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Cost of Engagement Ring Rule

August 01, 2022

Cost of Engagement Ring Rule

The cost of engagement ring rule says you should spend two months’ salary to buy an engagement ring. While a ring is important, however, it’s the thought that counts, and there are many ways to purchase a ring without breaking the bank.

Researching and consulting a seasoned jeweller can help you in the process of buying an engagement ring. Buying a beautiful yellow diamond engagement ring, for example, may seem like a simple task, but there are many decisions that come along with the purchase of any ring.

What Are the Popular Types of Rings?

Diamonds are still the most preferred engagement rings despite other precious stones such as emeralds and sapphires having historical significance. 

The average carat size for engagement rings is one of the things that people consider when buying an engagement ring, but the shape has the most impact on the diamond’s appearance. 

When it comes to metal, white gold is one of the most desirable bands because of its durability and attractiveness, followed by yellow gold and platinum gold.

What Is a Typical Engagement Ring Budget?

Most people go all out when buying an engagement ring for their loved one, trying to add even more joy to a day they’ll remember for the rest of their lives. This begs the question—what should you spend on an engagement ring? The best practice is to spend within your means, and to begin by deciding on a budget and sticking to it.

How Can I Lower My Engagement Ring Spending?

If you’re on a tight budget, you can still convey to your partner your love for them by using these engagement ring shopping tricks:

Forgo the Diamond

Contrary to popular belief, you can still have a beautiful ring by opting for cheaper but more colourful precious stones such as rubies, emeralds, and sapphires.

Understand the Setting

The setting of the diamond heavily influences the cost of a ring. If you’re looking to save on your engagement ring, you should consider a solitaire diamond setting.

Consider Mid-Level Diamond Colours

The more colourless a diamond, the rarer it is, and the higher the price it commands. When buying an engagement ring, consider shopping for colours in the middle-range GIA spectrum. The diamonds will still likely appear colourless, and you’ll pay a lower price.

Final Thoughts

Most people don’t mess around when buying an engagement ring for their loved one, and though it’s a day you’ll cherish for the rest of your lives, you don’t have to spend thousands of dollars on a single ring. If you want to save for a rainy day, you can carefully choose setting, grade, and stone to help cut costs. 

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