How Much Should an Engagement Ring Cost?

Shopping for an engagement ring is a life changing decision. Not just because you are buying it, but its addition brings a commitment to love, laughter, and lots of support to each other. But when it comes to deciding how much to spend, things can get confusing. You'll have heard a few "rules" as to what you should pay for engagement rings, either two or three months' salary, or that what you pay for doesn't really matter as long as the actual ring is important.

The fact is, there isn't any "right" to this. How much you spend really does have a lot to do with your income, savings, finances, and what you think your partner would appreciate. Some people prefer a fancier, bigger ring, and some prefer a small, meaningful ring. It's not about completing what everybody else desires—it's what will be best for you, and your relationship.

If you are eager to know the budgeting process of engagement ring for couples, this writing will take you step by step from how much can indeed be spent with understanding why and when prices tend to increase and all the way through to hunting for affordable means without any settlement for quality.

The "Three-Month Salary Rule" – Do You Need to Do It?

One of the most well-known "rules" for engagement rings for women is that you must spend three months' salary on one. So if you make $5,000 a month, you must spend around $15,000 on the ring. This was started in an early 1930s advertising campaign by De Beers, a diamond company, which tried to convince people that an expensive ring was a symbol of greater love and commitment.

While this law might have worked for some people in the past, it simply is not possible anymore. Most of the time, everybody has rent/mortgage payments, student loans, savings, and daily living expenses. Tossing money of this nature on a ring will put your relationship under undue stress. Instead of adopting a rigid and inflexible principle, it's better to exclude some amount that can be agreed upon mutually from the calculation of your finances and requirements.

The best to spend is as much as you can but not necessarily too much. Spend in proportion where you might be able to afford a quality ring without putting yourself into financial difficulties. Spending $1,500 does bring happiness to some people, and spending up to $10,000 and above is fine to others. Whatever your spending budget is, that is fine. 

What Determines the Price of the Engagement Ring?

Diamond rings can be expensive starting from a few hundred dollars to even a few thousand ones. And knowing whether the cost is justified requires you to make an informed decision and bring out the best value for money. Here are a few things to consider

Diamond Quality and the 4Cs

When buying a diamond ring, you will be presented with a lot of controversy regarding the 4Cs: Cut, Clarity, Carat, and Color. They grade the quality of a diamond and subsequently price it.

Cut: The single most significant personal attribute of a diamond's beauty. A diamond that is well-cut will be brighter, even when small. A poorly cut diamond will fail to impress regardless of size.

Clarity: Diamonds are naturally blemished, they contain inclusions. The less blemishes the diamond, the smaller the blemishes, but the majority of blemishes are too small to be seen apart from under a jewelers' loupe, so you can save money by choosing a diamond which has very minor blemishes.

Carat: This indicates how heavy the diamond is. The heavier, the more costly, but a perfectly cut smaller diamond will be equally beautiful.

Color: The whiter it is, the more it costs. But the reverse is also true, that diamonds with a small hint of color can be beautiful without much cost.

Understanding this, it will be possible to make budget-friendly concessions. For example, cheaper color or clarity grade can be budget-friendly but still get you a shiny ring.

Alternative Stones and Frugal Options

Diamond is the traditional choice, but now most couples are considering other stones that are equally lovely but half the price. Moissanite, for instance, is a great substitute not that different from a diamond but at a small fraction of the price tag. There are also colored gemstones like ruby, sapphire, emerald that are considered.

Ring Settings and Metal Choices

The structure and metal of the ring also affect the cost. Platinum is the most costly since it is difficult to obtain and is powerful, though yellow gold and white gold are less expensive alternatives. Rose gold is popular today due to it being in style and having a timeless look.

Setting - where the diamond is held in place on the ring—also comes into play. Plain setting solitaires cost less than intricate settings with strings of tiny diamonds. Some settings, like halo settings (with smaller diamonds that surround the center stone), will make the center stone larger at little extra cost.

Setting a Realistic Budget

Now that you have learned what drives the cost of an engagement ring for girls, it is time to establish a realistic budget. Start with your finances. Consider the following questions:

How much can I afford without borrowing money?

What are my other financial responsibilities?

Is my fiancé particular about a style of ring, or are they open to compromise?

The key is to spend money that you are comfortable with. The ring is a symbol of love, not stress.

How to Save Money Without Sacrificing Quality

If you can afford to purchase the best-quality ring available, there are smart ways of saving money without compromising on quality.

One of the easiest ways to get the most for one's money is to purchase a diamond one tiny fraction lower than full carat weight. Rather than a 1-carat diamond, a 0.90-carat diamond will do just as well to the naked eye, but at perhaps a great deal less cost. Having a diamond with less clarity and color will take thousands of dollars off the price without sacrificing in appearance.

Another great way to save money is purchasing online. Online jewelers are less expensive than actual jewelry stores since they do not have the same overheads. At Zalkari, we sell high-quality rings with high-quality photographs and certification.

If the partner wants a large diamond but you cannot afford one, then the halo setting can be considered, where the smaller diamonds form a circle around the center diamond to make the center diamond look bigger. The second option is using lab-grown diamonds, which are chemically identical to natural diamonds but with 30-50% less costs.

An engagement ring is something incredibly personal to buy, and the most important thing is that you end up with what's right for you and your fiancé. There is no "right" price to pay, you'll work that out between your budgets, how much money you'd want to have available for other things, and what you like for yourself. Spending $1,000 or spending $10,000, the significance in the ring is the only thing that counts.

Rather than being lost in yesterday's costs or how much the world requires, reflect on your fiancé's desires and what you can afford to spend. The perfect engagement ring is not an expense ring, it's a promise ring, a ring of love, and tomorrow.