When it comes to making one of the most significant decisions in life—getting engaged—the question of how much to spend on an engagement ring is often tossed around. Read on for a few tips to keep in mind before you buy.
How Much to Spend on an Engagement Ring: The Rule of Thumb
There's a traditional rule of thumb that suggests spending between two to three month’s salary on an engagement ring. However, the personal finances and priorities behind every purchase are unique, just like every engagement. Before you determine how much to spend on an engagement ring, it’s important to review those finances and consider the preferences of you and your partner. Engagement rings are a highly personal choice, pieces that are worn every day and always. Your decision-making should reflect all aspects of preference and how you plan to pay for it.
Budget Options
Under $1,000: If you're working with a budget under $1,000, you may consider thinking outside the diamond—or at least those that are mined. Lab-grown diamonds, moissanite, and other gemstones like white sapphire are exquisite alternatives to the natural diamond. They are often more affordable while still providing a beautiful, durable ring. You can also look for rings with smaller carat weights or opt for a simple and timeless solitaire setting to help keep costs down.
$1,000 to $5,000: With a budget in this range, you can find a wider selection of natural diamonds with a variety of carat weights, cuts, and clarity grades. You can also explore more intricate settings, such as halo or vintage-inspired designs. Remember to prioritize the "4 Cs" (carat, cut, clarity, and color) to help you find the best diamond for your buck.
$5,000 to $10,000: With a larger budget, you can consider higher quality diamonds with better clarity and color grades or opt for a larger carat weight. You'll also have access to a broader range of settings and styles, including custom designs. Keep in mind that while a more expensive ring may feature higher quality materials, it's not always about money but a ring that aligns with your partner's style and preferences.
Over $10,000: If you have a luxury budget, the possibilities are nearly endless. You can invest in a high-quality, large-carat weight diamond or explore rare gemstones like Paraiba tourmalines and Alexandrite for those who aren't afraid of a little color. Custom-designed rings and settings are also an option. Remember, though, that a higher price tag doesn't always equate to a better ring; focus on finding a piece that truly symbolizes your love and commitment.
Realistic Amounts to Spend
A realistic amount to spend on an engagement ring depends on your financial situation, your partner's expectations, and your priorities as a couple. Instead of following strict guidelines, base your budget on what you can comfortably afford without incurring debt or compromising other financial goals.
Determining what to spend on an engagement ring is a personal decision that should be based on your financial situation, preferences, and values. By considering your budget and exploring various ring options, you can find the ideal engagement ring that not only represents the full and deep love and commitment you have but without breaking the bank. The value of an engagement ring lies within the love between you and your partner, not in the price tag.
When you’re ready to find the right ring for the right one, we at Dondero’s Jewelry are here to help. Visit us in-store or get a head start on your shopping by browsing our Bridal Collection.