February 26, 2023
🕐 9 Min Read
Engagements are a magical experience. However, the not-so-glamorous side of engagement ring shopping is the cost. Before the panic sets in, read this blog to get a better understanding of an average engagement ring cost, budgeting, and more.
Average Engagement Ring Cost, Budgeting, Consideration Factors, & More!
So you found the one. You’re excited and ready to take that next step, but there’s that one thing holding you back—the cost. Don’t worry, you’re definitely not alone. Most people get anxiety on the thought of how much to spend on an engagement ring.
Amidst all the research, slight panic, and financial analysis, you start to ask yourself, “How much should an engagement ring cost?”
We’re providing clarity on the major questions and stressors around the average engagement ring cost, budget considerations, how to select the right engagement ring, and so much more!
The Price Of Engagement Rings
Of all the surprising and exciting moments on the journey to newlywed status, the engagement ring is hands-down the most important investment you can make. Your engagement ring is an eternal symbol of your one-of-a-kind love and all of your life’s adventures. It’s truly that one radiant item that represents your commitment to your engagement or marriage.
When it comes to rings—and jewelry in general—we’ve all heard the age-old phrase, “Diamonds are a girl’s best friend.” If you’re looking for the signature stone of sophistication, the average engagement ring cost for Diamonds in 2020 is $5,000 USD.
The highest grade 1-carat, well-cut Diamond with the 4 C’s—cut, color, carat, and clarity—can skyrocket up to $10,000 or more.
The price range varies due to the metal type/quality, quantity of side stones, and ring design. Usually, Diamonds are set in high quality metals like Platinum, 14K Rose Gold, 14K White Gold, 14K Yellow Gold or 925 Sterling Silver with elaborate halo designs and bands surrounded in genuine Diamonds.
Why Is The Price Of Engagement Rings So High?
When it comes to the creation of the quintessential engagement stone, it’s a laborious and intensive process—not to mention expensive. The price of a Diamond mine can range upwards of $1 billion to develop. To be fully productive and profitable, it can take up to 10 years. Once productive, the operations cost can escalate up to $100 million before salaries.
Of course, it’s not a walk in the park to get this gemstone. There’s 100 tons of rock that hide one carat of high-quality Diamonds. To get to those diamond crystals, they have to process that extensive ore and rock. The next stage of the process is to ship the loose diamonds to cut centers. From there, those skilled diamond cutters shape and polish the diamonds before they’re shipped to your local jewelry store. In every step of the process, the price continues to rack up.
Taking all this in, it’s no surprise that Diamonds are as expensive as they are.
How Can I Buy An Affordable Diamond Ring?
If you still want to pursue the Diamond Ring at a friendlier price point, here’s four pieces of advice to save a little:
Opt for a 0.95 Carat: Although it’s slightly under a carat, the minimal size differential results in a big price difference—20% less to be exact.
Substitute the stone: If you’re obsessed with the setting but not the price, ask your jeweler to substitute for a different Diamond to reduce the cost.
Go for a hybrid: If you want a unique engagement ring that’s a little more personal, authentic Gemstone and Diamond hybrid engagement rings may be a good option.
Switch-up the metal: Platinum is beautiful, durable, and higher in price. You can still keep the beauty while remaining price-efficient with 10K or 14K White Gold.
What Engagement Ring Cost Factors Should I Consider?
When it comes to wedding ring cost, here are the factors to consider:
1. Understand Your Partner
If you’re at the point that you’re ready to get down on one knee, then you likely know the ins-and-outs of your partner. In the case you need a little more of a sense of direction, here’s a couple of questions to jumpstart your thought process:
Style: Does your loved one like to keep it low key? Or do they like a little flair?
Outfits: What is your partner’s go-to outfit/style(s)? Athleisure all-day, everyday or dressed-up and sophisticated?
Hand-Usage: Does your partner use their hands frequently in everyday adventures? If so, they may need a more durable ring.
Monetary Value: Is your loved one practical? Or do they like the finer things in life?
Jewelry Usage: Does your partner like to get glammed up with jewelry? Or does your loved one jewelry collection gather dust?
Brand Preference: Does your partner love a good name brand? Or do they like to keep it original?
Ring Type: Is your loved one a sucker for tradition? Or is your partner outside the box?
2. Identify Your Budget Range
Whatever you heard about the salary rule—kick it to the curb. A reasonable minimum budget for a high quality ring starts at $550. When it comes to the maximum cost, one question to ask yourself is, “If you lost the ring, how would you and your bank account cope?”
Although you like quality, you may not want to rack up debt. That said, it’s important to consider the following factors when thinking about the price of engagement rings:
- Money earned as a couple
- Using your savings vs. financing
- Credit and interest rate if you go the financing route
- Ability to pay down debt
- Expenses after the proposal
- Current financial obligations
- Timing of proposal
Hands-down, an engagement ring is one of the more important and expensive purchases you’ll make in your lifetime. Considering the factors above before you go ring shopping will help you create a game-plan. It’ll also leave you more confident and with a better piece of mind in the whirlwind we call love.
3. Maximize Your Dollar
If you’re wanting a gorgeous ring without the big retail markup, going to a local or family jeweler is always a great option.
How Should You Save For An Engagement Ring?
Regardless of if it’s a Diamond or other-wordly engagement ring, recent studies show the average cost comes out to approximately $5,900 USD with approximately a third of Americans spending between $1,000-$3,000 and 10% spending under $1,000.
If looking at those costs overwhelm you, here’s a couple of other options to think about. This will help you save or see if there’s other potential options:
1. Talk To Your Family Members
When it comes to average engagement ring cost, it’s definitely not a bad idea to talk to your family members. There’s an opportunity to save a significant amount of money if your parents, grandparents or other relatives have a family heirloom that you can turn into an engagement ring.
2. Comparison Shop Digitally & In-Person
You can never do enough research when it comes to the average cost of an engagement ring. Check out engagement rings online in addition to your local retailers to get a gauge of the price range.
If you’re opting for a Diamond, the 4 C’s mentioned above result in a higher price. However, if you opt for an alternative gemstone ring, they will not conform to the C-standard. In this case, beauty will reign supreme and grading is not as much of a priority.
For an authentic variety of gemstones, check out Moon Magic Jewelry.
3. Bring Your Significant Other Into The Mix
Contrary to popular belief, the engagement ring shopping journey doesn’t always have to be done solo. Incorporating your loved one into the entire engagement ring buying process has potential to go better.
Instead of guessing and anticipating what your partner wants, they’ll be able to show you themselves. This way, when it’s time to pop the question, they’ll more than love the engagement ring set they’ll receive.
4. Evaluate The Source Of The Stone
The origin of the stone is of great importance—especially to younger couples. Lab-grown diamonds, Moissanites and gemstones are on-the-rise. Additionally, two additional factors that hold value is ethical sourcing and sustainability.
Besides Diamonds, the Opal is another enigmatic, positive stone that’ll make for a one-of-a-kind engagement ring.
What One-Of-A-Kind Engagement Ring Alternatives Are Out There?
If you’re looking for something a little more personal that properly encapsulates your loved one’s multi-dimensional personality, gemstone engagement rings may be a good option for you! The typical engagement ring cost is more reasonable without the compromise on beauty.
Moonstone Engagement Rings
Not only is this gem the symbol of love, it has a healing and all-encompassing love effect. It’s believed that the Moonstone lets the heart see and feel deeply—allowing you to fully accept unconditional love. Additionally, the Moonstone is also heralded as the stone of new beginnings. Which is perfectly emblematic for that next step on your journey to infinite love.
If you’re looking for a stunner that’s incredibly price-friendly, check out these gorgeous Moonstone Engagement Rings.
Opal Engagement Rings
Often associated with good vibes, it’s no surprise that this dazzling gemstone is desired as part of a wedding jewelry set. Additionally, the Opal activates positive thinking and encourages feelings of loyalty and faith.
If you’re looking for an Opal gemstone option that doesn’t compromise the sparkle,view our collection of beautiful Opal Engagement Rings.
All-in-all, the average cost of an engagement ring can fuel anxiety. If you examine your budget and finances, it’ll give you a sense of clarity. Additionally, consulting your family and loved one has the potential to save you money.
Still unsure which engagement ring to get? Check out our Must-Have Wedding Jewelry Sets for a little extra help.
With the advice above, you can sit back, relax—and fall in love.