1. The Salary Rule. It's said that you should spend between one and three months' salary on an engagement ring for your fiancée.
General Rule: You should spend at least 2 months salary on the engagement ring. If, for example, you are making $60,000 per year, you should spend $10,000 on the engagement ring.
On average, they cost about $1,100 for women and around $550 for men, according to one estimate from The Knot. But the ultimate price often depends on the metal you choose.
A $20,000 engagement ring budget is far above the median amount spent on a diamond ring, which is around $3,000 – $5,000. When we discuss the average engagement ring cost, we note that people spending 20k are significantly above the mean.
According to data published by Rapaport, the average amount spent on an engagement ring is $6,000, with around a third of all couples spending between $1,000 and $4,000. So, with a $25,000 engagement ring budget, you'll be able to afford something far above average.
Is 10k too much for an engagement ring? $10,000 is not too much for an engagement ring, as long as it fits in with your budget, as you can design a stunning ring with a well-cut diamond that's over 1 carat with this budget.
A one carat engagement ring typically costs around $5,500, but most couples spend over $6,000—and 7 percent spend over $10,000.
2-carat diamonds are flashy and valuable. They tend to look larger (depending on the shape) than their carat weight suggests. And, because they are large, to begin with, you likely won't ever feel like you have to upgrade to something bigger.
On top of this, there's Kim's 20-carat engagement ring worth a staggering $3million, making it one of the most expensive celebrity engagement rings of all time.
We've established that there are no rules about how much you should spend on an engagement ring or your wedding, but people still like to know how they compare. According to a 2020 Australian wedding industry report, the average couple in Australia is spending $5,367 on their engagement ring.
Who Buys the Wedding Bands? Tradition has it that each person pays for the other person's ring. So in a traditional wedding, the groom or his family would pay for the bride's ring, and the bride or her family would pay for the groom's ring.
Rings Look Cool!
This goes without saying, but of course, a guy wearing a ring is going to look pretty cool! Even if it's just a simple design that adorns your finger, you will look more sophisticated and complex with one on, and that's what it's all about. A ring can be a quick way of making you look more stylish.
The most traditional way to go about this would be the bride pays for the groom's wedding ring plus a gift and the groom pays for the engagement ring and matching wedding band for the bride.
While $6,000 is the national average cost of a ring, the spend per couple varies. Our study found that roughly one-third of all respondents are spending between $1,000 to $4,000 on their engagement ring. In fact, 8% of ring shoppers are spending under $1,000.
It's known as the "three months' salary" rule, and it implies that a buyer should put three months of their salary toward a sparkler for their future spouse. For context, The Knot 2021 Jewelry and Engagement study found that the average cost of an engagement ring in the US is $6,000.
According to most diamond experts, anything over 2 carats is considered significantly big. So yes, 3-carat diamonds fit into the category of 'huge' diamonds.
Hailey's engagement ring carries 10-carat oval-shaped diamond and round diamond bands.
Is $5,000 Enough for an Engagement Ring? Yes. A budget of $5,000 is absolutely enough to buy a beautiful engagement ring that your fiancé-to-be will love. For example, this stunning 1.2 carat, K color, VVS1 round diamond set in a beautiful 18K yellow gold solitaire ring from James Allen is $4,860.
The cushion-cut center diamond of Meghan's engagement ring is estimated to be roughly three carats and was sourced from Botswana — a country that is very important to Prince Harry and where the couple took their first vacation together.
In the United States, for example, the national average for an engagement ring is around one carat. In the United Kingdom, it's 0.6 carats, and in Europe it's even smaller, hovering at 0.5 carats.
A 5 carat diamond is going to be large, no matter how you look at it. And regardless of the diamond cut or shape, you're going to be looking at a diamond that is not only wider and longer, but also - and this is something that people often don't realize - deeper, so it will naturally sit higher on your finger.
A round-cut 2-carat diamond has a width of 8.15mm, which means that it takes up 48.2% or just about half of the finger's width.
If you're looking for an engagement ring under $10,000 then I would recommend that you go with something around 0.90-1-carat and 1.5-carat stones depending on your budget and what quality of diamond suits it best! A 2-carat diamond or slightly bigger diamond may be possible if the grade isn't too high.
Typically, a $10,000 budget can allow you to buy a diamond between 0.75 carats and 2 carats. If you opt for a 0.75-carat stone, it measures about 5.7 mm.
In general, a $10,000 budget should allow you to purchase a diamond between 0.75 and 1.75-carats. At the higher end, the 1.75-carat diamonds are considered a non-standard size and you might be able to get a bargain.