According to a report on an engagement ring in Brides magazine, the proper groom should spend three months salary when purchasing an engagement ring. A one month salary guideline was established nearly 100 years ago by De Beers. If three months seems like a stretch but one month seems skimpy, you can choose a figure somewhere in between.
Another approach is to spend the average amount most grooms spent on purchasing their engagement ring. According to a report by Jewelers of America, in 2013 the average couple spent $4,000 on their engagement ring. A report authored by the Department of Economics at Emory University in Atlanta determined that the average amount a couple is currently spending for an engagement ring is around $2,500.
A third approach is to determine a price you can pay but which will not crimp your essential spending. Would paying a particular sum for a ring force you to change your day to day spending habits? Obviously you don’t want to start your marriage short on cash because that could make day to day life for your new bride unpleasant.
No matter how much you spend, be sure that the diamond you ultimately buy is GIA certified. And consider the four diamond characteristics, clarity, cut, color, and caret. If your fiancé wants a diamond with stunning fire, you can invest your money in a smaller diamond that has the color she loves. Or if she is most desirous of a diamond with clarity and brilliance, you can likewise find a smaller diamond that was cut well and has brilliance.
Finally, don’t rush into the purchase. Take your time shopping and visit more than one diamond store. If you find a diamond you love, but it’s over your budget, talk with the owners. They might have another diamond with the same dimensions and sparkle but at a slightly lower caret weight.
Only spend much as you can (a) afford or (b) think is prudent. Just because you can afford to spend $5,855 on an engagement ring, according to a survey of 16,000 brides by TheKnot.com, doesn’t mean you should. And, just so you know that you’re not alone, others suggest people spend far less than that: $2,093, according to the American Express Spending and Saving Tracker, which surveyed over 2,000 people. And a recent academic study suggested the larger the rock, the rockier the marriage.
The more you spend on an engagement ring and wedding ceremony, the shorter the marriage, according to a study released last year by Andrew Francis and Hugo Mialon, professors in the Department of Economics at Emory University in Atlanta
Spending more on an engagement ring — the average price being roughly around $2,500, according to the report — is also linked to shorter marriages.
According to an expert-fuelled report on Brides.com, the purchaser should spend about three full months’ salary on the ring.
“3 month salary rule” (rule of thumb) if heavily in debt
One Months’ Salary (De Beers)
Split the difference
$550. This means getting a solitaire engagement ring in white gold, and a forever brilliant moissanite or natural sapphire as the center stone
r, for a few hundred dollars more, getting a small, really good quality diamond
Maximum range: Imagine a terrible situation where you lose the engagement ring you bought. Obviously, you would be very upset, but would it make you change your spending habits the next few months? If so, then you spent too much on the engagement ring. For example, if you bought a $5,000 engagement ring and lost it, would it force you to change your every day spending habits? If so, then $5,000 is too much. If $3,000 is an amount you could cope with (you’d still be upset) and not change your spending habits, then that should be the maximum budget you set
Do not get a diamond that is uncertified or certified by anyone else other than GIA
While setting a budget for how much to spend on your engagement ring is one thing, maximizing the value within that budget is even more important. Make sure your jeweler knows how to look for great values on diamonds, and really pick a stone that maximizes dimensions without loosing any brilliance. For example, one thing we always check for after a customer places an order is if there is a diamond that might be a pinch less in carat weight, but offer the same dimensions and sparkle
Spend the Average Cost of a Ring
According to the most recent data from a 2013 report by Jewellers of America, couples spent an average of $4,000 on an engagement ring in 2012.
Make it a personal decision based on the importance of that ring to the fiancée.”
epend on the person and their preferences. For instance, “Do they like a lot of brightness or some fire (the rainbow of colors caused by dispersion)?” he asks. If that’s the case, focus on the diamond’s cut more than, say, its size. And if size is what’s most important to you or your bride-to-be, then depending on your budget you may have to sacrifice on cut, color or clarity.