If diamonds are a girl’s best friend, engagement rings are her most special best friend, aka best friend forever (BFF). A ring you expect your partner to wear forever should essentially be invaluable. Although emotionally invaluable, typically, individuals need to stick to a limited budget while purchasing an engagement ring.
The big question is – How much should a person spend on a ring for such an auspicious occasion? There are numerous misconceptions and myths revolving around purchasing engagement rings. As a result, it’s to estimate the right amount to spend while shopping for your significant other.
This article will help you filter down a price estimate, debunk cost-related myths and unravel ways to stick to your budget. Let’s start with the average cost of engagement rings!
The Average Cost of an Engagement Ring
According to recent studies, average couples spent around $3,756 on engagement rings in 2020. On the other hand, the same studies claim that average couples spent $7,829 on the same in 2018. Nevertheless, a few to-be-weds spend a lot less and a lot more.
It depends on the financial capabilities of the fiancé-to-be. A sensible thumb rule is to spend whatever you’re comfortable with instead of going into debt.
Another crucial factor is your partner’s preferences. If they look for a ring with a simplistic design, it’s challenging to spend a lot. However, if they want a substantial stone, there are a plethora of options depending on your budget.
Prices of the rings vary vigorously based on several factors, such as quality and size of the stone, design details, metal of choice, etc. The brand name also plays a major role in deciding the cost of a ring.
Myths Regarding the Cost of Engagement Rings
The various types of myths and untrue stigmas related to how much engagement rings should cost are mentioned below.
Spending Three Months’ Worth of Salary
It’s an outdated rule that a ring of such ceremonial value should cost equal to three months’ worth of salary. Nonetheless, it’s one of the oldest and most common myths when it comes to ring etiquette.
There’s no concrete rule revolving around how much people should spend on engagement rings as it’s vastly budget-dependent.
Looking for a Cheaper Diamond Ring Online
Going by customer experience makes it risky to purchase diamonds online as it also possesses many lower-quality stones. Such distinctions aren’t necessarily evident to the untrained naked eye. As a consequence, it’s wise to consult professionals and shop from the source.
There are many tricks to figure out the originality of a diamond based on its cut and shape. Contacting a diamond consultant can be helpful as they can assist you in selecting the centre stone. Moreover, these professionals can help you base your selection on the four Cs to choose the best diamond in your budget.
The four Cs encompassing ring etiquettes are as follows:
- Cut
- Colour
- Clarity
- Carat
Summing it up
Although there’s no restrictive price cap while purchasing an engagement ring, you may still be willing to go above and beyond. If you’ve already been hinted at proposing, your partner has conveyed their preferences. However, if you anticipate the proposal, be straightforward and casually address your desires in a conversation.
Make sure to cater to your partner’s needs by keeping your inclinations aside. Always remember that it’s the thought and effort that counts.
