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If you re planning to propose, one of the first steps in your engagement planning is understanding how much to spend on an engagement ring. This isn’t something you’d be expected to instinctively know, as there have been many different rules of thumb over the years around what that price tag should actually look like.
But you should be aware that this piece of jewelry doesn t have to put you into debt to make you and your partner happy. In fact, several factors go into purchasing a ring, from creating an engagement ring budget to learning all about the “four Cs,” to considering the perfect stone that fits both your wallet and your partner’s aesthetic preference.
Read ahead for eight pieces of advice to keep your head on your shoulders while searching for that perfect engagement ring.
1. Understanding the Average Cost of an Engagement Ring
If you have absolutely no idea where to start on how much to spend on an engagement ring, it s not a bad idea to look at the average amount people spend. The rule of thumb people typically followed was the two-month salary guideline—which was created during the Great Depression, when diamond sales weren t doing too well and De Beers, a leading diamond company, sought to improve the situation. The marketing campaign cast diamonds as the ultimate symbol of love and encouraged buyers to put aside one month s pay (which the company later boosted to three), to purchase a diamond engagement ring.
In the present day, this means a salary in the low six figures could translate into options that are at least $25,000 and up. But this rule is outdated for several reasons. While engagement rings are a pricey investment, the usual cost tends to be below $10,000, with a national average of $5,500, according to The Knot s 2023 Real Weddings Survey. But that doesn t mean there aren t other factors to take into consideration for your wedding ring, like the types of gemstones, metals, carat weight, and setting.
2. Much Like a Wedding Budget, Set an Engagement Ring Budget
There s no need to go into debt or take out a student loan s worth of money for an engagement ring. This piece of jewelry is meant to be special, but not unreasonable. First, it s important analyze you and your partner s current financial situation: salary, savings, and how much you would ideally wish to spend. Then, create a budget. If you re not too great with budgeting (don t worry, you re not the only one), pull out a spreadsheet and create a physical plan you ll want to stick to while engagement ring shopping. Be sure to factor in additional costs to your total, like jewelry insurance.
In essence, don t drain your savings for the sake of a ring. If you know you don t have enough to purchase the ring your partner is set on, consider payment plans. Check with your jeweler to see if they offer in-house financing, or think about using a credit card to cover the cost. There are payment options readily available, but be responsible by looking into interest rates and the realistic timeframe for paying off the ring. If you know yourself well enough to know you re not the best at timely payments, consider this as a last resort.
3. Go Over the “Four Cs” With a Reputable Jeweler
Not everyone is going to have a reputable jeweler on hand or a family heirloom ring prepped and ready for the upcoming proposal. Start at local jewelry stores or gather recommendations from family members and friends. This doesn t have to be where you buy or design your ring, but it s a good place to begin your search.
When you have a good grasp of who or where you want to purchase your engagement ring from, gather a rough idea of what you want in a ring. Explore types of metals like yellow gold or platinum, different shapes and styles of bands, and natural and lab-grown stones. If you know your partner is a true diamond lover, ask your jeweler about the “four Cs," which are cut, color, clarity, and carat weight. These factors come together to determine the overall look and value of a stone. For instance, a stone with a higher clarity may not have any inclusions apparent to the naked eye, while one with lower color might have a warmer tint. It s important to determine which “Cs” matters most to you, as that can impact a ring s price point. You also should ensure if the stones you are looking at are GIA graded, as these stones have true verification of their value.
4. Consider Lab-Grown Diamond Versus Natural Diamond Pricing
If you are trying to get a larger stone on a budget, you might hear friends recommend you to look into lab-grown diamonds. These stones are near identical to a natural diamond—aka one that was naturally occurring in nature and mined—however they are produced in a factory setting at a fraction of the cost. While the value of a lab-grown stone is much lower than a natural diamond, you can find them at higher cuts and clarities for a much better price tag. Choosing between either a natural or lab-grown diamond comes down to a matter of preference in terms of its origin and value. If you prefer to have a natural diamond engagement ring, you should factor to spend about four times the cost of a lab-grown stone.
5. Don’t Be Afraid to Compare Prices
Don t feel the need to say yes to the first, or even eighth, ring you see. Look at other wedding ring designs that vary in price, or ask multiple jewelers for their prices if you have a specific design in mind. Many well-known brands will have a higher markup so working with a jeweler in your local diamond district could often provide you the best price for the quality. There s no shame in educating yourself on high-quality jewelry, so why be afraid of educating yourself on price points? Although you re aware of the national average people spend on engagement rings, that doesn t mean it applies to you. Gather a reasonable price range for the type of ring design you re interested in, and proceed with confidence.
6. Shop Jewelry Sales
It s absolutely possible to avoid purchasing an engagement ring at full price. In fact, many jewelry brands will offer sales throughout the year corresponding with Black Friday or other big holiday weekends. It s best to do a little research to see what jewelers have historically hosted sales at certain times or even ask your sales associate you re working with if they have any on the horizon. When working with a diamond dealer, it s also possible to do some light haggling on your ring pricing. After all, that incredible ring will look exactly the same with a 25-percent discount.
7. Consider Alternative Gemstones
FYI: An engagement ring does not have to have a diamond center stone. If you want a more original ring, you might look into styles with rubies, emeralds, sapphires, or other colorful gemstones. These options can be equally stunning as a diamond ring, while also feeling absolutely unique. Before proposing with a gemstone, you may want to subtly run the idea by your partner to ensure they will be comfortable with this decision.
8. Look Into Vintage Rings
Don t overlook vintage or antique engagement rings! These pieces of jewelry are not only beautiful and charming pieces of history, but they also tend to be less expensive than modern-day options. There are a number of aspects to take into consideration before purchasing a secondhand ring, like deciding on the era of preference or being made aware of any alterations the ring has had over the decades. Your perfect ring might just be a yellow gold band from the Art Nouveau era.
