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In 2021 the average spending on a diamond engagement ring increased more than 6% over 2020 totalling more than $7,000.
Spending two months’ salary on a diamond was once a rule of thumb guideline. So, if you earned $70,000 per year, you would expect to spend about $11,600 on an engagement ring. The two month rule, however, was basically a marketing tactic promoted by diamond producers who introduced it more than 70 years ago. Times have changed.
Your engagement ring spending strategy should encompass a number of budgeting issues including not only your salary or income but also the amount of debt you may have, and your monthly expenses should you decide to pay it over time.
For most engaged couples, buying an engagement ring is one of the bigger purchases of their lives up to that point. Learn more about how to budget for an engagement ring.
Our research shows that Solitaire and Halo were the most popular style engagement rings in 2021, with custom styles becoming more popular. Your style preference will have a major impact on how much you spend so it’s worth taking time to try out the different styles at your local jewelry store in person.
23% Solitaire
21% Halo
16.5% Side Stones
Round diamond shape is by far the most popular, chosen by more than half of purchasers. That’s followed by Oval at more than 10%, and Princess at nearly 9%.
58% Round
10.6% Oval
8.8% Princess
5.3% Cushion
4.7% Pear
4.6% Marquise
4.3% Emerald
2.3% Radiant
It’s fast, easy and affordable with BriteCo Jewelry Insurance
One of the best ways to pay for an engagement ring is to use a credit card with a 0% APR introductory offer. This will allow you to charge the ring to the card and pay it off over a period of time without having to pay any interest. You have to be sure you pay off the balance before the introductory APR period ends, however, so that you don't have to pay any interest. Otherwise interest can accumulate and result in adding substantially to the cost. You can also look into credit cards that offer cash back on purchases, which can help offset the cost of the ring.
According to the data that we have collected at BriteCo, the price of lab-grown diamonds is approximately 30–40 percent lower than the price of natural or earth-mined diamonds. In recent years, lab-grown diamonds have an increasing number of followers and are popular with engaged couples, though natural or earth-mined diamonds still dominate the market.
The average size diamond in an engagement ring is around one carat. However, the size of the diamond is not the only factor that determines how large it looks. The shape of the diamond is also a contributing factor. For example, a one-carat elongated diamond will look larger than a square shape. Additionally, the setting of the ring can also affect how big the diamond looks. A ring with a halo setting will make the center diamond look larger. Ultimately, it is up to the couple to decide what size diamond they are most comfortable with.
Yes, the engagement calculator is absolutely free. You receive a detailed report based on your diamond ring preferences via email at no charge.
You should insure your ring for its replacement value, keep it clean and free of debris, and be careful not to wear it during activities that could damage it. You should also have it professionally cleaned and serviced regularly to maintain its condition.