Overall, you should determine how much to spend on an engagement ring by looking at your financial situation along with the desires and style of your fiance-to-bé. You should not follow certain rules, like spending two month’s salary, because those “rules” are often created by diamond marketers and sellers.
To ensure you get the best value and the most beauty for your diamond, purchase your engagement ring from a reputable vendor like James Allen or Blue Nile. You’ll be able to find a stunning diamond engagement ring like this 1.04 Carat Princess Cut in a white gold pave setting or a 1.4 Carat Round Cut in a platinum halo setting at excellent prices.
For help in finding a beautiful ring or comparing two options, please reach out to our diamond experts. They’re always happy to assist our readers in any way they can.
Preparing for your proposal is an exciting time and you want a beautiful ring to make it all happen (check out our tips on how to choose one). It’s true that an engagement ring is one of the most special gifts you’ll ever buy. It symbolizes your love and your commitment to a life together. If you’re wondering, “How much should I spend on an engagement ring?,” you’ll find plenty of helpful insight in this article.
We’ll walk you through:
If you’d like personalized help at any time, please contact us.
You may have heard that in order to determine how much to spend on an engagement ring, you need to look at how much money you make. This guideline, however, began as a crafty marketing initiative.
Diamond marketers, specifically De Beers, launched targeted ad campaigns—specifically one that suggests you should spend two month’s gross income on an engagement ring. This ad campaign was intended to increase the amount of money spent on a diamond, therefore increasing the company’s revenue. Their campaign—and the two-month rule—were based on nothing more than driving sales.
Many problems exist with the two-month rule beyond that it was started by marketers. Gross income doesn’t take into account your taxes and health care costs. It doesn’t factor in debt or student loans. Although it should go without saying, the size and price of a diamond doesn’t equate the amount of love you have for someone (you can also check what the average diamond size people purchase is).
To determine how much you should personally spend on an engagement ring, several factors must be considered.
An engagement ring represents your love and commitment—and your investment in the future. The ring you give your soon-to-be fiancé does indeed matter.
Many women have dreamed about their proposal and engagement ring since they were a child. Choosing a ring that meets their expectations is important—ensuring your special moment is nothing less than spectacular. If you feel comfortable, have an open and honest conversation together about finances and ring expectations. It’s usually helpful to be on the same page, and understand how you each feel about spending money on jewelry.
When it comes to ring expectations, consider the following:
If you don’t know the details on the style of ring or diamond they desire, try to have a family member or close friend find out for you. When in doubt, look at several options and listen to your intuition.
Remember that you’re not just planning for a beautiful engagement, but a wedding and a future together, too. You’ll want to think about what you can reasonably afford—setting you up for the most favorable financial position for your marriage.
You want to make sure you don’t go into a lot of debt to purchase a ring. Think about the following when it comes to your financial situation:
With these factors in mind, estimate how much you can reasonably spend on an engagement ring. You want to be able to purchase a ring without financing. If you do need to borrow some money or pay with a credit card, be sure you can pay off the amount in a couple of months.
The size of the ring you buy doesn’t equal the size of your love. An expensive ring doesn’t mean you’re more thoughtful. You can choose a stunning engagement ring—whether it’s a beautiful 0.9 Carat Round Diamond in a vintage white gold setting or a 2.01 Carat Round Diamond in a white gold halo setting. There are plenty of options to get the ring you want for less than what you would expect.
The thoughtfulness you put into designing a ring for your special someone will be noticed—no matter the carat weight or how large your budget is. Taking the time and effort to choose the most beautiful, personalized ring will pay off far more than anything else.
As expected, the prices for engagement rings differ dramatically. You can find a stunning 1 Carat Diamond Ring like this for $5,070 or a beautiful 3 Carat Diamond Ring like this for $25,995. According to recent surveys, the average amount spent on an engagement ring in the United States is approximately $5,500. This average can vary depending on where you live, as those who reside in more expensive cities like New York City (you can check out our NYC guide) or Los Angeles (see our LA review) will likely spend more on a ring than others.
While it can be interesting to learn about the average amount spent on an engagement ring, remember to stick to your own situation and not get caught up in comparing yourself to others.
By shopping around with reputable vendors like James Allen and Blue Nile, you can get a sense of the prices for rings that meet your requirements. A brick and mortar store will always be more expensive than what you can find online.
For help in estimating the cost of the engagement ring, try our Diamond Price Calculator.
Financing options are available to help fund your ring purchase, though we don’t always recommend them.
If you don’t qualify for the financing at Blue Nile or James Allen, you should reconsider the ring you’re planning to purchase. Going with a worse value only because they offer financing is not a smart decision when it comes to selecting a diamond.
Finding an exceptional engagement ring starts with finding an exceptional diamond vendor. You want to purchase your ring from a dealer you can trust: one that offers well-cut diamonds at excellent prices. Also, being able to design your own engagement ring can save you a lot.
Throughout our years of experience, we’ve vetted several diamond dealers. We have a consistent pulse on the companies you can trust.
For the best diamond cuts at an exceptional value, we recommend:
Brian Gavin offers super-ideal cuts with the “Brian Gavin Signature” Hearts & Arrows collection. They’re known for selling for the best cut diamonds—all of which have a high quality certificate from GIA or AGS. Learn more about Brian Gavin in our full review.
James Allen focuses on the customer experience and offering appealing prices. Their website is equipped with incredible diamond imagery and each diamond comes with a high quality certification (GIA & AGS). Read our James Allen review.
Blue Nile maintains the largest online inventory of diamonds and settings, while emphasizing remarkable diamond and jewelry quality. All diamonds come with high quality certification (GIA & AGS). Check out our Blue Nile review.
Leibish is our recommended vendor for gemstone engagement rings. A colored gemstone, like a sapphire or ruby, is a beautiful, lower cost alternative to a diamond. Leibish & Co. also maintains a large collection of fancy color diamonds like purple diamonds and canary yellow diamonds. Gemstones tend to be less expensive than diamonds, while most colored diamonds are more expensive than white, colorless diamonds. You can read our full review of Leibish & Co. here.
Our goal is for you to find the most exceptional diamond engagement ring at a price that’s within your budget. We want you to spend in the areas that greatly impact a diamond’s beauty and scale back in the areas that will go unnoticed (also check which shape is most affordable).
To find the most beautiful engagement ring within your budget, follow these expert recommendations and review our additional Diamond Pro resources:
We strongly recommend only looking at diamonds with a GIA or AGS certificate. If a seller is suggesting you purchase a diamond with a different certificate, it’s best to steer clear. No matter what the report states, the actual quality of the diamond is far less than what they’re claiming.
Choosing your Diamond Shape is dependent on what’s most appealing to you and the wearer. Shape is usually decided based on personal preference.
Carat weight is not the same as size. For example, a 1 Carat Diamond refers to the weight of the diamond only. How large a diamond appears depends on how it’s cut and its shape.
Only consider diamonds with an ideal cut or an Excellent grade on the GIA scale. An exceptionally cut diamond will maximize the fire and brilliance of the diamond more than any other factor.
Search for diamonds with VS1 and VS2 Clarity grades. VS1 and VS2 diamonds offer the greatest value for what can be seen with the naked eye. Blemishes and inclusions will be unnoticeable.
Consider diamonds that are graded in the nearly colorless range of G to I. These diamonds will appear just as clear as diamonds in the D to F range but will cost much less.
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