When planning your marriage proposal and popping the question, you likely want every detail to be perfect, from the setting to the wording to the engagement ring. If you’ve started engagement ring shopping, you’ve likely noticed that engagement rings vary significantly. Some are big and bold; some are minimalistic and sleek — seemingly, the size doesn’t always match the cost. It’s all probably left you wondering how much to spend on an engagement ring and whether or not you’re spending enough on your fiancé-to-be.
What You Will Learn
The Average Cost of Engagement Ring Purchases in 2024
According to a study from The Knot, in 2023, the average engagement ring cost was $5,500. However, while this was the national average cost, actual costs varied quite a bit. The same research found that nearly 10% of shoppers purchased engagement rings that were under $1,000. Location also came into play, with shoppers spending more in big cities than rural areas.
The Knot also released its Real Weddings Study, which gave further insight into what exactly shoppers are looking for when buying an engagement ring. The study found that while the classic diamond engagement ring still takes center stage, other (potentially more affordable) options are growing in popularity as well. For example, moissanite and lab-grown diamonds are both gaining traction. Additionally, the yellow gold diamond ring also performed well last year.
One trend that’s likely not going to save you money? The research found that shoppers are looking for bigger diamonds and greater overall carat weight — 33% of diamond rings feature more than two carats of diamonds.
What About the “Three Months’ Salary” Rule?
Beyond this average, which might influence your decision, you’ve likely also heard the rule of spending three months’ salary on an engagement ring. The average salary in the United States is just shy of $60,000 (per Forbes). If you follow this traditional rule, you’ll be spending roughly $15,000 on your beloved’s engagement ring — which, as we can see from the average data above, not many people actually do.
How Much to Spend on Engagement Ring Purchases: The Right Answer
Averages and traditions aside — how much should you spend on an engagement ring? The answer is simple. Spend as much as you want (within reason) and what will allow you to purchase the ring of your significant other’s dreams, but do not spend so much that it puts you in a financial tight spot.
Before ring shopping at all, you should decide on a budget. This budget should be based on what monthly payment (if you plan to finance the ring) you can afford, including a monthly or annual payment for engagement ring insurance.
If you think your budget cannot afford your partner’s dream ring, consider closely examining all your engagement ring options. You may be surprised at what you can afford and what adjustments can be made to get that perfect engagement ring. Suppose you still can’t afford the right ring. In that case, it might be time to talk with your partner about either delaying the engagement or managing their expectations.
Factors That Influence the Average Cost of an Engagement Ring (And How to Save Some Cash!)
So, what factors influence the average price of engagement ring purchases, and what purchasing decisions can you make to save a little cash? Here’s what you need to know.
The Four Cs
The four Cs of colorless diamonds are:
- Cut
- Color
- Clarity
- Carat weight
The carat weight refers to the weight of the diamond. The color refers to how colorless the diamond is. The clarity refers to whether/to what extent the naked eye can see any inclusions or imperfections. The cut refers to the shape of the diamond and to what degree the cut highlights the best features of the center stone.
For most ring shoppers, the carat weight is the most important ” C, ” as it can be the most noticeable differentiator between two rings. However, suppose you’re willing to sacrifice a bit of weight. You can usually get a clearer, better-color, higher-quality diamond for a similar price. If you want the biggest diamond for your money, opt for a diamond rated slightly lower for its color and clarity.
Diamond Shape
The shape of the ring’s center diamond will also impact cost. Round diamonds are historically the most expensive shape, but, unfortunately, they’re also the most popular shape for engagement rings. To save money, consider a less-popular diamond shape.
Lab-Grown Diamond vs. Natural Diamonds vs. Diamond Alternatives
Lab-grown diamonds are growing in popularity, and for good reason. They are more affordable than natural diamonds, but they boast the exact same quality and are held to the exact same 4 Cs standards that natural diamonds are held to.
However, if lab-grown diamonds are still out of your price range, consider opting for a diamond alternative. While it won’t boast a diamond’s long value or overall longevity, a diamond alternative may still deliver the ring style your partner wants.
Precious Metals
The metal in the ring’s band will also influence the total cost. Platinum is a relatively costly choice, especially compared to cheaper alternatives, like yellow gold or rose gold. If your honey has their heart set on a platinum-esque look, consider the more affordable white gold.
Online Diamond Sales vs. the Brick and Mortar Store
While it can be very convenient — as well as helpful and educational — to shop for your engagement ring in person at a brick-and-mortar storefront, remember that rings are typically more expensive in a physical store than online. However, there is some peace of mind when buying in person because you can view the item, ask questions in-person, and they typically offer cleaning services, repairs, and inspections.
You can purchase a range of engagement rings via reputable online brands (you’ve likely seen a marketing campaign here and there for a few of them, such as Grown Brilliance). Some of these brands even offer the option to mix and match gemstones and metals to create a custom ring, a service not always available in-store.
How Much Spend on an Engagement Ring FAQs
What is the average cost of an engagement ring?
The average cost of an engagement ring in the U.S. is around $5,500.
What do I need to consider when buying an engagement ring?
Beyond ensuring the ring you buy is actually worth its price tag, you need to consider that you’ll also have to purchase engagement ring insurance and matching wedding rings in the future.
How much does the average wedding ring cost?
The average wedding band costs $550 for men and $1,100 for women.
Protect That Investment
Now that you know how much to spend on an engagement ring, you can confidently go shopping.
Once you’ve decided on an engagement ring budget and found your perfect fit, be sure to protect your jewelry investment. The last thing you want is to spend your entire budget on that ring and then lose it all when the ring mysteriously disappears, is stolen, or is irreparably damaged. Specialized ring insurance ensures that the ring can be replaced without another major financial investment.
Want to make sure you’re truly informed? Learn more about the average engagement ring carat size before making your purchase.
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