How Much to Spend on an Engagement Ring

When you're making such an important purchase, it can be hard to know how much you should spend. Unfortunately, many engagement ring based myths and ring budget theories are confusing — and lots of couples spend much more on engagement rings than they need to.

After reading this, we hope you'll feel more informed, so you can take your engagement ring budget into your own hands.

What is the average engagement ring cost, and how do you find the perfect ring if you're on a tight budget? These questions, and more, will be answered below.

What is the average price of an Engagement Ring?

Surveys of average engagement ring prices show very varied results.

It depends what kinds of rings are surveyed. The engagement ring Lady Gaga or Megan Markle sports is going to skew the scale if we consider all rings in our average.

Couples may also choose to refurbish family heirlooms, or even go to a special workshop to make an engagement ring.

Diamond engagement rings and nontraditional stones also vary dramatically in price. Lab grown diamond engagement rings also cost a lot less than mined diamonds do, and the only real difference is that a lab diamond is a more ethical and mine free version of the same product.

This idea, ultimately, is a result of good marketing. And the world looks very different today than when this campaign came out a few decades ago.

The price of diamonds is very different too. Couples spending one of their salaries on an engagement ring today would be able to afford a much larger diamond than people would have been able to purchase before.

Now, with the invention of lab grown diamonds — you can spend even less for a much larger and higher quality stone.

Some jewellers put forward the 'exciting life events rule' instead. This rule says you should consider all of the big life events you have planned, like your honeymoon, buying a house, and having a baby, and factor all of these in when considering how much to spend on an engagement ring.

Many significant expenses come with a wedding, an engagement, and starting a new life together. All of these will impact the budget you'll have to put towards an engagement ring.

So how much should an engagement ring cost? That will depend from couple to couple. How elaborate do you want your wedding to be? How many people will be invited? When do you plan on buying your first home with your partner? How far across the world will you venture for your honeymoon?

The other part of the story is the quality and look of your engagement ring. You deserve a beautiful engagement ring that lasts. But not all engagement rings are made equal.

You might want a simpler, and more affordable, paper signing at an office kind of day. Whatever you imagine for your wedding day — you'll have to factor it all into your budget when you're deciding on how much to spend on an engagement ring.

Part of your wedding budget will also be your wedding band budget. Not the mariachi kind — although this is certainly an option if it's your thing. But we're talking about wedding rings, more specifically. A wedding ring is often more expensive than an engagement ring, because it typically features accent stones, or pavé bands, which means — more diamonds.

Therefore, it's good to factor in a larger budget for your wedding ring than your engagement ring. And always consider wedding costs — they can add up quickly when you have lots of guests to consider.

Opt for a Lower Clarity Diamond

Another way you can reduce the final cost of what is shaping up to be an expensive ring is opting for a lower clarity diamond. Clarity, arguably, isn't as important as some other factors when it comes to a diamond's appearance. Clarity, if you don't know, is a measure of how many small 'inclusions' are present in a diamond. These might look like flecks or grains of sand, but they'e often microscopic details at most. A diamond with a lower clarity grade will be much more affordable, and even with some inclusions it will often look the same as a higher clarity diamond to the naked eye.

Clarity, along with cut, colour, and carat weight, are known as the 4Cs of diamond quality. You can learn more about the 4Cs here .

Choose a Diamond not Entirely Colourless

Colour is another aspect of a diamond you may be able to compromise on when it comes to choosing a centre stone for your engagement ring. Colour is a measure of how clear or colourless a diamond is, and how much you factor in this measure when buying an engagement ring is dependent on personal preference.

Many engagement rings feature stones with some colour. Often minimal colour won't be noticeable and won't take away much from your stone's sparkle, so it can be worth compromising on when trying to reduce the overall ring cost.

Our Ava ring — a cushion solitaire — is classic and delicate. You can choose a lab diamond or a moissanite centre stone with a yellow gold, rose gold, or platinum band.

Alexandria is our signature 6 claw pavé solitaire. This beautiful ring is elevated by the accent stones running along the band.

Grace is a beautiful ring featuring a gorgeous oval cut stone and two round cut side stones. Grace is completed with a stunning trellis setting and stylish tapered band, which can be made in white gold, yellow gold, and platin