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How much should you spend on an engagement ring?May 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?
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 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 a gemstone or a diamond under 1ct. Halo rings are a popular style 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 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: If marriage has been discussed with your partner before, you may have an idea as to what type of ring 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, it is a great idea to consider what these rings have in common so that you know what you are after. If they have never given you any clues as to what types of designs they prefer, check with their friends or family. You can also see what types of engagement rings are popular at the moment as this may give you some inspiration.
- Stone/metal: This will, to some extent, depend on your budget. Do take note of what color jewelry your partner usually favors. It is a good idea to do some research into what your budget will allow for and what kind of engagement ring features you think your partner will like best.
Upgrading an engagement ring
There are several reasons as to why people may choose to upgrade or update an engagement ring. In some cases you may not love the ring anymore, you may have an engagement ring from a past relationship that has ended and want to turn it into something else, or you may simply be in a stronger financial situation than at the time of your engagement. By selling your original engagement ring, you can use the extra amount earned through selling to contribute to your new engagement ring.
Typically, engagement rings will sell for 20%-50% of the original purchase price. 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.