Clever marketing by a massive mining cartel would have you believe you should part with at least a couple of months’ wages when purchasing an engagement ring. However, nothing could be further from the truth. The perfect ring need not break the bank, and the one you choose should have nothing to do with enormous diamonds and a thumping great price tag. This time, we will be looking at a few key points to consider before going down on one knee.
How Much Should I Spend on an Engagement Ring?
There is no hard and fast rule as to how much you should spend on an engagement ring, and anyone who says there is… is probably trying to sell you an engagement ring. You have probably been told that the ring should cost the equivalent of one to three months of your gross income, but that’s a rule of thumb created to hike diamond sales and has nothing to do with the ring, rationality, or romance. We will discuss choosing the perfect engagement ring another time, but for now, why don’t we tackle the thorny issue of how much cash you should expect to fork out on your emblem of eternal love?
Why is the Price Measured in Months' Salary?
Rather than a tradition born out of chivalric ideals harking back through the centuries, the idea that you should spend at least two months’ hard-earned cash on an engagement ring was born out of a rather cynical advertising strategy dreamt up by diamond mining giant De Beers to boost sales of their stones. Americans hit by the Great Depression of the 1930s simply weren’t spending enough on diamonds to De Beers’ liking, so the cartel came up with the idea of inventing a tradition they could piggyback on and monetize. Prior to the campaign, it was uncommon for an engagement ring to contain a diamond; today, the vast majority do. With the taglines “How can you make two months’ salary last forever?” and “A Diamond is Forever”, the indestructible stone was intrinsically bound to the idea of everlasting love.
What is the Average Cost of an Engagement Ring?
Although many surveys indicate the average amount spent on engagement rings as being between $5000 and $7,500+, this figure is boosted by the bigger spenders. In reality, the median price is around $1,900 with most couples shelling out less than $3,000. Although a useful ballpark, there is no reason to set your engagement ring budget based on what other people decide to spend. Far more important than price should be choosing a style of ring you will both treasure forever.
How Much Should Your Engagement Ring Cost?
The price of engagement rings depends on several factors, including who you buy it from, what it’s made of, the type of setting, and the stone you choose. Bearing in mind that the whole idea of the diamond engagement ring is a 20th-century invention and that the two-month salary (three months in Japan!) rule is set by the world’s most powerful diamond conglomerate, the cost of an engagement ring is something that is entirely in the control of you and your partner. That being said, if you have your heart set on several carats of brilliant cut solitaire in a white gold halo setting from Tiffany & Co., you are going to have to say goodbye to several thousand dollars.
How do I Calculate my Budget?
It is always a good idea to work out how much money you have to play with, set a budget, and stick to it. Having a lump sum comfortably set aside for your engagement ring will help relieve some of the stress. Here are a few of the factors that you should bear in mind when calculating the final cost:
- Stone Vs Ring
The stone is the expensive bit and usually ends up being around 75 per cent of the overall price, the rest is the ring cost. Choosing a simple setting and a single stone is a great way to get more bang for your buck. You can always play around with the setting or add more stones as an anniversary treat.
- Find Out What Your Partner Expects
Your special moment has to be nothing short of spectacular. If you pull out a ring without having first had a frank and open conversation about stone shapes, setting styles, colors, price, and overall expectations, you better make sure you keep the receipt. If you are set on making your proposal a surprise, make sure you do your research by talking to your partners’ close friends and family about what they expect.
- Carefully Consider Your Finances
Be aware that if all goes well with the ring, you have a wedding to plan and pay for as well as a future together to finance. Aim to be able to afford your engagement ring without resorting to financing, but if you do borrow, make sure you can pay off the debt within a couple of months.
Your Priceless Engagement Ring Doesn’t Need to be Expensive
Carats don’t necessarily equal quality. More than anything, you and your partner should love the ring you buy, and the size of the sparkler is definitely not the be-all and end-all. Why not consider an antique or vintage engagement ring with a bit of character, an alluring stone, and an enticing setting design? Secondhand rings are often less expensive than something shiny and modern. If you are dead set on a diamond, it does not have to be perfect, just “eye-clean”, which means any perfection is invisible to the naked eye. Your stone should also come with a GIA certificate. Above all, finding the perfect ring depends on finding an exceptional jeweler you can trust, like Boggy&Thol.
