Wondering how much to spend on a ring? While you cannot put a price on your dreams, you shouldn’t spend a fortune on your engagement ring alone. Simple things, such as opting for 14K or 18K gold instead of platinum, can save you thousands of dollars.
Likewise, it’s important to know where to shop and how to get the best value for your money. Focus on quality rather than size and stick to certified diamonds. Also, make sure you have an insurance policy for your engagement ring.
Not sure where to start? Let’s take a closer look at the average engagement ring cost and how to find a good deal.
How Much Are You Supposed to Spend on a Ring?
First thing first, there are no set rules when it comes to buying an engagement ring. You should spend whatever you’re comfortable with, whether it’s $3,000, $5,000, or $10,000. It’s better to buy a less expensive ring rather than go into debt.
The cost of an engagement ring depends on several factors. These include but are not limited to:
- Type of metal (gold versus platinum)
- Diamond cut, color, clarity, and carat weight
- Overall design
- Jeweler’s labor
- Additional gemstones (if any)
The 4Cs — diamond color, cut, clarity, and carat weight — have the biggest impact on price. This system was developed by the Gemological Institute of America in the ’50s to assess diamond quality. The addition of rubies, sapphires, or other gemstones can further increase the cost.
With that being said, take your time to compare the different types of engagement rings on the market. Set a budget and then see what’s available in that price range.
Get the Best Value for Your Money
No matter your budget, you can find a beautiful engagement ring that doesn’t break the bank.
If you’re tight on money, avoid round-cut designs. These are often the most expensive due to the way round diamonds are cut. Engagement rings with micropavé-set diamonds tend to be costly, too.
Ideally, look for simple designs with center diamonds. Alternatively, choose a ring with non-diamond gemstones that look like diamonds, such as cubic zirconia. White sapphire and moissanite are great choices, too.
Still wondering how much to spend on a ring? Then you should know that one with rubies, emeralds, or morganites can look just as good as a diamond ring but at a fraction of the price.
Another way to save money is to shop online. Internet-based stores typically have lower prices than high-street retailers and local jewelers. Just make sure you get ring insurance to protect your investment.
Last but not least, consider buying a G-color diamond. This option involves lower costs than purchasing a colorless diamond. Chances are, no one will notice the difference after the diamond is mounted.
How Much to Spend on a Ring? It’s All Up to You
Proposing on a budget doesn’t have to be challenging. No one can tell you how much to spend on a ring. The decision is up to you, so go ahead and research your options.
From choosing a simple design to buying a gemstone ring, there are ways to cut costs. Or you can simply put some of your plans on hold and save money for the perfect engagement ring.
Speaking of savings, you might want to see the rest of our blog. We’ll show you how to put money aside, how to reduce your electricity bills, and much more!
