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14th April 2023 | Fiona Diamonds | 7 minutes read
Congratulations! You've found the love of your life and you're ready to pop the question. But now comes the big decision: How much should you spend on an engagement ring? It's a question that has plagued many a proposer, and with good reason.
An engagement ring is not just a piece of jewelry; it's a symbol of your commitment and love, and it can be a significant financial investment.
In this blog, we'll explore the factors you should consider when deciding how much to spend on an engagement ring and compare different types of diamonds, including natural, lab-grown, and moissanite, to help you find the perfect balance.
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Traditionally, it's been said that you should spend two months' salary on an engagement ring. While this is a good starting point, it's not a hard and fast rule. You should consider your personal finances and the financial expectations of your partner before making a decision. If your partner values experience over material possessions, they may be happy with a smaller ring and a grand proposal. Conversely, if your partner has always dreamed of a certain type of ring, it may be worth splurging a bit more.
Natural diamonds are the most well-known and popular type of diamond. They are formed over millions of years in the Earth's mantle and are extracted from mines around the world. The price of a natural diamond is based on the 4 Cs: carat weight, cut, clarity, and color. The larger and more flawless a diamond is, the higher its price.
According to The Knot, a popular wedding website, the average cost of an engagement ring in the United States is $5,500. This includes both natural and lab-grown diamonds. However, the average price of a natural diamond engagement ring is closer to $6,000 to $7,000, depending on the quality of the diamond. In India, Fiona Diamonds sell beautiful solitaire engagement rings for upwards of ₹2,00,000 (approximately $2,500), so you can save more if you buy from us
Lab-grown diamonds, also known as synthetic diamonds or man-made diamonds, are grown in a laboratory setting that replicates the natural process of diamond formation. They have the same chemical and physical properties as natural diamonds but are typically less expensive. According to Brilliant Earth, a popular online jewelry retailer that specializes in ethical and sustainable jewelry, lab-grown diamonds are typically 20-30% less expensive than natural diamonds.
The cost of a lab-grown diamond engagement ring depends on the size and quality of the diamond. One should keep in mind to only purchase from reputable sellers, and shouldn’t hesitate to ask, are lab-grown diamonds GIA approved or not? According to Brilliant Earth, a one-carat lab-grown diamond can cost anywhere from $1,000 to $5,000, while a two-carat diamond can cost up to $15,000. However, at Fiona Diamonds you can buy a GIA-approved lab-grown diamond solitaire engagement ring for as less as ₹50,000 (approximately $600).
Moissanite is a type of gemstone that is similar in appearance to a diamond but is composed of silicon carbide. It is significantly less expensive than both natural and lab-grown diamonds but is still a popular choice for engagement rings. According to WeddingWire, another popular wedding website, the average cost of a moissanite engagement ring is around $1,500. At Fiona Diamonds you can buy a moissanite solitaire engagement ring for as little as ₹25,000 (approximately $300)
Once you’ve decided the type of stone you want to go with, the decision is far from done. There are at least three other things that could determine how expensive the whole affair could prove to be. Finding the perfect balance is everything!
When it comes to deciding how much to spend on an engagement ring, there is no one-size-fits-all answer. It's important to consider your personal finances and the financial expectations of your partner. While the two-month rule can be a good starting point, it's not a hard and fast rule. Remember that an engagement ring is a symbol of your commitment and love, and the most important thing is that it represents your relationship and your future together.
It's important to keep in mind that the value of an engagement ring isn't just in its cost – it's in the sentiment and meaning behind it.
In conclusion, there's no right or wrong answer when it comes to how much to spend on an engagement ring. It's a personal decision that should be based on your budget, your partner's preferences, and your shared values. By considering different options like natural diamonds, lab-grown diamonds, and moissanite, you can find the perfect balance and choose a ring that symbolizes your love and commitment.
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