How Much Should You Spend On an Engagement Ring?
When it comes to engagement rings, it can be hard to know how much you should spend at the jewelry store. After all, this is a ring that will symbolize your love for one another and should last a lifetime. But still, the price is a very personal decision. With that in mind, we want to help you make the best decision when it comes to spending your money on an engagement ring diamond. We’ll go over different things you should consider when making your purchase, as well as what range of prices you can expect depending on the quality of diamond you choose. Let’s get started!
Jewelers typically suggest spending two-months’ salary on an engagement ring, but this is a guideline that doesn’t work for everyone. If you have debt or are otherwise cash-strapped, you may not be able to afford a two-month’s salary ring without going into debt. There are plenty of beautiful engagement rings out there that cost less than two months’ salary, so don’t feel like you have to spend a fortune just to pop the question!
Cut, Color, and Clarity of Diamond
When you’re looking at engagement rings, it’s important to keep in mind the “Four Cs.” The Four Cs stand for Carat, Cut, Clarity, and Color. These are the main characteristics that will affect a diamond’s quality and price.
Next, start to narrow down the type of engagement ring diamond you’re looking for. Keep in mind that carat weight, cut, clarity, and color will all affect the price of a diamond. For example, a one-carat diamond with excellent cut, clarity, and color could cost anywhere from $2000 to $5000. However, a one-carat diamond with poor cut, clarity, and color could cost as little as $200.
The sparkle factor of the ring depends directly on the cut. So, choose the ring with a brilliant cut so it will hide other things. If your budget is a bit low, you can select the ring with a bit of a yellowish color touch and less clarity, but the cut is something not to compromise on. A ring with a good cut will look fabulous in every way.
Another great way to lower the cost of a diamond is to slightly lower the carat weight. When looking at a one-carat diamond running the price of for example $2000 you can lower the weight to 0.89 carats, while keeping the same cut, clarity, and color, this could lower the price by a few hundred dollars. With the size difference not being noticeable to the naked eye.
– If your budget is low, you can compromise on color and clarity.
– Do not compromise on the cut because the cut is the ultimate source of sparkle.
– Lowering the weight of a diamond slightly under the traditional one-carat, two-carat, three-carat size, can significantly reduce the price without compromising the look of the size.
Choose the Setting According to Your Budget
Remember that your diamond ring will consist of two parts (setting and center). Once you choose the right diamond, you will then have to select the setting. The most expensive setting is the platinum setting. White gold is comparatively less expensive, so you can choose as per your partner’s choice.
– If your budget is high, you can choose the platinum setting.
– Platinum is the most expensive.
– You can also opt for white gold if your budget is a bit low.
So, how much should you spend on an engagement ring?
It’s a tough question. Just remember, you should never spend more than you are comfortable with. The most important thing is to communicate with your fiancé and set a budget that works for both of you. With a little bit of planning, you can find an engagement ring that fits your style and budget.