Engagement rings have long been a symbol of promise, loyalty, and eternal love. With “A Diamond Is Forever” cementing their status globally, many wonder about the tradition of engagement rings and their cost. If you’re ready to start your search, it’s essential to approach it thoughtfully. The proposal is a significant moment, and choosing the right ring is a crucial part of that experience. As you explore various styles, sizes, and price points, you’ll realise the importance of doing a bit of research to make an informed decision. But how much should you actually spend on an engagement ring?
Summary
Engagement rings symbolise love and commitment, but determining how much to spend can be challenging. The traditional advice of spending two to three months’ salary is outdated and often impractical. Instead, focus on what you can comfortably afford without financial strain. Popular ring designs include round-cut diamonds and metals like white gold. Ethical sourcing, ring insurance, and alternatives like moissanite or vintage rings are also worth considering. Ultimately, the thoughtfulness behind the choice is more important than the cost, and personalisation can add significant sentimental value.
What is the Average Cost of an Engagement Ring?
Never spend more than you can comfortably afford on an engagement ring. The idea that you should spend two months’ salary on an engagement ring is a myth created by the diamond industry giant DeBeers to boost sales. Spending beyond your means is unwise and can be financially hazardous. The decision on how much to spend should rest solely with you and your fiancée, without external pressure.
When discussing finances, it’s essential to be open and honest with your partner about how much you’re comfortable spending. This conversation is crucial, especially if you’re planning to merge finances after marriage. Understanding each other’s expectations will help avoid any surprises.
Popular Engagement Ring Designs
Diamond Cuts and Settings
The design of an engagement ring is just as important as the gemstone itself. Here are some popular choices:
- Round Cut: The most popular diamond shape, accounting for 43% of engagement rings.
- Solitaire: A single diamond set alone, representing 25% of engagement rings.
- Halo: A central diamond surrounded by smaller diamonds, preferred by many for its extra sparkle.
Metal Choices
The metal setting is crucial for the ring’s overall aesthetic and durability. Common choices include:
- White Gold: Preferred by 48% of people.
- Yellow Gold: Chosen by 16%.
- Rose Gold: Selected by 13%.
How Much Should You Spend on an Engagement Ring?
- Three Months’ Salary: An expert report on Brides.com suggests spending three months’ salary on an engagement ring, but this is more of a guideline than a rule. If the buyer is “heavily in debt” or “worried about job stability,” they may choose to spend less.
- Two Months’ Salary: If three months seems excessive and one month too little, a compromise of two months’ salary might be a reasonable approach. Spending two months’ salary on an engagement ring is a dated standard and often impractical for many people today. Graduating with significant student loan debt and starting careers with modest incomes makes this expectation unrealistic. The rising cost of living adds to the financial pressure.
- One Month’s Salary: The more common recommendation is to spend around one month’s salary on the ring, a notion popularised by De Beers during the Great Depression in the United States.
Forget the Rules
The average cost of an engagement ring, according to a study it’s $4,000. While this figure can be a helpful reference, it’s essential to remember that the amount spent should be a personal decision. Some women may not want their fiancés to spend excessively on a ring. Let your conscience and financial situation guide your decision.
Thoughtfulness Over Expense
Your love isn’t proportional to the size or cost of the ring. A thoughtfully chosen ring, regardless of its price, will always hold more value. Focus on creating a unique and meaningful ring within your budget. Cleanliness and clarity are also important considerations. Aim to purchase an “eye-clean” diamond, which appears flawless to the naked eye, even if it has minor imperfections visible under a microscope.
Practical Considerations
Engagement Ring Insurance
Insuring your engagement ring is a wise step to protect your investment. The cost of insurance should be factored into your overall budget.
Ethical Sourcing
Many couples today are concerned about the ethical sourcing of their rings. Brands offer handmade, ethically produced diamond rings with free shipping and returns.
Alternatives to Traditional Diamonds
Moissanite and Other Gemstones
Moissanite is gaining popularity as a diamond alternative due to its brilliance and lower cost. Other gemstones like sapphires and emeralds also make beautiful, unique engagement rings.
Vintage and Heirloom Rings
Opting for a vintage or heirloom ring can be both cost-effective and meaningful. These rings often come with a history that adds to their sentimental value.
Personalisation
Customising an engagement ring can make it even more special. Whether it’s choosing a unique setting, adding personalised engravings, or selecting a non-traditional stone, customisation allows you to create a ring that perfectly represents your relationship.
Conclusion
Getting engaged is a significant milestone that deserves thoughtful consideration, especially when it comes to choosing the perfect engagement ring. While societal norms and industry standards offer guidelines on how much to spend, the most important factor is your personal financial situation and your partner’s preferences.
Never go into debt over an engagement ring purchase. Focus on finding a balance that allows you to give a beautiful, meaningful ring without compromising your financial well-being. Diamonds remain the most sought-after gemstone, but alternatives like moissanite and vintage rings offer beautiful and unique options.
Spend what you can afford and to prioritise thoughtfulness and personalisation over adhering to outdated spending rules. This approach will ensure that the ring you choose symbolises your love and commitment without causing financial strain.
FAQs About Engagement Ring
What Ring Is Best For Engagement?
The four metals most commonly used for engagement ring settings are yellow gold, white gold, rose gold and platinum. Just like when it comes to design, there’s no best metal for every ring – instead, it’s best to choose the metal for your setting based on taste, longevity and cost.
What Is The Average Cost Of An Engagement Ring In Australia?
We’ve established that there are no rules about how much you should spend on an engagement ring or your wedding, but people still like to know how they compare. According to a 2020 Australian wedding industry report, the average couple in Australia is spending $5,367 on their engagement ring.
How Much Do You Spend On An Engagement ring?
General Rule: You should spend at least 2 months salary on the engagement ring. If, for example, you are making $60,000 per year, you should spend $10,000 on the engagement ring.
Do You Wear Your Engagement Ring Everyday?
Yes. The engagement ring is worn every day. That being said, the engagement ring should not be worn at certain moments throughout the day.
What Is The Rule For Buying An Engagement Ring?
General Rule: You should spend at least 2 months salary on the engagement ring. If, for example, you are making $60,000 per year, you should spend $10,000 on the engagement ring.
