How Much You Should Spend on an Engagement Ring and Why
Jewelers often receive lots of questions from their customers about buying engagement rings. One of the most popular items involves the typical monetary amount they should spend on them.
This does not mean the expected cost of an engagement ring, but rather estimates your budget for this substantial investment. Jewelers are willing to work within the confines of your bank account, because they recognize that not all customers are the same.
For several years, jewelry experts have circulated the myth that you should devote three months’ salary towards buying an engagement ring. In this article, we glance at the truth behind this adage, discuss the expense you should actually plan to pay, and look at the things that determine this number.
Examining the Three Months’ Salary Rule
During the Great Depression, the diamond industry could no longer generate a profit in the face of the nation’s economic downturn. As a result, De Beers created a marketing campaign that would hopefully draw their customers back and inspire them to purchase diamond rings.
Since diamonds had not yet evolved into the standard gemstone for engagement rings, the company ventured the idea that diamonds were the most quintessential symbol of a man’s love. The campaign also encouraged gentlemen to save their paychecks for one month, so they could afford the ring. This figure eventually increased by another month, and in the 1980s, shoppers were setting aside three months’ worth of their salary.
Nothing is inherently wrong with using this rule as a guideline, but it shouldn’t weigh into your ultimate decision. Remember that it originated in an era when couples got married at a younger age, still lived with their parents, and carried fewer bills. If you choose this route anyway, we recommend sticking to the original one-month variation – or you could start at this number and work your way towards the suggested amount.
The Average Cost of an Engagement Ring
Jewelry experts have found that, on average, shoppers pay between $3,750 and $6,350 for an engagement ring. However, these prices account for a mediocre diamond with an approximate weight of a single carat that’s set in the most common metal. Higher-quality diamonds and settings will raise the cost.
You shouldn’t propose with a cheap engagement ring, especially if your girlfriend thinks that you were just trying to save money!
Because she is incredibly special, she deserves a more impressive piece of jewelry. But you don’t exactly want to break the bank, either. Instead, you should work to find a price that you can both accept.
Not sure how to do that? Here are a few things you should consider.
Your Financial Situation
You will run into several investments throughout your married life, such as a new house, a new car, and of course, starting a family. And it’s not ideal to find yourselves burdened with debt after you spent too much money on the engagement ring.
We suggest that you establish a budget along with your future wife, so that you’ll know the ideal price for her ring when you begin shopping. Then, bring up this number at the first meeting with your jeweler, and they can create a framework to choose your perfect engagement ring.
The Significance of the Engagement Ring
It’s no secret that your engagement ring will carry a symbolic meaning for you and your future spouse. After all, it represents your lasting love and commitment to one another. When you consider this fact, it might influence the amount of money you devote to this investment. As the old saying goes, you can’t put a price tag on happiness.
Your Fiancée’s Preferences
For your fiancée, her engagement ring will serve as the ultimate status symbol. She’ll obviously want to make everyone jealous when she flaunts her sparkler around family and friends. Among other things, you need to find out the shape of the diamond which she desires, the color of jewelry that fits her best, and the setting that matches her style. Have a casual conversation with her about these aspects, then bring these notes to the jeweler and let them search for the perfect engagement ring.
Come Visit Your Local Jeweler
We know that it can be emotionally and financially scary to buy an engagement ring. At Anne Dale Jewelers, we can put those fears to rest with our vast selection of diamonds and other gemstones. Meet with a GIA-certified gemologist and master craftsman who will help you decide on the best engagement ring for your budget and fiancée’s unique tastes. Browse our newly expanded gallery, or create a customized design just for you!
Stop by our new location at 829 Asbury Drive, or contact us at (985) 626-4266.