How Much Should You Spend on an Engagement Ring?

How Much Should You Spend on an Engagement Ring

Before answering the question, let's take a look at some survey data. According to The Knot's 2023 Real Weddings Study, the average spending on an engagement ring in the U.S. is $5,500. However, this figure varies by region and respondent. For example, couples in the Mid-Atlantic states, including New York, spend an average of $6,900, while about one-third of respondents reported spending between $1,000 and $4,000.

In 2024, a survey by Angara revealed that the average cost of a one-carat diamond engagement ring is $6,000. In comparison, one-carat natural gemstones like emeralds, rubies, and sapphires has an average price of $3,600. Lab-grown diamonds of the same weight are significantly more affordable, averaging around $1,000.

Keep in mind that these figures simply reflect the current engagement ring costs and don't mean you have to spend that much. How much you should spend on an engagement ring is a personal decision that should align with your financial situation, your partner's preferences, and your shared future goals. Here are some key considerations to help guide your decision:
● Your savings and the amount you're comfortable spending
● The stability of your current income and what fits within your budget
● Long-term financial goals, such as buying a home, planning a wedding, or pursuing further education
● Your partner's preferences for the ring, including metal, gemstone, and design
● Shared traditions, cultural influences, and personal values regarding engagement rings

How to Buy an Engagement Ring on a Budget

Based on the key considerations above, you should be able to set a reasonable budget for how much to spend on an engagement ring. However, the right choice and the exact amount still require further guidance. Here are some helpful tips, starting with the most important: choose a reliable ring jeweler.

1. Select a Reputable Ring Brand

An engagement ring is worn as a symbol of love, and its quality cannot be overlooked. Therefore, selecting a reliable brand is crucial. Darry Ring, a brand dedicated to engagement and wedding rings, is a choice you cannot miss.

Regardless of your budget, Darry Ring offers a wide variety of options. Meanwhile, it promises that every diamond and gemstone above 0.8 carats comes with a certificate from IGI, GIA, or NGTC, giving you peace of mind. More importantly, Darry Ring provides exceptional after-sales service, with seven-day-a-week customer support to address any concerns you may have, in time.

Darry Ring understands an engagement ring is not just a piece of jewelry; it represents a promise of future happiness and an eternal vow to your partner. For this reason, its brand philosophy is different from others. With the mission of "Buy for One Person in a Lifetime," Darry Ring believes that every true love deserves a one-of-a-kind engagement ring to express a deep bond and unwavering commitment. Choosing an engagement ring from Darry Ring will make it the most beautiful testament to your happily ever after.

2. Forget the "Three Months' Salary" Rule

The so-called "2/3 months' salary rule" or "engagement ring price rule" has no real basis. It's merely a successful marketing strategy by the jewelry industry. The idea likely originated in the 1930s from De Beers, a diamond company, in the 1930s when diamond rings were rare, and they introduced a "one-month" rule through advertising. As slogans like "A Diamond is Forever" became ingrained in people's minds, diamond engagement rings grew in popularity, and the "two months' salary rule" eventually evolved into the "three months' salary rule."

However, don't be misled by these notions. The true meaning of an engagement ring lies in expressing love and commitment, not in how much you spend. What matters most is choosing a ring that truly suits you and your partner.

3. Prioritize Your Partner's Preferences

An engagement ring is also a piece of jewelry your partner will wear daily. Therefore, when thinking about how much to spend on engagement ring, it's important to consider your partner's preferences. Does she follow engagement ring trends or prefer a classic diamond? Does she lean toward simple, elegant designs, or favor intricate and luxurious styles? If comfort is a priority, platinum or gold may be better choices. Listen to her desires with care, or even discuss them together, so the ring becomes a unique treasure she instantly knows was thoughtfully chosen for her.

4. Understand Ring Pricing Factors

How much to spend on an engagement ring is closely related to the pricing factors. The 4Cs of diamonds are the most important. The larger the diamond, the more exquisite the cut, and the better the color and clarity, the higher the price will be. Next, the metal of the ring will affect the price. Platinum is generally more expensive than gold because it is more durable and comfortable.

Brand premium is also a factor, but big brands do offer better design, quality assurance, and after-sales service. If you have a limited budget, choosing rings from niche designers or custom-made rings can strike a balance between engagement ring price and uniqueness. In addition, consider the added value. It may make the price higher, but services like certificates, after-sales repairs, or regular cleaning can give you more peace of mind.

5. Explore Financing Options Carefully

When considering how much you should spend on an engagement ring, a one-time full payment is the best option if you have sufficient liquid funds. This avoids the extra pressure of installment payments and allows you to benefit from discounts offered by the retailer. However, if the desired ring exceeds your current budget, it is advisable to explore different financing options to avoid financial stress.

● Installment payments: Ensure monthly expenses remain within a reasonable range. Before signing any agreement, be sure to understand all the terms and conditions.

● Personal savings: Planning and saving gradually can avoid interest or debt burdens, making it easy to handle the large expense of an engagement ring.

● Credit card payment: If you can pay off the balance in the short term, using a credit card is a good option, but keep in mind high interest rates.

6. Consider Alternative Options

An engagement ring is a powerful symbol, but it's just a small part of your shared journey. It might be wise to take a long-term view on how much to spend on engagement ring. A high-quality life together is the real foundation of a strong relationship. Of course, if you and your partner consider the engagement ring essential, you can also explore alternative options. These may come at a lower price, but the sentiment remains the same.

● Vintage or Second-Hand Rings: These often carry unique charm and may cost less than a brand-new ring.

● Custom Designs: Collaborate with a jeweler to create a bespoke piece within your budget.

● Lab-Grown Diamonds: These are chemically identical to natural diamonds but are typically 20-40% cheaper.

Final Thoughts

To wrap up, how much to spend on an engagement ring does not need to follow the "three-month salary rule." It is a personal decision that should reflect your financial situation, your partner's happiness, and the love you share. You can have different considerations and choices based on your modest or extravagant budget. Ultimately, the true value of an engagement ring price lies in its significance and the commitment it represents. Remember, thoughtful planning and prioritizing what truly matters will always lead to the best choice.