If you’re thinking about getting engaged, you might be a little confused about the cost of diamond engagement rings. You’re right to be. It can vary a lot. Ultimately, it’s going to depend on what you and your partner think. But let’s take a look at diamond engagement rings, how much they’re worth, and why you might want to spend a little more.
How Much are Diamond Engagement Rings?
On average, engagement rings are a little less than $4,000. But that’s a much lower price than it used to be. It used to be that engagement rings were closer to around $8,000. The price has been going down over time.
There are a few reasons for this. Originally, an engagement ring was intended to help a woman if the engagement fell through, often because the man decided that he didn’t want to wed. The woman would have already invested a significant amount in the marriage (and often the wedding planning and dowry), so the engagement ring would help her get back on her feet.
In the past, engagement rings used to be about six months of wages or three months of wages, depending on who you listened to. It was symbolic of how much the person wanted to put into the wedding itself.
But that doesn’t mean that everything about the cost of a diamond engagement ring is symbolic.
Diamonds themselves are expensive. and they’re expensive because they last. Realistically, an engagement ring is something that someone is expected to wear for the rest of their life. So, it has to be of high quality. Otherwise, they won’t want to wear it forever, and it won’t last forever.
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Today, you can get some great rings in the range of $3,000 to $10,000 or more. It does depend on how much you and your partner make, what the expectations are, and what you want to do. A more expensive ring doesn’t always mean that the ring itself is better. Often, it means that the ring is larger and has more diamonds.
Why Are Diamonds So Expensive?
Diamonds are expensive for a few reasons. They’re rare. Diamonds themselves can be found frequently, but jewelry quality diamonds are hard to find. The bigger they are, the more exponentially difficult they are to find. Diamonds also need to be cut, which is something that requires precision and excellent tools. And diamonds are generally set into expensive materials, such as white gold.
And, of course, diamonds are sentimental. More people want diamonds because of what diamonds symbolize, so diamonds are naturally going to be more expensive.
But that isn’t all. Diamonds can also be more expensive because they’re just more durable. People want them for fine jewelry because they know that they’re going to last. Today, diamonds are being sourced ethically, which also increases the price point. Ethical sourcing can cost a lot of money when it’s done on a global scale.
Diamonds can also be resold. While engagement rings don’t always retain their own value, a diamond can be plucked from any piece of jewelry and recycled. This provides it with inherent value because people know that the diamond can be resold. This is also why many people will buy the diamond itself separate from the ring.
The cost of the ring will also depend on the style. A solitaire ring with one diamond, for instance, will go up in price dramatically based on the size of the diamond. You can add more diamonds that are smaller instead, to increase the weight of the ring at a lower cost. And some people don’t even use diamonds.
How Much Should I Budget to Spend?
Really, this is a personal question. The rule of thumb is still about three months of salary on an engagement ring. But understandably, that doesn’t make a lot of sense; if you’re making $10,000 a month, do you spend $30,000 on a ring?
It’s unlikely.
On average, more people are spending about 1.5 months of salary on a ring or even 1 month of salary on a ring. With frequency, both women and men spend a little on the ring, so the person who is wearing it gets exactly what they want.
But it depends on your relationship, too. If you have a lot of money, it makes sense to spend more on a ring. It isn’t just throwing around wealth; if you make more money, you’ll likely need to go to higher-level networking events, you’ll have a higher-level social circle, and you’ll feel better with a ring that suits you.
On the other hand, you don’t need to spend thousands upon thousands of dollars on a ring if it isn’t in your budget. There are some amazing rings that are around $3,000 to $4,000.
At the end of the day, you should be prepared to spend exactly how much you can spend, no more. While a ring does set you up for a marriage, the thing that can tank a marriage very fast is a problem with finances. Have honest communications with the person you’re giving the ring to about what they expect.
And remember: there are financing options available. If you can’t afford a ring outright, there are many places that offer interest-free financing.
Are you ready to take a look at some engagement rings? At Occasions Fine Jewelry, we have something for every budget.
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