Getting an engagement ring for your love is one of the most special chapters of your life and we know you want to do this in the right way. While buying an engagement ring is an intimate and personal decision, there is one particular question that’s frequently asked- ‘how much to spend on an engagement ring’. While this question is important (and we will answer that for you), there are a few other factors that go into buying an engagement ring, which we will address through this insightful blog.
If you or your partner have explored online engagement rings, and you know the cut, style and type you want, then that’s half the battle won! Now, if your concern is that the engagement rings you are looking at are beyond your budget, then don’t worry, as many jewellers today provide amazing designs and styles to suit every and any budget. At Angara, you can explore countless customization options for a special and beautiful engagement ring.
What Should You Pay for an Engagement Ring?
Here’s what to know when buying an engagement ring: How much you decide to spend on an engagement ring should be determined by taking into account your financial status, style and the price of the diamond that suits the ring type. Certain rules, such as spending three months’ pay, should not be followed because diamond marketers and sellers frequently devise those “rules” and they don’t hold any real significance.
Although there is no exact average price paid, most studies of engagement ring buyers indicate a range of $5,000 to $7,500+.
This does not imply that you must spend $5,000 or more on an engagement ring. In the end, you don’t want to just buy a piece of jewellery, but want to invest in a symbol of your unwavering commitment. In short, spend within a range that is comfortable for you. And we promise, you’ll certainly find something stunning even if you’re looking for engagement rings under 2000.
Don’t fall for the three-month salary rule when purchasing an engagement ring
You may have heard of this ‘socially constructed’ rule. According to this belief, if you want to show your love and loyalty and wish to buy your girlfriend an engagement ring, then you need to spend a figure that amounts to a 3-months’ salary! What started off as a marketing gimmick in the ’80s became a tradition over the last so many decades but the bottom line here is…YOU don’t have to follow this custom. So, you can say goodbye to this engagement ring cost rule and simply focus on the ring style and budget you have in mind.
Also Read: 3 Month Salary Rule for Engagement Rings
How to Calculate the Cost of an Engagement Ring?
How much of your monthly salary should you spend on an engagement ring? The answer to that is- the amount that is suitable for you. This is your decision, not the marketing department’s, and you know your fiancé-to-be better than anybody else.
But before you narrow it down to the price that suits you best, consider these factors:
Ring Price Compared to Centre Stone Price
The centre stone typically accounts for 75% of your total budget, with the remainder going toward the cost of your ring. The most popular setup styles range in price from $300 to $1,500. If your budget is less than $3,000, you may opt to buy a simple solitaire setting and commit the majority of your budget to the centre stone. Whether you’re looking for a diamond ring or a coloured gemstone ring, you can easily find engagement rings under 3000. You can always alter the setting later (potential anniversary gift idea for the future).
Your Partner’s Expectations
Many women have imagined their engagement ring and wedding proposal to be a certain way, and therefore choosing a ring that fits their expectations or at least gets close to it in some way is something you would want to do, and we totally get that!
If you both have an open and honest discussion about finances and ring expectations, then it makes this journey smooth and seamless.
Consider the following when it comes to ring expectations:
- The diamond form that they most desire
- The hue of the jewellery setting
- The type that fits their personality (i.e., solitaire, vintage or halo)
- If there are any family heirlooms, rings or jewels to be included
- How they plan to display the ring to family, friends and social media
- How frequently they will wear the ring and if it will be an everyday accessory
If you don’t know the specifics of the ring or diamond they want, ask a family member or close friend to find out for you. When in doubt, trust your instincts.
Also Read: 10 Engagement Proposal Ideas With Rings To Match Your Partner’s Personality
Think About Your Financial Situation
Know that you aren’t just planning a lovely engagement, but are also preparing for a wedding and a future together. You must consider what you can afford reasonably to put yourself in the best financial situation for your marriage.
That said, there is one thing you want to avoid at all costs- UNNECESSARY DEBT. When it comes to your financial status, consider the following:
- Your earnings minus taxes and healthcare costs
- Your monthly expenses, such as rent, vehicle payments and insurance
- The amount of money you have saved
- Your financial situation (at a minimum: be sure you can pay off the amount in a couple of months)
Estimate how much you can spend on an engagement ring while keeping these things in mind. You want to be able to buy a ring without having to borrow money. If you must borrow money or use a credit card, make sure you can pay it back within a few months. You can also look into other engagement ring financing options that offer easy pay instalments with low-cost or no-cost EMIs.
Being ‘Thoughtful’ Does Not Imply ‘Expensive’
The size of the ring you purchase does not correspond to the love you feel. A pricey ring does not imply that you are more thoughtful.
The thought you put into an engagement ring for your special someone will be noticed, regardless of the carat weight or the size of your budget. Investing time and energy into selecting the most stunning, unique ring will pay off far more than anything else.
Now, apart from this, if you still want to surprise your sweetheart with a bigger engagement ring (without breaking the bank), then you should opt for a lab-grown engagement ring. Wondering how much to spend on a lab-grown engagement ring? Well, ultimately, the ‘right’ amount to spend is subjective and varies from person to person. But you should know that one of the biggest advantages of lab-grown engagement rings is their cost-effectiveness.
To give you an estimate, lab diamonds can cost 30-50% less than natural diamonds of comparable size and quality. For example, if a natural diamond engagement ring of a certain specification costs $5,000, a lab-grown diamond engagement ring with similar characteristics might be priced in the range of $3,000 to $4,000. Amazing, right? That means, you can get engagement rings under $5000 with a large centre stone of a higher carat weight if you opt for a ring with a lab diamond. Plus, lab diamonds have the same chemical, physical and optical properties as natural diamonds, so you’ll get the same fire, brilliance and sparkle you love. Now that you know how much to spend on lab-grown diamond engagement rings, let’s move on to coloured gemstones.
Wondering how much to spend on a lab-grown emerald engagement ring? Similar to lab-grown diamond rings, lab-grown emerald engagement rings are often more affordable than natural emerald engagement rings. It’s time to do your happy dance.
Not just emeralds, this applies to other coloured gemstones too. Want to know how much to spend on a lab-grown ruby engagement ring? Again, lab-grown rubies are less expensive than natural rubies, making them an affordable option for those on a budget. So, if you want to make your proposal even more romantic (and grand), lab-grown ruby engagement rings are a great choice.
If you have already picked out a winner from an array of beautiful engagement rings, then you must know how to keep the ring clean and sparkling at all times. Here are 10 tips to clean your engagement ring that you can cheque out.
- Get it professionally cleaned
- Use organic and mild cleaning solutions
- Keep the ring in a jewellery box or a linen pouch if you choose to take it off
- Soak the ring in warm water and clean it with a gently toothbrush
- Immerse the ring in equal parts ammonia and cold water for 30 minutes and let it air-dry. (This is only for diamond rings and not for other gemstones)
- Take the ring off before a swim or any other task that gets you in contact with harsh chemicals
- Keep diamond rings away from other types of jewels
- Use a fine microfiber cloth to rub dust and dirt off the ring
- If you work out every day, then take the ring off before you hit the gym as sweat can taint your engagement ring over time.
- Use a baby shampoo to clean the ring as it is mild and free of harsh chemicals used in soap.
Also Read: 5 Things to Never Do to Your Engagement Ring
But, if you haven’t picked out a sparkler yet, then this is your sign to design your own engagement ring online. Just explore Create With Angara and get started today!
Conclusion:
When it comes to spending a certain amount on an engagement ring, one size does not fit all! In other words, budgets vary between couples. Whether you opt for a budget-friendly ring or a $30k engagement ring, your token of love will always be a special keepsake and a beautiful reminder of the bond you share. If one couple wishes to spend thousands of dollars, it does not have to swing the same way for another couple. Regardless of how much you spend on an engagement ring, the sentiments attached to it are important.
FAQ
Couples should discuss finances and budgets before spending on an engagement ring. It is entirely up to you how much money you spend. It is critical to select rings that complement your unique style without putting you in debt. The price will be determined by what you value and what you can afford as a couple.
Although there is no exact average price paid, most studies of engagement ring buyers suggest a range of $5,000 to $7,500+.
The amount you spend on a ring is entirely up to you. It is best to set expectations beforehand to ensure everyone is happy. Have an open and honest discussion regarding the cost of the engagement ring with your partner and family (If they are involved).
There is no right or wrong price when it comes to spending on an engagement ring. Because everyone is unique, your fiancé’s taste and expectations may differ greatly from those of another person.
By shopping with reputable jewelry brands like Angara, you can get an idea of the rates for rings that fit your specifications. A physical store will always be more expensive than what may be found online.
If your partner has small hands, then a carat size of 1.0 would be suffice. If her hands are not small, then a carat size ranging between 1.50-2.0 would be a good option.
Traditionally, the engagement ring goes on the fourth finger of the left hand, which is considered to be the ring finger.
Remember that you’re not simply planning a lovely engagement, but also a wedding and the rest of your lives a couple. You should consider what you can reasonably afford to put yourself in the best financial situation for your marriage. You want to avoid going into too much debt to buy a ring.
