How Much To Spend On Engagement Ring

by | Jun 14, 2023 | Engagement Rings, Wedding rings

The Right Diamonds Are Forever


When it comes to buying an engagement ring, the choices can seem like a minefield – you want something special and unique that symbolizes your love. But how much to spend on engagement ring?

To get clarity on this difficult decision, we’ll explore what some experts say about striking the perfect balance between affordability and sentimentality. Like a beacon of hope guiding us through those murky depths, this article will help steer couples towards their happily ever after with confidence.

We’re all familiar with the old adage ‘diamonds are forever’ but does that mean spending a fortune in order to show your commitment? It’s no surprise that couples often feel overwhelmed when faced with such a financial situation for a major purchase.

Platinum Engagement ring

The truth is there isn’t one right answer – everyone has different financial circumstances which means the amount spent may vary significantly from couple to couple. So let’s take a look at what factors could affect wedding budget and your choice of ring and see if we can find our way out of the fog surrounding this age-old conundrum!


Determining The Cost Of An Engagement Ring


average engagement ring cost


As you prepare to take the next step in your relationship, one of the biggest decisions you’ll make is how much to spend on an engagement ring.

It can be daunting as there are so many factors that go into making this decision – from wedding rings, diamond rings, and carat weight to whether to buy from a Private Jeweler or a brick-and-mortar store.

At first glance, it might seem like a lot of money to consider spending on something so small. But when you really think about it, choosing the perfect engagement ring for your partner is one way of demonstrating your commitment to them, now and in the future.

This isn’t just any purchase; it’s a symbol of love and dedication that lasts a lifetime.

How Much Should You Spend On Engagement Rings In 2023

How much to spend on an engagement ring

When it comes to engagement rings, determining how much you should spend can be a tricky decision. The cost of an engagement ring varies greatly depending on diamond quality and individual preferences. To help guide your decision-making and your engagement ring cost budget process here are four key points to consider when deciding the budget for your engagement ring:

1. Take into account current and future financial commitments – When making a purchase like this, it’s important to factor in other purchases that may come up in the near future such as wedding costs or buying a house.

2. Consider different cuts and carat weights for diamonds – Look at various shapes and sizes to get the best value for your money without sacrificing quality.

3. Research current mean engagement ring prices and budgets – Knowing what is typical in terms average size of the engagement ring budget and of price will give you better insight into what is reasonable to spend given your circumstances.

Tricks to Saving on Your Engagement Ring

What kind of engagement ring budget should you have?

There are plenty of ways to cut engagement ring costs while still getting the perfect ring; look to your private jewelers for pre-owned jewelry or shop around for deals on precious metals that could lower the overall cost of your dream ring purchase significantly.

Remember that carat is a weight, not a size. When comparing different options in shapes like oval, cushion, and radiant, the larger carat weight does not always look like the biggest stone!

By understanding these important factors now, you’ll have more clarity about how much you should spend on an engagement ring in 2023 so that you can make a well-informed decision with confidence!

Is There A Two Month Salary Rule When Buying An Engagement Ring?


Months of Salary Spent on Engagement Rings

It’s no secret that when it comes to engagement rings, there are many rules of thumb out there. One rule suggests spending two months’ salary/gross income on the engagement ring cost alone; however, this is really a personal decision and each couple should decide what’s right for them.

It’s important to note that in 2023, the cost of an engagement ring can vary depending on the type of metal you choose, such as yellow gold or platinum, and the center stone size. Generally speaking, people tend to look 1 to 2 carats for the center diamond of their engagement rings.

No matter what your budget is for purchasing an engagement ring in 2023, be sure to do some research about diamonds before buying one. Consider factors like cut, color, clarity and carat weight so you get a beautiful diamond at an affordable price.

Ultimately, the most important thing is finding something special that your partner loves – not how much money was spent!

How To Determine My Budget For An Engagement Ring

Engagement Ring Budget Distribution



As you start your search for the perfect engagement ring, it’s important to consider what works best with your budget. This can be a tricky decision and there are some key factors to take into account as you make this choice.

Life always happens at once, so it seems. Many couples think about buying an expensive ring with a big stone now, but then remember their life responsibilities like potential student loan debt is high, wedding costs, their predicted income, and maybe they’re buying a house. Choose a ring budget that works for where you are in your life at the time. There’s always time to upgrade later!


Platinum engagement ring


Generally speaking, the average engagement ring costs between 1% – 2% of one’s annual income. Many couples choose to spend 5% – 9%, while others opt for even more if they have the means. In 2022, the national average spend that couples spent on an engagement ring, is over $5,200 with most couples somewhere between the $3k-$6k range.

Ultimately, how much you should spend on an engagement ring is up to you — pick something that fits within your comfort level financially but also expresses your commitment and love appropriately. Make sure whatever option you select reflects who both partners are as individuals and together as a couple.

And remember, many jewelers, including The Diamond Room, do offer financing to help you stretch your budget into a range that can help you create the perfect proposal.

Should I Buy A Lab Grown Or Naturally Occurring Diamond

Popularity of Diamond Types for Engagement Rings


When determining how much to spend on an engagement ring, there is another important decision that needs to be made: whether to go with diamond alternatives like a lab grown diamond or a natural one. It’s not just about the price tag; each type of diamond has its own unique characteristics and implications for the environment.

Four key factors to consider:

Cost: Naturally occurring diamonds can cost up to x5-10 more than lab created ones, so this lower price also could play into your budget considerations.

Quality: Lab-created diamonds have the same chemical composition as naturally occurring ones and come in many different shapes, sizes, and colors. However for traditional diamonds, some people prefer the authenticity of a natural diamond from Mother Nature herself. Also, remember clarity is graded under x10 magnification. Always look at diamonds under a jeweler’s loupe first, and see if you can see the inclusions without the loupe. If you can still see it to the naked eye, perhaps the jeweler can hide flaws under prongs.

Ethical Considerations: Since they don’t require mining operations or use any other environmentally damaging process, lab grown stones tend to be more sustainable. This makes them attractive for those who value environmental concerns when making decisions. However there’s two sides to every coin; lab grown diamonds leave a larger carbon footprint than mining natural diamonds.

Resale Value: While both types of diamonds could hold their value over time if cared for properly, naturally occurring diamonds will most likely retain better resale value due to their higher demand.

Oval shape center stone engagement rings


When Choosing an Engagement Ring, You Do You


Whichever route you choose — using lab-grown diamonds or otherwise — it’s essential that you understand all of the pros and cons before taking the plunge. After doing your research and weighing all of these options carefully, you should feel confident in selecting an engagement ring that meets your expectations while staying within your budget and values.

Material choices will also affect the costs of the jewelry. Certain settings may cost more due to their intricacies. Also, choosing a different metal option will also create cost changes, so make sure to look at options. White gold and platinum for example, look nearly the same when brand new to the untrained eye.

The decision of how much to spend on an a diamond engagement ring, or wedding ring, is ultimately up to you. The most important thing is that it reflects your love and commitment for each other.

White gold engagement rings

While there are certain rules and guidelines about spending, ultimately it’s a personal choice based on what works best for both of you. Ignore what you hear is popular belief or what you hear couples spend, and do what works for you.

So, as long as the two of you are happy and in agreement with the amount of money being spent, everything should work out just fine!

Diamond Date Night

Choose your music, pour a drink, enjoy some superb hors d’oeuvres and explore the most romantic way to buy a diamond. Learn how you can schedule a Diamond Date Night.

About the Author

Matt O'Desky

I grew up in Chicago where we always had a “Diamond District” – an area of town with a slew of buildings filled with dozens of private jewelry wholesalers and upstairs diamond dealers.

When I moved to Texas, and realized there were few if any private jewelers, and I knew what I should do: Deliver a far more personalized experience, in a far more relaxed and enjoyable environment than any department store jeweler could possibly offer.

And show my clients obviously better diamonds at clearly better prices.

Connect With Us

0 items