How Much Should You Spend On An Engagement Ring

how to much to spend on engagement ring

Every man who is seriously intended on proposing to his honey wonders how much should an engagement ring cost. The price of a ring is a topic of heated discussions, some say that a young man has to spend a third more than his monthly income, but the reality is, hardly any man can afford to buy such an expensive ring. So let’s find out how much the wedding ring should really cost and how not to get bankrupt purchasing the biggest diamond in the boutique.

Average Engagement Ring Cost

According to Ritani, the average spent on engagement ring in the USA $7500. Surely, the price of this unconditionally important engagement attribute varies from region to region. In 2019, the survey was held which showed that Washington brides are lucky to be presented with the most expensive rings (more than $10000), while grooms from South Dakota spend the least. The average cost of an engagement ring in this state is about $3000. 

Popular Engagement Ring Types

The process of choosing a ring is an exciting experience. “How much should I spend on a wedding ring? What should it look like?” Minimalistic or pretentious? Restrained classic or flashy luxury? Every man has the own image of a perfect engagement ring that will surely make her say “yes”. Here is a mini-list of the most preferred engagement ring types. 

Solitaire Style

This is an obvious choice of minimalist admirers. A classy ring with a single diamond that radiates elegance and simplicity. A diamond is the main accent of a ring, no excessive decorations, nothing distracts from a majestic glow of a diamond on your bride’s finger.

Сluster Princess Style

A top trend for those who want to let their bride feel like royalty. A princess ring is made of a set of diamonds that create a perfect square cut. 

Three Stone Style

One of the most sought-after rings for several reasons. It’s a highly symbolic item with three precious stones that symbolize past, present, and future of your love. As usual, this type of ring is more affordable and allows you to make an unforgettable proposal for not all the money in the world. 

You’ll be surprised to know how much are engagement rings available in stores and online. There are more than 30 types of engagement rings and apart from the three described the Vintage, Halo, Pavé and so many more styles are also highly demanded among couples.

Engagement Ring Budgets

How much to spend on engagement ring to buy a presentable ring and not to remain without a single cent in the pocket? That’s the real food for thoughts. Spend twice as your monthly income, as some may advise, can hardly be a good idea. Forget about the so-called age the hotness rules, instead, focus on your financial possibilities. For example, the average ring budget for the UK is £573, at the same time the average engagement ring cost in the USA is $7550. Remember that prices of engagement ring should not be suspiciously low or you risk being deceived by fraudsters. All in all, love is not measured by carat size, color or money you spent on a ring.

Where People are Buying Rings

Offline Retailers

Yet, the average price for engagement ring in online stores is usually lower than in offline jewelry departments, nothing compares to choosing a diamond in person. Both luxurious boutiques like Tiffany or mass-market companies can surprise you with a vast selection of diamonds that will become a real delight for the eyes of your bride-to-be. 

For men who buy a ring by Tiffany& Co, the matter of how much to spend on wedding ring is not crucial. This a legendary company incredibly famous worldwide for the exclusive choice of pieces of jewelry that every girl dreams to wear. Tiffany symbolizes luxury, originality, and inspiration. Prices at Tiffany’s start from $1500 and reach over $100.000 for an extravagant model. In general, the average cost of engagement ring at Tiffany is about $7000. Tiffany’s rings are more affordable than it seems. In this chain store, you can find rings for all pricing segments and besides, the shop offers convenient payment options by providing monthly payment plans. 

Jared is an American jewelry house that specializes in producing and selling gold and diamond jewelry. Jared is a synonym for affordability, every year millions of customers turn to Jared store to purchase a nice diamond ring for a reasonable price. The store chain is easy to find in big shopping malls, you can meet Jared chain store everywhere you go and pop in to purchase precious gifts for any occasion. 

Online Retailers

The Web is a large and sometimes a messy trading platform. Nevertheless, purchasing online has become a part of everyday life. Purchasing jewelry online is a huge risk, so we strongly recommend using only reputable stores with convenient refunds or exchange options. Online retailers provide a decent selection of stunning rings of all types and for all tastes. Three biggest companies have established themselves on the market as being reputable and customer-friendly offering the buyers the best jewelry and classy services:

  • James Allen
  • Blue Nile

So, let’s have a brief look into the two and compare which one is better in terms of pricing, selection options, and customer satisfaction. 

James Allen

In 2020, James Allen is admitted to be the number 1 jewelry retailer on the Web. The customers are delighted with its fidelity to the quality and wide selection of engagement rings of Rose Gold and Yellow Gold. It’s all about the visual part of the site as it offers detailed photos of their diamonds. If you dream of presenting your girl with a fancy ring James Allen is an excellent choice.

Blue Nile

Compared to James Allen, the Blue Nile is a retailer that is aimed at only several ring styles. The reputation of the site goes without saying as the Blue Nile is a choice of thousands of men who prefer quality over quantity. The only complaint about the Blue Nile online retailer is the inconvenient website with a serious lack of professional pictures of the goods they offer. 

Leibish was founded long ago in 1979 and since that time has obtained an impeccable reputation of selling the best color diamonds. The company is an expert in selling exclusive diamonds of every color. 

“Rules” for How Much to Spend on an Engagement Ring

Are there any rules on how much should you spend on an engagement ring? Well, it turns out so. Although some of them are rather ridiculous, men still honestly believe that spending twice as their monthly salary on a ring is normal. This article is simply intended to debunk this myth and help you understand how much to spend on an engagement ring. 

#1 Your Budget

Deciding on your budget is, by far, the best thing you can do before going on to the jewelry stores. Moreover, spend some time surfing through online stores to see what you can buy for this money and choose the rings that you like the most to avoid tiring visits of a tenths shop without the slightest image of what you’re looking for. Here the basic tips to rely on if you want to determine the right budget.

#2 Financial Situation

This is, undoubtedly, a determining factor for most customers. A ten-thousand-dollar ring is hardly affordable for a guy who earns twice less. If you ever wondered why the cost of wedding rings is that high, you should traceback in 1940, when the jewelry companies persuaded the citizens that diamond was the only appropriate stone for the engagement ring. Frankly speaking, nowadays to lower the cost of engagement ring and make it affordable to the wider audience, the jewelers started using artificially elaborated cubic zirconia or natural sapphire for wedding rings. Engagement ring prices are different in the Nouth and Midwest, for example, they directly depend on the welfare of its residents.

#3 Partner’s Expectations

Planning the budget is a good start, but don’t try to minimize the expenses on the ring. However, would your fiancée like to know that you bought her the cheapest ring available? Surely, a lot depends on your partner’s expectations and taste. Why buy your sweetheart an expensive princess style if she prefers simplicity and minimalism or otherwise? An engagement ring is what is supposed to be an eye-candy, so consider her preferences before purchasing a ring.

#4 Meaningfulness of Ring

Carat size doesn’t matter if a ring has a special meaning for you and your bride. Traditionally, for engagement rings, the jewelers use white gold and a diamond of different shapes, colors, and clarity. However, a heavenly-blue sapphire or a green emerald cost less but may mean much more to your lady. 

3 Best Ways to Save Money on an Engagement Ring

#1 Shop Online

Many offline jewelry stores developed an official website where the customers can choose and order an engagement ring from the comfort of their house. What is more, shopping online is a great opportunity to get an exclusive offer for expensive jewelry that may not be available in stores. Online shopping is now a way to save time and to save money either.

#2 Skip the Solitaire

The solitaire style is the round-shaped diamond that proudly decorates the white gold ring. Undeniably, it looks stunning. The round shape of a diamond is the most sought-after and hence the most expensive type of engagement ring. Obviously, the Solitaire style will definitely not help you to save money. Instead, you may purchase a heart, oval, marquise, or even a princess style ring. Treat the diamond choice seriously, make comparisons and learn more about the retailors that guarantee the high quality of their items and avoid solitaires if only this is not your lady’s dream.

#3 Give up a Fraction of Carat Size

The lower the size, the lower the price. No need to hunt for the biggest diamond in the store, all in all, your girlfriend will be so blinded by the happiness of the moment that the carat size will take a backseat. Wanna know one more lifehack on how to spend less money on purchasing a diamond for your honey? The truth is the jewelers divide the diamonds into groups based on their weight (f.e 1-1,49 or 2,50-2,99). that significantly differ with the price. What does that mean? The trick is that 1,49 and 1,5 carats look the same, but the last one costs much more. You save money without sacrificing the quality and the size of the diamond.

How to Buy an Engagement Ring from an Online Diamond Retailer

“How much should I spend on an engagement ring if I decided on purchasing it online?” As usual, the budget for rings from online retailers is lower than if you preferred Cartier, for example. Even though the brand matters, it’s not all about the brand name. The thing is, online retailers don’t pay rent, they don’t spend much on the decorations of the hall, and save up a great amount of money by reducing a staff quantity. However, purchasing diamonds online is a risky business, let us give you some pieces of advice on how to buy a ring from an online diamond retailer.

Choоse a Decent Store

No need to explain why websites with lots of spamming advertising that offer mind-blowing discounts are 95% fake that can leave you both without money and a ring or send you a piece of glass instead of a real diamond. Only the sites with appealing design and with positive reviews can be credible and guarantee the buyers the quality of the jewelry they sell.

Read Carefully the Refund or Exchange Rules

In case, you’re not satisfied with the purchase or changed your mind, you can return the ring to the boutique. A reputable and legal retailer always offers you the refine options, so pay attention to it before purchasing.

Learn About the Diamonds and Don’t Let the Retailer Scam You

A diamond is a precious stone that can’t cost cheap. Don’t blindly believe all that the vendors tell you, and rigorously choose the ring you’re going to buy. 

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