Would an $8,000 engagement ring be worthy?
How much should you spend on an engagement ring? It’s an important purchase, because presumably your fiancé will wear it forever. Given the weight that this piece of jewelry holds, you should definitely consider the cost an investment in your future. On the other hand, you’re also about to start a new phase of life, beginning with a wedding and the purchase of wedding rings, and you’ll need to budget for that. How much is considered reasonable for an engagement ring? You don’t want to be stingy, of course, but you will also need to consider your resources. Is there a limit to what you should spend?
In years past, rules have been endorsed regarding how much to spend on an engagement ring. The most prevalent school of thought suggested spending anywhere from one to three months’ salary on this purchase. Interestingly, this calculation came from De Beers, a company that, as you may know, owns most of the world’s diamond mines. It’s no surprise that the recommendation would be to invest a sizeable amount of your earnings into their product! Breaking down the one to three months rule, a person who earns $60,000 annually would spend anywhere from $5,000 to $15,000. Even at the minimum, this is a significant amount of money.
In reality, in 2020, the average couple spent $3,756 on an engagement ring. Of course, some people spent far more than that amount and some people, far less. It’s important that you spend an amount that makes sense to you and won’t put you into debt. Instead of focusing on the cost of the ring, carefully consider your budget and choose a ring that’s beautiful and meaningful. Here are some ways to save on the cost of an engagement ring, without losing out on value.
- Forget about the diamond. Yes, diamonds are traditional for engagement rings, but they’re also what drives up the price. Consider another stone instead, like a white sapphire. You could also choose a blue sapphire, ruby, or emeralds, depending on what is most meaningful to you and your fiancé.
- Think carefully about the setting. The setting can be a major part of the ring’s cost, and can affect the center stone’s prominence. The average diamond engagement ring in the United States classic solitaire setting is a 1.1 carat, and a classic solitaire setting is a good choice if you want to make the center diamond appear larger and more prominent.
- Know the “four Cs.” Educate yourself on cut, clarity, color, and carat. One interesting thing to note is that color and clarity aren’t the most important factors, and going to the low end on those can safe you a great deal of money. Color is a matter of personal preference, and clarity is probably fine as long as you can’t see a cut in the diamond. If getting a large stone is your priority, let these two take a back seat.
- Shop for antiques. When you take the time to look at vintage or antique rings, you’re likely to find something unique and beautiful. Consider your fiancé’s personal style so that you can choose exactly the right one out of all the engagement rings you’ll see.
If you’re looking for a one-of-a-kind engagement ring, start by checking out the selection at Dazzle Me.com. The online jewelry store of Home Consignment Center, DazzleMe.com was created to cater to the needs of men and women looking for the world’s best jewelry. With about 70 percent brand-new, on-trend fine jewelry consigned from designers and manufacturers and 30 percent vintage and pre-owned pieces, we’ve got something for everyone. Our unique online jewelry store is the perfect place to find everything from antique to ultra-modern jewelry, with thousands of high-end designer pieces available and new items arriving daily. When you’re on the hunt for beautiful, one-of-a-kind jewelry, you owe it to yourself to start your treasure hunt at DazzleMe.com. Contact us with any questions or concerns, check out the wealth of information on our site, or feel free to just start shopping!
