How Much to Spend on a Diamond Engagement Ring

How Much to Spend on a Diamond Engagement Ring : The traditional narrative was that a young man (it was always young men, in those days!) should be prepared to spend two month’s salary on an engagement ring. The advertisement implied that that amount of money should be a sum that a sensible and prudent young man had saved up by the time he was ready to commit to marriage, and that spending any less would be to devalue the young woman in his life! Surely, the implication went, she is worth all that and more!

And so young men felt compelled to spend quite significant amounts of money on a symbol to commemorate love that is actually priceless! Advertising gimmicks aside, how much should you be prepared to spend on an engagement ring? Let us take a look at all the points to consider.

Your Budget

First and foremost, do not get yourself into debt for a piece of jewelry, no matter how significant or important! Choose a smaller stone or delay the engagement so you can save up for the perfect ring but do try to avoid getting into debt. There is a saying that we are all just a pay-check or two away from bankruptcy, so try to save your credit facilities for things that are essential, like your mortgage, food, and so on, in the event that you lose your source of income. Decide how much you can comfortably spend on the ring, and stick to that budget: future-you will thank you for that insight!

The Setting

While the diamond is usually the most significant and expensive part of the engagement ring, the setting should not be neglected. Bear in mind that some mountings are unfashionable and can drive down the resale or replacement value of your ring, while some metals are better value than others. For example, the recent boom in electric cars has seen demand for platinum (used in catalytic converters) plummet, dramatically reducing its price. This means that even though a platinum ring will be purer than white gold, needing to be at least 95% platinum, compared to white gold, which only needs to be around one-third gold, along with being more durable and heavier, a platinum setting may actually be cheaper than white gold.

The Stone

The quality of the stone will drive the price more than any other factor. If your partner is anxious for a large stone, you can perhaps drop the clarity and color requirements and be able to afford a more generously sized stone than you would get if you opted for the best quality diamond you could find. Check out this diamond price calculator for more details on how the variations in the quality of the stone can affect the price.

So, what is the best way to work out how much should you spend on an engagement ring? We are living in modern times, and there is one thing that everyone should do before committing to spend such a large sum of money: consult your partner! Not only might they prefer a smaller, more discreet ring (especially if they work with their hands) but they will appreciate being consulted about a piece of jewelry that they will be wearing for many years to come!