Determining the right amount to spend on an engagement ring doesn’t have to be overwhelming. Byunderstanding several key factors, from average spend to diamond quality, you can find the perfect ring that suits both your heart and your wallet. Here are five essential tips to keep in mind as you embark on this meaningful journey.
1. Understanding the Average Cost of an Engagement Ring
If you’re unsure where to start when it comes to budgeting for an engagement ring, looking at the average spend can be a helpful guide. Traditionally, people followed the two-month salary rule, a concept introduced during the Great Depression by De Beers to boost their lagging diamond sales. They suggested spending three month's salary on an engagement ring as proof of financial security and commitment to your fiancee and her family. In the context of social norms and traditional roles of the 1920s this was widely accepted as a good rule of thumb. Today, this rule is considered outdated as couples are much more likely to be living together, both equally and independently contributing to the financial stability of the household deciding to get married. The average cost of an engagement ring will very much depend on cultural norms. In the US, this is around $6,000, typically falling below $10,000 and in Ireland it sits around €4200. Remember, many elements influence the final price of an engagement ring, including the type of gemstone, metal, carat weight, and setting.
2. Set an Engagement Ring Budget
Much like planning for a wedding, setting a budget for an engagement ring is crucial. There’s no need to go into debt for this meaningful piece of jewellery. While knowing the national average spend is useful, your budget should reflect your personal financial situation. By evaluating your financial capacity, including your salary, savings and other financial priorities, you should arrive at a desired spending amount. Many folks prefer to prioritise the downpayment on a home together over purchasing an expensive ring so if you're not planning total surprise, chat through priorities with your partner to make sure the ring you choose is a true reflection of the beginning of your life together. Don’t forget to include additional costs such as jewellery insurance and any ongoing service costs that may apply. If the ideal ring exceeds your budget, consider payment plans or financing options offered, but always be mindful of interest rates and repayment terms.
3. Learn About the “Four Cs” With a Trusted Jeweller
Familiarise yourself with the “four Cs” of diamonds: cut, colour, clarity, and carat weight. These characteristics significantly influence a diamond's quality and price. Whether you opt for a natural diamond or a lab-grown alternative, understanding which “C” matters most to you can help you make an informed decision. Once you have a bit of a grounding in diamonds, finding a reputable jeweller is essential in your search for the perfect ring. Visit local jewellery stores and seek recommendations from friends and family. Your retailer should always offer certified diamonds from a reputable international certifying body. They should be transparent about the quality of the stones for the prices being quoted, and whether or not the diamonds are natural or lab grown.
4. Don’t Be Afraid to Compare Prices
It’s important to explore different options before making a purchase. Compare various ring designs, stone qualities and prices being offered from multiple jewellers to ensure you’re getting the ideal ring at a price you are happy with.
One misconception that is often put out there is that diamonds are an investment. We do not advise that you buy a diamond engagement ring from any jeweller, dealer or otherwise with the intention of achieving a return on this ‘investment’. Folks talk about retaining value when it comes to the disruption of the diamond market as lab grown diamonds enter in greater supply, but it is important to know that natural Diamond’s are a closed and controlled market. Diamond prices are set through supply controls and there is no ‘investment deal’ to be had in this space. Your engagement ring is a piece of jewellery that carries much more value than the sum cost of its parts.
5. Consider Vintage Rings
Consider Vintage or antique engagement rings offer unique charm and often come at a more affordable price than modern designs. When considering a vintage ring, take into account the era of the piece and the quality of stones and metals used. It is not too common to find vintage rings that still carry their original certifications and often the diamonds or gems will have been replaced over time so do check with your preferred dealer any potential alterations it may have undergone.
By following these tips, you can navigate the engagement ring market with ease and find a ring that perfectly captures your love story. At Chupi Jewellery, we’re here to help you discover a piece that’s as unique and beautiful as your journey together.
