How Much should you spend on an Engagement Ring: 6 Factors to consider!
Buying an engagement ring is a once in a lifetime experience. You want to make it as memorable as possible!
In addition to that, you also want to get the perfect ring at the PERFECT PRICE. This is exactly what we will be discussing about in this blog post.
6 Factors that you should be aware of, before removing money from the bank for that stunning engagement ring of yours!
The 6 Factors are:
Types of Engagement Rings
The 4C's of a Diamond
Hacks to reduce costs
Myths to Avoid
1. What type of ring are you looking for?
Finding the right type of ring can be overwhelming, especially with so many styles and types to choose from. Whether you are looking for a solitaire engagement ring, a halo ring, a three stone ring, or an eternity band, it is important to consider your style preference.
2. You need to choose the most important C.
An engagement ring is no small investment. It takes a good hit on your pocket, hence before deciding on how much should you spend on an engagement ring, “It’s important to know how diamonds are priced—so you can understand how to get the best diamond for your hard-earned money” says myzillion.com
Usually, as you climb up the ladder in each of these categories, the price of your engagement ring also rises!
If you are on a budget or don’t want to spend a crazy amount of your bank balance on an engagement ring, you need to choose which one if these C’s is going to bring the widest smile on your partner’s face.
3. Which ring will suit your partner’s personality?
An engagement ring can express the personality of a woman in a few different ways. First, the style and design of the ring can reflect the woman's personal taste and preferences.
For example, a woman with a classic and traditional personality may prefer a simple solitaire diamond ring, while someone with a more unconventional personality may opt for a unique or non-traditional design, while someone who enjoys attention and luxury may prefer an elaborate design.
Ultimately, an engagement ring can be a deeply personal and meaningful piece of jewelry. The most important thing is that the ring is a reflection of the woman's personal style and makes her feel happy and confident.
4. What is the average budget for an engagement ring?
Back in the days, engagement rings was a mere exchange of rings as a sign of ownership. However, unlike the past, nowadays couples are looking for something much more personalised. They want the engagement ring to signify the meaning of their relationship, which has indirectly influenced, how much should you spend on an engagement ring!
According to an article written by American Express, Americans spend over an average of $6,000 on an engagement ring.
Furthermore, with the rise of financial literacy all around the world, millennials are more conscious about where they are spending their money. Essentially, there has to be a emotion attached to the ring.
According to us, the budget of your engagement ring is an extremely personal choice. Understanding the average cost is just a benchmark to know if you’re going overboard or no.
5. Hacks to cut down your ring cost
Choose your shape wisely
Round brilliant cut diamonds (RBC) are one of the most popular diamond shapes due to their exceptional sparkle and brilliance.
They have an intricate, symmetrical shape that is achieved by cutting 57 facets around the diamond. This high level of craftsmanship, makes it costlier than other diamond shapes like, Marquise or Pear shaped Diamond.
Take a step down when it comes to color & clarity.
- Can save up to 40% of your budget without a noticeable difference in appearance
- Higher grades being more rare and expensive.
- Decision to prioritize clarity and color over other factors will depend on personal preference and the specific goals of the buyer
- Smart way to save money while still getting a high-quality and beautiful diamond
Choose alternatives to diamonds
Purchasing a lab-grown diamond or moissanite can save a lot of money compared to buying a natural diamond due to the lower production costs and market demand.
Lab-grown diamonds are created in a controlled environment using advanced technology that mimics the natural process of diamond formation. As a result, the production process is faster and more efficient than mining natural diamonds.
Moissanite, on the other hand, is a naturally occurring mineral that is also used as a diamond alternative. However, it is much rarer than diamonds and is primarily produced synthetically using a similar process to lab-grown diamonds.
In addition to the cost savings, they have several other benefits:
Free of the ethical concerns associated with some diamond mining practices
Don't purchase the 1st Ring that you like
Exploring more options before purchasing an engagement ring can be beneficial for several reasons:
- Price- Exploring more options can probably land you the same ring that you first liked at a cheaper price
- Quality- The more you observe, the better options you will notice
- Style- Often when you get awestruck by the 1st ring you see, what you don't realise is, that there is a sea of engagement ring designs that could be better than this one!
- Personalisation- Not opting for the 1st ring you like might give you the opportunity to customise your ring according to what you and your partner really love!