What makes a diamond engagement ring a girl’s best friend? As you think about that, let’s ask a tricky question: How much should an engagement ring cost? There are many myths and misconceptions surrounding buying engagement rings. Knowing what to spend on your partner’s call can be challenging.
There are many answers to ring etiquette. However, experts Taylor Lanore & Jennifer Gandia helped us find a price estimate and debunked common myths about engagement rings. They also showed us how to keep within your budget.
What is the average cost?
Brides’ American Wedding Study revealed that in 2020, the average engagement ring cost was $3,756, less than the $78,829 average couple spent in 2018. Some to-be-weds will spend less than others, while some will pay more.
Lanore says it all depends on the financial situation of your fiancee. She says, “Spend what you feel comfortable with. There’s no reason to go into debt.” It also depends on the preferences of your partner. It isn’t easy to spend much if she (or he) wants something tiny. It’s possible to get a large stone if they want it. There are many ways to achieve any look with any budget.
Prices for a ring can vary significantly due to many factors. “The cost of a ring will depend on several factors. One, the size and appearance that your partner wants. They might prefer a more delicate look to a heavier carat weight, or vice versa. The fourth factor is “the four Cs,” which is the importance of each diamond’s quality to them. Tom Bergan, vice-president of Grown Brilliance. The cost of a wedding varies depending on the quality and size of the center stone and other details, such as a halo or stones set into the band and the metal used.
Myths about the cost of an engagement ring
Spend Three Months of Your Salary
The rule for engagement rings is to spend three months of salary. However, this is a common and outdated myth. With the advancement in technology and lab-grown diamonds becoming available, one shouldn’t spend more than a month on an engagement ring while still keeping the quality and size of the stone they wanted. Notes Bergan.
Find a Cheaper Online Diamond
Lanore claims it is riskier to buy diamonds online. Fewer high-quality stones are available, which can confuse the untrained eye. She recommends that you go directly to the source. Lanore says it is best to speak with professionals about your specific needs. You need to know many tricks about each cut and shape of diamonds. It is an art form. A diamond consultant is highly recommended for help in selecting center stones. These professionals can assist you with the “FourCs” to find the best diamond for your budget. You can use many companies remotely if you cannot find a local diamond specialist.
What is too much to spend?
Although there is no price limit for buying an engagement ring, your partner may be tempted to pay a different amount. Be direct if you know the proposal’s coming. You can tell a story like, “Jean told me the day before that she wished her husband had spent less money on the engagement ring to give them more money for their wedding.” Some people seem a bit crazy these days. In truth, no one should spend more than $[fill out the maximum you would like them to spend here], aren’t you? However, some people want to spend more than $[fill in the max you want them to spend here], which is delicate and sweet as long as they have the funds.
How to Reduce the Cost of an Engagement Ring
You don’t have to spend much to treat your SO with the engagement ring of their dreams. Here are some shopping hacks to help you get the best deal on an engagement ring.
Get rid of the diamond.
The most costly part of an engagement ring is the diamond. You can save big by choosing an alternative to the diamond. Gandia suggests that white sapphire is a good choice. It’s durable enough to withstand everyday wear and comes in a similar color. Blue sapphires and rubies are also popular traditional gemstones. Depending on their quality, these can cost slightly less than diamonds, but rarer and more expensive stones may be worth more.
Are there any other non-traditional stones that are becoming more popular? Peachy-pink Morganite, green tourmaline, and ice-blue Aquamarine are all becoming more popular. Gandia says these are great alternatives to diamonds and will still shine.
Know your settings
Be aware that some settings can be costly. While your future spouse might be obsessed with Meghan Markle’s three-stone engagement band, this setting can cost you quite a bit and impact the central stone’s size. A classic solitaire setting will make it more prominent if you prefer to focus your budget on the diamond of the ring.
You can manipulate the “Four Cs.”
It is possible to reduce the cost of engagement rings, mainly if you use brilliant-cut diamonds. However, this can be done without compromising on quality. Lanore states that clarity is as important as color. “As long as there are no inclusions visible to the naked eye, it’s great.” Contrary to famous belief, clarity doesn’t depend on anything and doesn’t affect the stone’s brilliance. Lanore says that color is a personal choice. However, if budget is a concern, Lanore suggests working smaller.
Take the Antique Route
Lanore writes that antique diamonds can hide color and are 2-3 times whiter than the grade they indicate. These diamonds are a true love story. Lanore suggests paying attention to your partner’s style and any hint they may be dropping to ensure you get the best value. Lanore says that even if the partner does not request a particular design, many men (or women) will choose a brilliant round diamond. This is because they are more challenging to cut and cost more per carat. To truly cater to your partner, you need to remember your preferences. They will wear it every day.