Even with a budget of $1,000 or less, you will still be able to buy a beautiful and elegant diamond ring. By knowing where's best to allocate your budget, you can easily come away with a gorgeous engagement ring without spending too much.
How Much Should an Engagement Ring Cost? A one carat engagement ring typically costs around $5,500, but most couples spend over $6,000—and 7 percent spend over $10,000.
Yes, $2,000 is enough to spend on an engagement ring, especially if you select a diamond that's under 1 carat. You can find a beautiful diamond and high-quality setting that fits your style and budget, such as this split shank ring that costs $580, leaving you $1,420 to spend on your diamond.
Yes, $3,000 is definitely enough for an engagement ring. You can get a beautiful, high-quality diamond and a setting with this budget.
According to a 2020 Australian wedding industry report, the average couple in Australia is spending $5,367 on their engagement ring.
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.
While most financial experts would agree that paying for an engagement ring in cash is the ideal option, that option doesn't work for everyone. At the end of the day, only you can make this financial decision for yourself.
Expensive engagement rings aren't just overplayed, they may actually be bad for your marriage. One study even revealed that couples who shell out more cash for the engagement ring tend to have a higher rate of divorce.
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.
Let's start with your budget. As per a New York Times article, $12,000 is well above the average budget for an engagement ring, for example. And even if you're getting a piece for your collection, you'll surely find a ring that fits the bill.
0.70 Carats
A diamond budget of about $2,000 can get you a fine diamond at this weight.
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.
“Wedding industry advertising has fueled the norm that spending large amounts on the engagement ring and wedding is an indication of commitment or is helpful for a marriage to be successful,” says Mialon. “In either case, the general message is that wedding spending and marriage duration are positively correlated.”
Your Ready to Propose!
If you're going with a pre-designed ring, make sure to purchase that at least one month before your proposal date, while two months minimum should be allotted for a custom ring.
Average wedding band cost for men
The average cost of a wedding band for men is about $510, according to The Knot. The price can vary significantly based on the metal used. Titanium is the least expensive, while platinum costs the most.
According to recent surveys, most American couples expect to spend between $1,000 and $5,000 on an engagement ring. The actual average cost for an engagement ring is over $6,000. With all that said, most women are reasonable and just.
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.
$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.
The average price of a 2 carat diamond is currently $19,172 (see price chart below). 2 carat diamonds can cost anywhere from $5,700 - $46,115 depending on the diamond's shape, color, clarity, and other factors.
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.
Engagement Rings Are a Depreciating Asset
Like a car, a diamond is a depreciating asset since it loses a large portion of its value the second you buy it. Think about gold and silver. The market for them is very liquid and fungible since you can store coins, sell them at any time or even trade them later on.
DON'T: Stress out
Buying an engagement ring should feel like an adrenaline rush—the good kind that leaves you excited with butterflies in your stomach. Don't overthink it or get too caught up in finding the "perfect" ring, because it's something you can always change in the future.
Paying for the Ring
Traditional engagement etiquette dictates that the groom buys the engagement ring. However, some couples decide to split the cost. Men should consider their fiancée's personality before suggesting she contribute to the ring payment, as even some very modern women expect the man to buy the ring.
The answer is that they are two different things, and while the engagement ring is purchased first, you may or may not end up with both. It all depends on your personal preference and relationship. While most couples choose to follow the tradition of wearing both, there's no rule that says you have to.
Help You Build Your Credit History: If you don't have credit history yet, purchasing jewelry from a credit jeweler is a great way to start establishing credit that will help you with future purchases like car loans or a mortgage.