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What’s the average cost of an engagement ring?
The average 1 carat ring can cost between $1,800 and $12,000. In 2019, Americans spent an average of $7,750 for a ring. The old tradition of spending two to three months salary on an engagement ring is outdated. The best answer for how much you should spend on a ring is however much you can afford to spend. There is no clearcut rule.
How much does an engagement ring cost? How much should you spend? How much are you supposed to spend? These are all questions that men have when they’re getting ready to propose for the first time. If you need some help with the numbers, continue reading.
The average 1 carat ring can cost anywhere between $1,800 and $12,000, depending on many factors. Diamond prices are influenced by the 4 C’s: cut, clarity, color and carat diamond weight. This means you could get a beautiful engagement for less than $2000 if you’re flexible on these factors. On the other hand, if you want an engagement ring with the perfect cut and color, you will pay much more for it –even if the size of the diamond or the ring size is the same.
Overall, however, the average spend of engagement rings is actually a lot more affordable than a lot of people think.
The Old Rules
For years, the rule of thumb when buying an engagement ring was “spend the equivalent to two months of your regular income.”
For example, if you earn $2000 a month, you can spend around $4000 on a ring. However, there’s no real logic behind this rule, as it doesn’t take into account your current financial situation or what you can actually afford. Still, the rule can give you a general idea of a limit – you probably shouldn’t don’t try to buy a $10,000 ring if you only earn $2,000 per month.
Average Spending Around the Country
Americans spent an average of $7,750 for a ring in 2019.
The actual cost of a quality diamond ring varies widely depending on many factors – some of which might not be so obvious. For example, rings with round diamonds tend to cost more than any other shape. Other shapes such as princess cuts and radiants are worth less, while ovals and pear-shaped diamonds demand the lower prices.
Prices of engagement rings also vary widely around the country. In some states, the average diamond ring sells for as little as $3,005, while in other the average price gets close to the five figures.
South Dakota has the cheapest average price for an engagement ring at $3,005, with Maine close behind at $3,184. The states with the engagement ring prices closest to the national average are Pennsylvania and Maryland, where rings cost an average of $7,552 and $7,553, respectively. Surprisingly, expensive New York doesn’t have the most expensive diamond rings, with the average one selling for “just” $8,785.
The top spots are taken by California and Washington. In California, home to millionaires and Hollywood stars, the average engagement ring costs $9,482. But the top position goes to Washington, where the average cost for an engagement ring reaches into the five figures at $10,109.
How Much Should You Spend
In the end, how much you end up spending for an engagement ring depends on your budget. No matter how much money you have available for the purchase, there are beautiful rings to match any budget.
Experts recommend taking some time to go over your budget and figure out how much you can actually afford. This includes looking at your actual income, then your expenses and your debt. Comparing expenses to income gives you a good idea of where you are and how much money you can realistically afford to spend.
The next step is deciding how you’re going to pay for the ring. The two more obvious choices are using a credit card or taking money out of a savings account if you have money earmarked for the ring.
Many jewelry stores also offer store credit for those who don’t have other options available. Don’t assume that purchasing the ring on credit is always a bad idea. In fact, many jewelers have better plans and interest rates than you could get when paying with a credit card.
The Estate Diamond Jewelry website offers an engagement ring calculator to help you figure out how much you can afford to spend. Just answer the questions and the site will offer guidance on what a realistic budget might be for your personal situation and budget.
In the end, there’s no single right answer to the question “how much should I spend on an engagement ring.” It all comes down to how much you can afford and how important the ring itself is compared to other plans you might have for your future together. After all, the diamond will still be a symbol of your love no matter its size.
Different Prices for Different Rings
In most cases, a diamond engagement ring costs more than the same ring in a different setting. Gemstones that are more difficult to find, or that cost more to produce, tend to cost more.
Diamonds in a setting with white gold tend to be more expensive than those in yellow gold. Also, diamonds that are of a rare or unique color are going to cost more. Rings with a center stone in the more expensive diamond-cut will cost more than those with a round center stone.
Solitaire rings are usually more expensive than other rings with diamonds. The same goes for ring with a double-prong setting. There are also a few ring styles that cost more than others. The Princess Ballpark Three Stone Ring, for example, costs more than the same ring with a round center stone.
Moissanite Engagement Rings
Moissanite is a lab-created diamond that is made from silicon carbide. Although it looks like a diamond, it is actually a synthetic gemstone. It does not contain carbon, so it cannot be re-cut or resized. However, moissanite has some qualities that make it worth the money you spend on it. It has excellent brilliance and dispersion – the way light is dispersed when reflected off of the surface of the stone.
This means that you will get more sparkle and less light reflection when you look at your ring. Moissanite also has excellent color saturation, meaning that your moissanite engagement ring will appear more white than a diamond engagement ring would. This makes moissanite engagement rings more affordable than their diamond counterparts.
Larger diamond rings are going to cost more than smaller ones. Also, those with princess cut stones tend to cost more than those with round center stones.
If you’re planning on getting a moissanite engagement ring, you will have to pay a higher price than you would for a diamond engagement ring. This is because moissanite is still a new gemstone and therefore expensive. For your significant other, though, the price is worth it.
Other Factors to Consider
The shape of the ring also affects the price. For example, round diamonds tend to be cheaper than princess cut stones. Princess cut diamonds are also less expensive than round diamonds that have a pear-shaped shape.
Diamonds with brilliant cuts or diamond-cut prongs are going to cost more than those that have a plain center stone. If you have a ring with both a round and a princess cut diamond, it is likely that the ring will cost more than if you had just purchased one of the shapes separately. The same goes for rings with princess cut diamonds in the lower-cost round center stone setting.
When buying an engagement ring, consider all of these factors and make sure you are comfortable with your purchase before you walk out of the store with your new piece of jewelry.
Tips for Ring Shopping and Maintenance
You might be tempted to buy the perfect ring to tie the knot, but be careful about overspending. It’s very important to make sure you can afford the ring and that you’re not in debt when you get married. The month salary rule is a good rule of thumb for couples who are thinking about getting married. It helps you decide how much you can spend on the ring.
Retailers such as De Beers, James Allen, and Blue Nile may also offer a discount on the ring, especially if you pay in full before the deadline. In addition, some retailers will allow you to purchase the ring with an interest-free credit card.
High-quality wedding rings are those that will please the naked eye and stand the test of time. When looking for a wedding ring, consider the metal and the design of the ring. If you are buying a white gold ring, choose one that has a high gold content. Choose a style that will fit your personal taste and wear style. For example, rose gold wedding rings are a great choice for women who like to wear bright jewelry.
Look at the price tag before you buy a ring. Different diamond size and cut also mean different prices. At the end of the day, make sure you’re comfortable with the ring price.
If you have a diamond that you’re not sure about, or if you don’t want to spend a lot of money on the ring, consider buying it from a jewelry store instead of a retail jeweler. You might be able to get more for your money if you go this route. Also, you can sell the ring back to the store when you’re ready to upgrade.
Lab-grown diamonds are a new type of diamond that are made in a lab. You can buy these diamonds from a store or from an online retailer. They are almost identical to real diamonds, but they are less expensive. They are made using the same techniques that are used to make industrial diamonds.
In addition, if you want to keep your wedding ring for a long time, it is important to maintain it. In order to keep your ring looking new, you should consider wearing it when you are not doing chores or even washing dishes. You can also consider taking it off and putting it in a soft cloth bag or even a pouch.
If you are considering buying an antique diamond for your engagement ring, make sure that you have done some research on them before buying one. Antique diamonds can be very valuable and have great sentimental value for their owners – but only if they are genuine antique diamonds. If they aren’t authentic, then they could be worth very little money at best or nothing at all if they are fake.
Don’t be afraid to make adjustments if you need to. Many jewelers offer adjustments on rings and other jewelry. Just be sure that you do not have a salesperson pressure you into buying an expensive ring, as this could cause a problem later on.
Consider the warranty that comes with your ring. If you purchase a moissanite engagement ring, you can get the same lifetime warranty that you would get with a diamond engagement ring. Also, you can save money by not having to pay for the setting. Moissanite rings come in different settings, including white gold, yellow gold and platinum. Your engagement ring budget will determine which setting you choose.
If you’re planning to get a ring that is larger than what you can afford, there are also ways to save money. For example, buying two rings and having the second one set into the first will save you a lot of money. There are also other options such as purchasing a wedding band or using a discount coupon that could save you some money.
Before buying an engagement ring, consider how much the diamond is worth. Most diamonds will be marked with a number or letter indicating the cut diamond and its carat weight. Diamonds are priced by their carat weight and color as well as their cut. It is important to note that these values can change, so it is important to research these values before making your purchase.
Some rules and guidelines need to be followed when you’re trying to figure out how much to spend on an engagement ring. It’s always a good idea to look at different websites that compare the prices of different types of diamonds and settings.
The diamond industry is competitive, so there are plenty of websites that offer their services for free. You can use this information to make a better choice about what you want and what you can afford. If you need more help with the math, try using an online calculator or do some simple arithmetic.
