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How Much Should You Spend on an Engagement Ring?
The time has come一you're engagement ring shopping! This time is exciting and nerve-wracking, and the wealth of information about this important purchase can be overwhelming. You may be getting lots of opinions from friends and family, but we're here to give you some quick facts about what to expect and bust some myths on ring shopping that might cause you to break the bank.
What's the average cost?
The short answer to this question: it completely depends on your circumstance. A study on American weddings by Brides Magazine found that the average couple spent $3,756 on an engagement ring in 2020, which is less than the $7,829 the average couple spent in 2018 (thank you COVID).
But of course, some couples will spend much less and some will spend much more. It's important to keep the following aspects in mind:
Your partner's style
Are they looking for something more minimal and classic? Or maybe they want a big diamond that tells the whole world that they've found the one. Even if they are leaning towards something more glam, that doesn't mean you'll be spending a fortune. If you know the style you're looking for, it'll be much easier to estimate the cost.
The size and quality of the center stone
When it comes to diamonds, you've got to understand the 4 Cs: cut, color, clarity, and carats. The most important of these for looks is cut, because it determines how the diamond reflects light (i.e., how sparkly it is). With color, less is more. The purest diamonds are colorless and this will definitely factor into ring price.
The clarity grade of the diamond tells you if the stone is blemished, so the less flawed a stone is, the more expensive it will be. These flaws aren't very noticeable to the naked eye, but it does make a difference in overall value. And when you think of carats, think of the weight of the stone.
Take a look at our diamond chart to become a real expert.
The band material
Engagement ring bands can be made with gold (which comes in yellow, rose, and white) and platinum. Because it's 5 times rarer and more pure than gold, a platinum band comes with a higher price tag.
It's not worth it to go into debt for an engagement ring. If you don't have much money available right now, you can go with a less expensive choice and plan to get something more intricate for an anniversary. There are ways to get any look for any budget, so don't feel like you have to suck your savings completely dry.
3 common ring shopping myths
The bigger the diamond the better
As we mentioned earlier, there are lots of factors that go into diamonds. It's crucial to know that the total value of a diamond is calculated based on ALL four Cs, not just carat weight. Although the size of a diamond is important, the cut, color, and clarity are essential in determining its value.
You should spend 3 months' salary on an engagement ring
This one comes from a De Beers advertising campaign in the early 2000s. The sentiment is nice, but it's just not realistic for most people. There's no set budget for ring shopping and a great diamond business will help you get what you're looking for and nothing you don't want or can't afford.
An engagement ring is a one time purchase
This isn't true at all! An engagement ring can be a foundation piece for a whole jewelry collection. Your SO (significant other) can add to it over time and make it truly their own. Anniversaries are the perfect time to add a new, unique band or purchase a different piece of jewelry to match.
You're ready to hit the ground running
Now that you're armed with some knowledge, it's time to go shopping! Keep these things in mind and don't be afraid to spend what you feel is right for you and your partner.
If you're looking for help ring shopping, David's House of Diamonds is here to guide you every step of the way. With over 35 years of experience, we know how to find the perfect ring for any budget. Contact us today to get started!