Since you have found the one, you might want to take the relationship further to engagement. To find the perfect engagement ring, one of the pressing questions in mind is- “How Much Do Engagement Rings Cost?”.
In this dynamic and ever-changing market, finding the perfect engagement ring leaves your head spinning with the varied options in design and retailers! And due to price concerns, you may end up buying a piece which you were not expecting.
Engagement rings are available in various designs, shapes, settings, and prices. Why not choose a ring that brings you joy without breaking the bank? Brainstorming how much do engagement rings cost is why what led you here!
The pricing and cost of engagement rings result from various factors impacting it: four Cs, metal type, ring setting, brand, and whatnot! But first, let’s understand how much money you should spend on your engagement ring.
“A Diamond is Forever”—the famous slogan from the revolutionary marketing campaign by De Beers Diamond Company in the 1930s—established a “rule” of diamond engagement ring spending. This norm stated that at least two to three months of salary should be spent on an engagement ring.
However, this rule lacks relevancy in the contemporary market. As of 2024, the average amount a person can spend on an engagement ring is between $5,000 and $7,000. However, this is just an average and doesn't necessarily mean a person should spend between this mark. You can go higher or lower based on your preferences, the size and quality of a diamond, the metal type, the ring setting, etc., which we have stated further!
The idea of one-size-fits-all may lead you to the size and quality of the engagement ring to be purchased. Knowing the size of your finger is essential, as every ring fits on a different finger. The Four Cs, the metal type, and the ring design influence the cost of engagement rings!
Before you head out and purchase a diamond ring, make sure you consider the following details that influence its cost.
Cut
Diamonds are available in round, oval, and princess shapes called cuts. Once the jeweler has crafted the gemstone into a charming piece, it emits a flattering shine and sparkle. Cut also impacts the value of the diamond, as a perfectly round or symmetrical diamond is the most expensive.
Color
Simply put, the closer to colorlessness a diamond is, the more expensive it is! In the case of white diamonds, the yellow hue determines its value. Purely Colorless diamonds are the rarest and most expensive.
Clarity
Clarity and price are directly proportional, meaning the more clarity, the higher the price. Clarity refers to the refractive index or blemishes, generally termed inclusions. As per the chemical composition, diamonds have a higher refractive index than CZs, thus being more expensive.
Carat
The physical weight of a diamond is measured in metric carats. Remember, carat does not refer to purity or size; it simply means the weight of a diamond. Learn more about carat and how it is different from Karat here.
Sterling silver rings are reasonable, come in a wide variety of designs, and last for quite a while. Platinum, on the other hand, can turn out more expensive than gold if purchased in its pure form.
Platinum
Platinum is the most precious and costly of the three. Due to its enthralling beauty, shine, and hypoallergenic properties, platinum is the best metal for engagement ring bands. If your budget allows you to spend more on an engagement ring, platinum is the ring's go-to metal!
Gold
After platinum is gold, this shining dawn metal will bring love and commitment to the relationship with each day. Gold metal bands are available in white, yellow, and rose. White gold is an excellent alternative to platinum for its identical appearance.
The purity of gold also determines the value of the engagement ring 14K-18K gold is more valuable than 10K gold. However, the 10K Gold rose gives the ring a vintage and classy look.
Silver
If you have a tighter budget, sterling silver (92.5 purity) as a metal band or exquisite ring is a great option. Silver metal bands for your engagement rings are comparatively less durable and long-lasting than gold or platinum; nevertheless, they are an excellent option if you have considered future expenses as a couple, including the wedding.
There is a plethora of ring designs and settings at BOLD to choose from. These designs include antiqued and vintage rings, bypass engagement rings, cluster engagement rings, halo engagement rings, solitaire engagement rings, three-stone engagement rings, and wedding set engagement rings. Band rings or classic band are also popular nowadays.
The best ring is the ring that resonates with your partner’s personality. You can also go for a simple metal band design, which is an impeccable choice!
An engagement ring is a significant purchase, so it's important to plan ahead and set aside money. Knowing your budget and maximum spending capability on the engagement ring is a testament that you want a secure, happy, and debt-free future with your significant other.
For budgeting on this precious ornament, along with the financial plan, you should familiarize with the ring’s costs, and check out what matters you most(size, metal, etc.). Additionally, assess its long term value and premiums if any as well as insurance.
However, if you decide to make this special occasion more memorable and pour your heart into it, you can consider following the thumb rule, the three-month
salary theory.
Knowing how much you can spend on the engagement ring involves the remaining monthly expenses and income. If the proposal is pre-planned, saving up for a few months can enable you to be open to broader and better options. Cutting off miscellaneous expenses is a great way to save money. However, relying on online engagement ring calculators is a no-go.
Considering your financing priorities, you can determine the financing options. You can finance or pay for your engagement rin26g in these ways!
Cash
E-Check
Credit Card
Debit Card
PayPal
The financing option should solely depend on your budget, future expenses, and ring preferences. These payment options are usually used. However, each option has pros and cons.
Calculating how much do engagement rings cost is not as complicated as one might think!
Perhaps you and your loved one have both experienced the stress that comes with trying to choose the ideal engagement ring to finally tie the knot. With wondering how much do engagement rings cost, finding the ideal seller is a must!
At BOLD Precious Metals, we want to make sure you can buy the engagement ring of your dreams while keeping your head on your shoulders. Engagement ring costs at BOLD are competitive, optimal, and the best in the market.
Furthermore, Our easy-to-navigate website, wholly insured delivery, and dedicated customer service team are ready to clear your queries. We believe this article has been an elixir in your romantic quest to find the perfect engagement ring for your partner!
As mentioned, engagement ring costs and buying procedures are determined by various factors. From the 4Cs of diamonds to the dealer of the piece of jewelry, this article explains how much do engagement rings cost and what look for! Many counterfeit and phony products are sold online. Hence, it is quite crucial to buy from a reputable dealer like BOLD in order to avoid a significant money loss!
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