The average engagement ring cost continues to rise year after year. The Knot reported an average ring spend of $5,900 in 2019. Many fall well below that statistic. The same study showed 10% spend less than $1,000.
Then there are others that can afford to drop about 2 million, like Kanye did on Kim’s 20 carat original engagement ring.
An engagement ring is potentially THE most important purchase of your adult life, and not something to rush into. That’s why we create a unique buying experience based on each individual. We love to walk customers through each step of the process no matter the budget.
Think you need to sacrifice quality to bring the average engagement ring cost down? Think again. Keep reading for our insider tips that won’t cost you three month’s salary!
Factors that Impact Engagement Ring Pricing
Several factors can either increase or decrease the cost of an engagement ring.
- carat weight
- quality
- cut/design
- color
- clarity
- metal type
Obviously carat weight and gemstone quality are two major factors. The bigger the stone, the heavier the carat weight and therefore higher price. A perfectly clear stone will be vastly more expensive than one with inclusions (imperfections created during a gemstone’s formation).
Intricate designs and fancy cuts will also be more expensive. For example, Emerald cuts tend to cost less because the cut easily follows the crystalline shape of the stone.
On the other hand, Asscher cuts are much more difficult to achieve, therefore raising the price.
Rare colored diamonds will also greatly increase average engagement ring cost. Pink, blue, and yellow diamonds are very rare in nature.
Metal types can definitely impact cost. Platinum metal is the most expensive, followed by gold and then silver.
Gold is the most common, be it yellow, white or rose gold. A higher karat amount means the ring contains a higher percentage of pure gold (and higher price tag).
How Much Should You Spend on an Engagement Ring?
Small budget? No problem. Some big box stores may try and convince you otherwise.
Don’t let the three month salary rule stress you out. That’s just not possible for many of our clients, who are young adults just beginning their careers. As a matter of fact, millennials spend just over $3,000 on engagement rings, according to CNBC.
The bottom line is, there’s no right or wrong answer on how much money you should spend on a ring. Do what’s best for you and your bank account.
We’re here to ensure the best buying experience possible, and we’ll never force you outside of your comfort zone.
5 Ways to Reduce Average Engagement Ring Cost
Buying a ring you can’t afford is equally as bad as settling for a lesser ring. Get the ring you really want with just a few tweaks to bring costs down.
Make your dollar go further with these pro jeweler tips.
1. Buy Smaller (Bands)
A dainty band can make an average sized gemstone appear much larger. Thinner bands have been trending for the past few years and don’t appear to be losing traction anytime soon.
A thin band plus smaller gemstone equal automatic savings!
2. Lower the Carat Amount
The naked eye can’t differentiate between .96 carats and 1 carat. But your wallet will feel the difference.
A one carat diamond is significantly more expensive than a lower odd-ball weight.
3. Shop Wholesale
We specialize in loose diamonds, which means we have a huge selection available to curate one-of-a-kind designs, unlike cookie cutter styles that major retail stores offer.
Sourcing our diamonds wholesale allows us to sell our diamonds at extremely competitive prices. We pass on our savings to you, the customer!
4. Opt for Alternative Gemstones
Diamonds aren’t always a girl’s best friend. Many future brides are choosing less conventional styles these days. Emeralds and sapphires are becoming very popular engagement ring choices, as well as other birthstone gems.
These unique gemstones are far less expensive than traditional diamonds. Because they’re less expensive, many brides often go for a larger stone.
5. Choose Vintage
We love vintage engagement rings, watches, and other jewelry. We actually source some of our inventory from estate sales and auctions.
Not only are vintage engagement rings often less expensive, they have many other benefits as well.
- A sustainable option: More brides are demanding ethically mined and environmentally friendly stones. Vintage rings can be recycled over and over.
- Timeless style: Vintage styles age well, and make great family heirlooms.
- One-of-a-kind piece: No one else is likely to have the same ring.
Final Word on The Average Engagement Ring Cost
Everyone’s engagement ring budget will differ. The ‘three month salary’ recommendation is outdated and mainly a marketing ploy to guilt buyers into spending more money.
We’re here to help you choose the perfect ring for your significant other, without any pressure. Our expert jewelers will ensure you’re getting the highest value possible.
Want to see some examples of our work? Take a look at our engagement ring photo gallery and video gallery. You can keep up with Jonathan’s on Facebook, Instagram, and Twitter. Follow our personal Instagram accounts below:
