Engagement rings are an important part of the wedding tradition, but how much should you spend? How does your income factor in? How can you be sure that what you’re spending on your ring isn’t over the top or, worse yet, insulting your future wife? Unfortunately, there are no hard and fast directions for this question. So you’ll have to use some discretion.
Average Cost of an Engagement Ring
The average cost is around $5,200, according to a recent survey by TheKnot.com and WeddingChannel.com. But, if money is tight, don’t despair; there are ways to cut costs without cutting corners. For example, consider using cubic zirconia instead of diamonds or white gold instead of platinum. Even titanium can be a solid choice of metal.
You should consult with your fiancée when considering buying an engagement ring for her. It should be a joint decision. If she thinks that spending $5,200 is reasonable, then go ahead and get one just like that. However, if she would rather have something less expensive but still beautiful, consider her preferences before moving forward with a purchase. You can also work with a ring designer like Fergus James to create something unique.
The Most Popular Engagement Ring Types
The average couple spends $5,000 on an engagement ring, but how much you spend should be up to your financial comfort zone and what you can afford.
For example, suppose you buy an expensive ring but have no savings or investments. In that case, it might be hard for you to save money later, so try looking at cheaper alternatives before deciding whether spending less than $2000 would cause problems with your budgeting. Here are some examples of engagement ring types.
The Solitaire Engagement Ring
Solitaire rings with diamonds on the band are typically seen as a symbol of marriage and represent eternal love. Therefore, they are often thought to be the most popular type of engagement ring, especially if they have more than one diamond or include smaller stones called “side” stones that sit next to the main stone.
This modern style is typically chosen with round-cut diamonds but can also be purchased with other cuts such as emerald, heart, pear, marquise, and oval shapes. There needs to be a minimum carat weight of 1/2 carat for a solitaire engagement ring, no matter the shape. It should also have G color and SI clarity, meaning that they are very clear and nearly colorless with extremely high cut proportions.
The Channel Set Engagement Ring
This engagement ring style features diamonds set on either side of the band near the top of the setting. They can sit flush with the band or slightly above it depending on how high you decide to go with their placement.
No matter what position they’re set in, there needs to be a minimum carat weight of 1/4 carat if they’re round and 3/8 for other shapes such as pear, oval, marquise, emerald, heart, radiant, or princess cut. There should also be G color and SI clarity.
Three Stone or Trio Engagement Rings
This engagement ring style usually has the center diamond larger than the two diamonds on either side. The three stones can either be set as a solitaire (one large stone, with smaller ones on both sides as accents) or one large band with multiple stones going along its side near the top.
These rings are typically more expensive due to having larger carat weight diamonds, making them popular if you’re looking for a “classic” look between $2000-$4000. This is because most people prefer to go with a round cut diamonds with at least 1/3 carat for the center stone and then accent stones on either side.
These center diamonds need G color and VS clarity (included in the $2000-$4000 price range), while the side diamonds should be H color and SI1-SI2 clarity.
*Note: If you can’t find a ring within your budget, there’s always the option of looking at settings without any stones or just replacing some of your diamonds with a moissanite, which has an almost identical look but comes with a fraction of the cost. Moissanite engagement also rings last just as long as a diamond engagement ring, so you don’t have to worry about any of its downsides either.
