How Much Should I Spend on an Engagement Ring?
At Gems are Forever, our engagement ring specialists in Beverly Hills know how important it is to get the right ring when you are asking someone to marry you.
However, we also know there is so much to consider when picking the perfect engagement ring that it is easy to become overwhelmed by the process.
First, you must consider the personality of the person who is going to wear the ring. What style fits her personality? What is her favorite stone shape or cut? What is her preference in the size, color, and clarity?
Once you have an idea of what you are looking for, it is important to establish a range of how much you would like to spend.
Your fiancée turned wife is going to wear this ring every day of her life, making it the single most important piece of jewelry she owns. No pressure, right?
Here are a few ways to establish a budget that works for you.
What is the Average Spending of an Engagement Ring in 2021?
The national average cost of a diamond engagement ring in 2021 is $5,500.
Should I Stay Within the Average Spending When Buying an Engagement Ring?
When deciding on what budget makes sense for you and your partner, review your annual income versus expenses, and outline how much you can save each month to prepare for the purchase.
If you make $100,000 a year, the standard “three-month salary rule” for purchasing an engagement ring would place your purchase at $25,000.
However, an annual salary of $100,000 will go much further in the Midwest than it will in California.
If you live in Los Angeles, your expenses are going to be much higher, and may not leave much room to afford a $25,000 engagement ring.
That is why it is important to establish a budget that fits your unique financial standing. And despite there being a national average, only you can determine how much you would like to spend on an engagement ring.
How Can I Make the Most of My Engagement Ring Budget?
No matter what your engagement ring budget is, there are ways to make the most of it, starting with three options to help shape the financial focus.
Supporting Stones
While keeping your fiancée’s expectations in mind, consider purchasing an engagement ring with a limited-sized center stone that is supported by smaller stones, so you can achieve the sparkle effect your soon-to-be-bride will love, without the extraordinary cost that typically accompanies a large center stone purchase.
How About Another Gemstone?
There is no doubt about it, the diamond engagement ring is an icon.
But it is certainly not the only option.
As styles evolve, and traditional engagement, wedding, and marriage roles take a backseat to more modern approaches, so can the center stone of an engagement ring.
Consider choosing an engagement ring with a gemstone that is either her birthstone or favorite color, making it unique and personal at once.
What’s More Important? The Stone? The Style? The Band?
Depending on your fiancée’s personal preferences, the style of the engagement ring could be much more important than the size of the stone.
Would she prefer a vintage ring? Something more contemporary? These details can help lessen the expense when the stone is not the most important part of the ring’s makeup.
If a larger diamond or center stone is a priority, consult with your trusted jeweler on the combination of the 4 Cs (Carats, Color, Clarity, and Cut) to stay in your spending range.
Consult with an Experienced Professional Beverly Hills Jewelers Who Will Help You Stick to Your Budget
At Gems Are Forever, our engagement ring experts in Beverly Hills, California have been helping our clients choose the perfect piece of jewelry for their unique needs for over 40 years. Our staff are Graduate Gemologists from the Gemological Institute of America who assist our clients in choosing the perfect engagement ring while sticking to their budget during one-on-one scheduled appointments. How can we help you?
Focus: How to decide on your budget based on income/expectations, and how to stay within it.