How much should you spend on an Engagement Ring?
The old adage that recommends saving 'three months salary' is a bit archaic in terms of the modern world. Truth is, how much you should spend on a ring varies greatly and it all depends on you (and her/him), your personal values, and your budget. An engagement ring is a lifetime commitment and a piece that will be worn and well-loved for a lifetime, so planning and budgeting should be a priority.
Since opinions on the topic vary, we've cut through some of the bad advice and info and have done the research for you! Gathered below is our curated list of some of the most popular facts and tips on the topic.
- $6000 is the 2021 national average cost of an Engagement Ring according to industry leader in everything wedding-related, the Knot, however regionally it can fluctuate a bit (from about $5000 to about $10000).
- Traditional white diamonds are by far the most popular stone choice, enticing over 85% of buyers with their sparkling beauty.
- Set a realistic budget (and do your research). In 2021, 63% of ring shoppers had a budget and stuck to it. Another 29% went over their original budget. Some of this could be a result of pushy sales-people and getting caught up in upgrades, but it is very likely it also reflects shoppers green to the reality of how much rings, gold, and diamonds actually cost.
- Only 8% of ring shoppers are spending under $1,000 on a ring, which is actually fairly hard to do given the cost of precious materials. We're willing to bet that these rings are opting for non-diamond stones and possibly sterling silver.
- 28% of engagement ring shoppers in 2021 opted for Moissanite, making it a second most popular choice. Moissanite has been steadily growing in popularity for years and is a highly economical diamond alternative.
- Shape ranks #1 in importance, followed by size, when it comes to diamonds. Approximately 50% of engagement rings have a center stone that is at least 1 carat ranging up to 2 Carats.
- Setting a comfortable budget is subjective and should be fueled by preferences in quality, size, and style. Although engagement rings are expensive, quality should be an important factor as it will be worn daily across decades.
Want to know exactly what all of those traditional 'rules' you should follow or ignore are? Check out our blog post on that topic here.