of choosing diamonds that are over 1ct. Round or princess cut shapes are extremely popular and they tend to be more expensive. Colored diamonds are also a great chose for larger budgets.
What do I need to know before buying an engagement ring?
- Size of the ring: the easiest way to determine the size of the band that you will need is to see if your partner already wears a ring on their ring finger. If so, you can take this ring to a jeweler’s to find out the size.
- Design: you may have an idea as to what type of ring setting and style they might be after. Whether they have shown you examples of what rings they like before, commented on other people’s rings or even created a mood board on Pinterest. If not, check with their friends or family, or see what types of engagement rings are popular at the moment for some inspiration. Do consider what type of wedding ring/wedding band would go with the ring of your choice.
- Stone/metal: Take note of what color jewelry your partner usually favors: yellow gold, rose gold, white gold? It is a good idea to do some research into what your budget will allow for and what you think your partner’s perfect engagement ring looks like.
How to afford an engagement ring
The best way to raise funds to buy an engagement ring is to look to any unwanted luxury items in your closet: jewelry, watches or handbags. By selling any luxury items you no longer love, you can use the extra amount earned through selling to contribute to the engagement ring.
You can either sell your engagement ring for cash with WP Diamonds, or we can give you an extra 10% on your offer in the form of store credit with our online jewelry partners.
Selling with WP Diamonds is easy. Simply fill in our online form and we will get back to you with a price quote. As an A+ BBB accredited business with great reviews online, we can ensure a quick and safe transaction with the entire selling process completed in as little as 24 hours.