What exactly is the ideal budget for an engagement ring? This perennial question troubles would-be couples who waver between widely regarded, price-related myths and unsolicited advice. An engagement ring is unquestionably an expensive purchase. It calls for deciding a price estimate that can be efficiently worked within your overall wedding budget. There’s no specific straightforward answer when it comes to ring etiquette. However, deciding on some key factors can definitely make the quest easier on your mind and bank balance.
According to multiple data sources, the average price of engagement rings has been on a steady rise over the years. US$7,829 was the average cost of an engagement ring in 2018 compared to a modest US$5,023 in 2017 in the United States. However, much like most surveys, the data does not always reflect the reality. Many would choose to pay a lot less whereas some would prefer to fork out way much more. However, the gimmicky “three-months’ salary” rule is outdated. Forget about this myth as there can be no such set rules to decide on something as consequential and personal as an engagement ring.
In fact, more than any data, the price will depend entirely on your budget. It makes sense to spend whatever both of you are comfortable with. Personal style preferences will determine the amount you are ready to fork out. A number of crucial factors come into play when you are buying the ring. Prices vary widely depending on the quality and carat weight of the centre stone, additional details like halo or pavé, and the chosen metal. Mark-ups will be calculated if you opt for a renowned brand name.
In all honesty, no price cap can be set when buying an engagement ring. You or your partner can always be tempted to spend a little extra and invest in a bigger ring. Nonetheless, getting into debt is not advisable when you have to consider the bigger picture – your wedding. Sticking to a set budget is definitely challenging when you go ring shopping.
The price of an expensive ring will go a notch higher if you take into account ring insurance. With such a high-value as well as high-cost investment, it is a good idea to keep the upper limit in check.
Smart shopping hacks come in handy if you have to work around a budget. The 4Cs can be utilised cleverly to achieve a beautiful diamond without giving up on quality. A diamond with lower clarity will not appear drastically different from a high-priced “flawless” gemstone if the inclusions remain invisible to naked eye. You can even ditch the diamond and select something as uniquely glorious as a sapphire, ruby or emerald as the central stone of your engagement ring. The metal and setting of the stone also contribute to the ring’s overall pricing.
All these modifications, of course, need to be considered without hurting the sentiments of your partner. A wise buying decision does not need to be a frugal or impolite one.
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