How Much to Spend on an Engagement Ring

You've fallen in love, and found the person you want to spend the rest of your life with. Now it's time to find the perfect 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. So 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 so keep reading.

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 responsible and mine free alternative. We think it's not always best to pay attention to averages. The price of an engagement ring depends on its style, setting, quality, and stone type. A better question is how much should you spend on an engagement ring? This will depend on what your, or your partner's, perfect engagement ring looks like, and the ring’s quality.

A common myth you may have heard of is the old 'rule' that an engagement ring needs to equal your income for one month. Or, sometimes, it's the two month salary rule. This idea came from a marketing campaign created by the De Beers jewellery company in the 1980s. Their advertisements made claims like: "Isn't two months' salary a small price to pay for something that lasts forever?" 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 or two months 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 growth in popularity 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.

To keep costs down, some jewellers will use materials that tarnish, discolour, or become murky over time. They may also choose a cheaper alloy for the ring's band. But cheaper alloys often include metals that are not hypoallergenic, which means you could have a reaction to your ring if you have any metal sensitivity. Some alloys also won't appear as shiny and lustrous as others due to their lower proportion of gold present. And lastly, cheaper alloys are not well-suited to engagement rings because they aren't as durable. When you're looking for a gold engagement ring, it's best to opt for an 18k gold alloy. 14k gold and 9k gold have a lower elongation percentage than 18k gold, which means they are more likely to break than bend when put under pressure. For the delicate prongs of an engagement ring, a lower elongation percentage can have serious consequences, as the prongs may snap, and you can risk losing stones from the ring. In the end, replacing these will cost a lot more than buying a higher-quality engagement ring in the beginning.

A wedding is a chance to celebrate your love with the people you're close to. But weddings are expensive affairs, a lot of the time. Finding a venue big enough for everyone, and sourcing enough flowers to adorn every corner, adds up. 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.

Being on a budget doesn't mean you have to buy an engagement ring with low quality stones. It doesn't even mean you'll have to compromise on carat weight. There are many ways to maximise your 'diamond dollar' when engagement ring shopping. One of the easiest ways to do this is to shop lab grown diamonds. This allows you to get a larger carat diamond as well as one with higher characteristics like colour and clarity. Another tip is to choose a diamond that is not entirely colourless, or at least not the very top of the range. If you want to stick within that D, E, F colourless range then opting for an E or an F is an easy choice to make as the difference between these two gradings and a D is not visible to the naked eye. Additionally, shopping for a G colour diamond which is just outside the colourless range is also another way to keep the price of your ring down, especially in a yellow gold setting as the slight yellow blend's right in.

Ultimately, how much about to be engaged couples spend on a ring will determine its overall quality — including its durability and sparkle. Engagement rings come at a variety of price points, but that also means they will vary in quality. Couples buying engagement rings on a limited budget should always prioritise investing in a high-quality, 18k gold band or a similarly strong and hypoallergenic metal band like platinum. The most beautiful engagement ring is often the brightest. Buying a diamond with a higher cut grade is therefore worth investing in. A well-cut diamond will refract light in that irresistible and iconic diamond way.