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How Much To Spend On An Engagement Ring

how much to spend on an engagement ring: picture of an engagement ring

If you are ready to pop the question, then you’ve probably been thinking hard about the kind of ring you want and how much you are going to spend. Going ring shopping is an important task, especially since you want to find a ring that your fiancé will love and that best represents your commitment and love for one another. That’s why we’ve put together this quick guide on how much to spend on an engagement ring!

A simple Google search will show you engagement rings in excess of ten thousand dollars, but that doesn’t mean you have to spend that much. The classic diamond solitaire is a beautiful and timeless choice, but there are a lot of alternatives and less pricey options out there if that’s what you and your partner decide on. 

Doing a bit of research on the kind of engagement ring you want is a great start, but it also helps to know what kind of price range you’re looking for before you start. Read on to learn more. NB: This guide has been put together with ladies engagement rings in mind but if you’re popping the question to your fella, don’t forget to check out our range of men's engagement rings.

Overview:

How much to spend on an engagement ring?

In this day and age, housing, wedding and honeymoon costs aren’t all that cheap. As finance and budgeting are soon to become a joint venture with your partner, deciding how much to spend on an engagement ring together is a good start.

We also recommend that you spend however much you feel comfortable with, and if you want to go with something like a 1ct diamond ring, you should start saving a little earlier. That way it’s not a stressful or taxing purchase but one you can feel positive and happy about, because you know it’ll make your partner happy. 

At the end of the day, if the purchase comes from the heart and represents something special, it’s easy to fall in love with it. 

The salary rule

If you’re trying to figure out how much to spend on an engagement ring, odds are you’ve come across the “salary rule”. This basically says you should spend 3 months of your salary on your ring. But we should get one thing straight – there is no exact amount you have to spend on your engagement ring. The choice is entirely your own. 

If you aren't in the position to spend thousands on a ring, or just want to put your money towards your honeymoon or house, that's fine. Likewise, if you want to go all out and treat your fiancé to something extravagant, you should go for it if it will make you happy. 

How much are engagement rings?

Standard engagement rings can be anywhere from $500 to $10,000 or more. The cost of an engagement ring can also vary depending on the following factors.

The size of the gemstone

Engagement rings are expensive usually because of the history and beauty of their stones. It’s said that many of earth's most precious stones took millions of years to form, so to buy a stunning diamond or beautiful sapphire is truly something special.

If you want a bigger stone, it is going to cost you more. The weight of precious gemstones are measured in carats, and the higher the carat, the larger and more expensive your stone will be. 

Cut, clarity & colour

Other factors like cut, clarity and colour are also going to impact the price of your gemstone so it’s good to be aware of those. If you want to know more about these grading qualities (known as the 4Cs) you can read our helpful Diamond Buyers Guide.

The metal

The cost of an engagement ring can also depend on the quality of the metal you choose. Buyers usually choose between white gold engagement rings, yellow gold engagement rings or rose gold engagement rings, but the price won’t really depend on the colour you choose. The content of gold in the ring is much more important. 

A 9ct yellow gold ring has the same gold content as a 9ct white gold ring, but less than a 14ct or 19ct white gold ring. In other words, the higher carat of gold in your piece the more it will cost, regardless of colour. 

 a woman and man looking at how much to spend on engagement rings

So, how much should an engagement ring cost?

The value of the ring should be proportionate to how precious its stone is, and the quality of the gold or other metals used. There’s no set-in-stone answer to how much you should spend on an engagement ring, but for a special purchase like this, it’s easy to feel like you should spend more than you have to. 

You can think of it as an investment, as diamonds are forever, after all. Presenting an engagement ring is a once-in-a-lifetime event, so it’s fair to spend extra for them. But it’s also okay to spend less than the average person might. How much your engagement ring costs is entirely up to you. 

a proposal after the man learned how much to spend on engagement rings

What are the most popular engagement ring types?

Nothing is more timeless and classic than a diamond solitaire engagement ring. The majority of engagement rings you see are solitaires, meaning that they’re set with a singular beautiful diamond. This is an amazing style that countless have fallen in love with over the years. While diamond sits atop the throne, other popular gemstone choices include sapphire engagement rings, ruby engagement rings and emerald engagement rings.

Some also go for colourful alternatives, like fancy pink or yellow diamonds or peach sapphire that hold much of their own charm and beauty. Other colourful stones like morganite and aquamarine are great options for a more affordable price. 

Stones like moissanite or zirconia also get some love, for their similar appearance to white diamonds. Of course, you’ll get these diamond simulants much cheaper than the world’s most precious gemstones. Lab grown diamonds, which are pure diamonds, have also gained in popularity as affordable engagement ring alternatives. Luminesce lab grown diamond rings are fantastic examples of how good a man-made diamond can look!

Finishing thoughts

As you can see, there’s no simple answer to how much you should spend on an engagement ring. It really comes down to what you want. If cost is complicated, then you should go for something a little less expensive like a lab grown diamond or even just a smaller stone. At the end of the day, if your engagement ring is heartfelt and thoughtful, it’s already perfect.

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