Shopping for a wedding or engagement ring can be expensive, time-consuming, and stressful. The whole process prompts questions like: how much money should you spend on a wedding ring? What’s the average wedding ring cost? Isn’t there some kind of engagement ring calculator that could make this all so much easier?
Thankfully, you don’t have to look far to gain answers to these questions! Here, we give you a tool to calculate engagement ring costs. Additionally, we’ll walk you through the average price of a wedding ring in 2023, and we’ll provide some other tips and tricks for finding the perfect wedding ring without breaking the bank!
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How Much Does the Average Person Spend on a Wedding Ring?
In 2020, the average spend a couple made on a wedding or engagement ring was $3,756. Compared to the average of $7,829 in 2018, there has been a significant decrease in the average spend on wedding rings and engagement rings. Learn more about theaverage engagement ring cost.
However, these are simply averages. Some couples tend to spend a lot less, while others spend quite a bit more. You need to decide how much you want to spend by conferring with your partner.
Remember this is the start of your life together, and these rings should show your love and commitment. A simple gold band may be more meaningful to you than a band encrusted with diamonds at a higher price tag.
How Much Money Should You Spend on a Wedding Ring?
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How much to spend on an engagement ring or wedding ring is a personal decision and should reflect your values. It is good to consider the average engagement ring cost. Traditionally, an engagement ring cost is three months’ salary, but that figure has come down significantly in recent years.
Ultimately, the best way to know how much to spend on a wedding ring or engagement ring is to know your ring budget. There is no reason to go into debt when there are size, style, and complexity options to suit everyone’s ring budget.
Shop for Simple Engagement Rings and Wedding Bands
A simple classic solitaire diamond ring is always in style. Beautiful simple gold bands will signify your love forever. If your soon-to-be spouse wants something minimal, it’s easy to keep the cost low. But, even large stones and complicated designs can work with a tight budget.
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Setting a Budget
After you shop around and determine how much you want to spend, setting a budget will help you find the perfect ring for your financial situation. Know your ring budget, but also know your options! Shop around, and you will get a good feel for how much to spend on a diamond engagement ring or wedding band.
When it comes to the overall cost, it is not only the size of the center stone that plays a significant role. Also, the quality of the diamond and detailing around the gem (like a halo or other smaller stones included in the design).
Additionally, consider the type of metal you choose for the band of the ring. Even considerations such as the brand of the ring can play a role in the overall wedding ring or engagement ring cost.
Spending Myths
Still wondering, “How Much Should You Spend?” Here we will discuss some common myths surrounding buying an engagement ring or wedding band. For example, the old “3-month salary rule” that traditionally surrounded purchasing big diamond rings.
The good news for all those soon-to-be-wed! The average cost of buying an engagement ring has come down significantly and no longer requires you to save months’ salary.
The ‘One, Two, or Three Months of Salary’ Rule
The most popular wedding or engagement ring myth is the X number of months salary rule. It has become common to calculate the “best” cost for a ring based on one, two, or even three months’ worth of salary!
Nowadays, this could lead to quite an expensive ring. If you intend to follow this tradition and are in the market for a lab grown diamond, you will get an impressive diamond.
For example, say you make $5,000 per month. According to the months ‘ salary rule, the best price of a ring for your sweetheart is $5,000 by the one-month standard, $10,000 by the two-month standard, and so on.
Where Did These Months of Salary Rule Come From?
It is believed the one-month rule surfaced during the early 1940s as a way for diamond sellers to make more significant profits on their jewelry sales. The three months’ salary rules are even sometimes referred to asthe De Beers myth.
Eventually, it grew into the two and three-month salary rules. However, there is no set rule on how much you should spend on a wedding ring. Feel free to ignore this outdated rule and, instead, listen to your personal budget.
Average Diamond Size for Engagement Rings
Another common ring budgeting myth centers around the size of the diamond. Some believe when buying an engagement ring, they should calculate their budget based on the desired carat diamond. They think this will get them better quality for the money they spend on an engagement ring.
Although this approach might make it easier to stick to a budget, it falls short in its lack of consideration for color, cut, and clarity. It also becomes less straightforward if you’re interested in a two stone engagement ring. These neglected factors play a significant role in the quality of a diamond. Many customers are dissatisfied if their budget is based on the diamond’s size alone.
Consider Types of Metal for Your Wedding Rings
So, make sure you include all of these factors in the calculation of your budget to avoid disappointment. Additionally, you will want to consider what type of metal you want for your wedding bands.
Yellow gold and white gold are both trendy, while rose gold has been the rising star in recent years. If you are looking atplatinum engagement rings, know they are sturdier but with a higher price tag.
Save Money By Shopping for Your Wedding Ring Online
The last, but certainly not least, myth to debunk is the one that claims” “You can’t find beautiful diamonds by shopping online.”
Shopping for diamonds online can be difficult because diamonds of a lower price usually have an element of lesser quality but are harder to recognize for the untrained eye.
Ask for Help
That’s why involving a professional is essential! Professionals make it easier to find the perfect ring in-person or online without settling for a lower-quality diamond—especially with the many remote consultation options (like thesevirtual appointment optionswith Clean Origin) available.
Bottom line: don’t sacrifice quality for price when shopping online without professional help. A professional can help you get the perfect wedding rings for the right price tag.
What to Consider When Buying a Ring
We’ve talked about the technical things to consider when buying a ring—clarity, size, cut, color, metal type, brand—but what about the fundamental factors to consider when buying a ring?
Assessing expectations and priorities will guide your budgeting decisions and make it easier to be on the same page as your soon-to-be spouse.
Here are some valuable factors to consider when deciding how much money you should spend on a wedding ring:
The Finances
It’s essential to get on the same page about your financial situation before starting the ring buying process. Talk about a comfortable price range and assess your financial situation to calculate what you can afford.You may also consider your current career and future job security. Use a diamond price calculator to get the best fit for your budget!
When setting a budget, there are many things to consider, like student loans, spending money, and savings. As you embark on this life together, you must work together to determine how much is appropriate to spend on wedding bands. Working together will give you the perfect ring budget.
Your Significant Other’s Expectations
Finding the perfect ring is almost impossible if you don’t know what your partner is expecting! Do they want a simple design? How many stones would they like on the band? What kind of metal do they want the band made out of? And, what color?
The best way to answer these questions and get an idea of your partner’s thoughts on buying an engagement ring or wedding ring dreams is to go “window shopping” together. If you want to surprise them with the ring, consider their style and talk to family and close friends to gain some insight to guide you.
The Ring’s Meaning Over Its Size
Remember, the meaning behind the ring means much more than any other factor. Diamonds are tradition, but the best ring is the one that captures your partner’s individuality and your love together.
How Can I Save Money on a Wedding Ring?
Sticking to a budget is essential, but don’t let that dash your hopes of finding the perfect ring for your sweetheart! There are countless options for every budget type. Here are our three tips to save some money on your wedding or engagement ring.
Buy a Lab Grown Diamond
One of the easiest ways to cut costs on your ring is to use a lab grown diamond as the center stone. Not only are they 20-40% less expensive, but they are just as durable as minded diamonds for day-to-day wear and growing in popularity.
Lab grown diamondshave helped to lower the average engagement ring cost significantly.
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Get the Perfect Setting for Your Budget
Setting a budget has helped you plan how to spend money on a wedding band, engagement ring, or wedding ring. The setting style you choose for the gems of your ring can play an unexpected role in the overall cost of your ring. If your fiancè is in love with a specific setting, it’s essential to know how it can spike prices.
When in Doubt, Go With a Solitaire
This classic setting is always a hit and never goes out of style!
A great way to cut costs with the setting is to choose the solitaire option (learn how to select the best setting optionhere) and concentrate most of your budget on the ring’s diamond or center stone of choice. Going for a simpler setting may allow you to afford a larger diamond engagement ring.
Exploiting Color and Clarity
Our last tip is one of the most effective for significantly reducing ring costs—go for lower clarity and color while sticking with an excellent cut.
Shopping around on color and clarity is a perfect way to lower your engagement ring cost. Shopping around allows you to stay within a budget without sacrificing quality, especially if you want a large center stone.
Conclusion
At the end of the day, the essential part of your wedding or engagement ring purchase is that it represents your personal love story and the future you are creating with your special someone.
No diamond size, brand, or metal type matters more than celebrating your love and commitment. Buying an engagement ring or wedding band is stressful. Hopefully, you now feel better equipped to make this decision.
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FAQs
How much should you spend on an engagement ring 2023? ›
The Three-Month's Salary Rule
Many suggest the amount you spend on an engagement ring should be equal to three months' salary.
Around one-third of couples pay between $1,000 and $4,000. Now, you might ask yourself about the range in costs and why some rings seem reasonable while others cost more than your grandparents' first mortgage.
What is a reasonable amount to spend on a ring? ›General Rule: You should spend at least 2 months salary on the engagement ring. If, for example, you are making $60,000 per year, you should spend $10,000 on the engagement ring.
Is $10,000 enough for a wedding ring? ›$10,000 is not too much for an engagement ring, as long as it fits in with your budget, as you can design a stunning ring with a well-cut diamond that's over 1 carat with this budget.
What is the trend in rings in 2023? ›One of the top 10 engagement ring trends of 2023 we are seeing, is a rise in the popularity of elongated diamond shapes like marquise cut, pear shape and emerald cut. Traditionally everyone thinks of a diamond as round but choosing a different shape that works better for your finger and your budget is a new trend.
How much is the average wedding ring in 2023? ›The 2023 jewelry and engagement study on the knot shows that the average price of a ring is $5,900. This is a country average as price varies by region. It is quite discovered that most couples spend between $1000 to $3000 on an engagement ring. With some spending even below $1000.
What is the etiquette for ring cost? ›Spending between one and three month's salary for an engagement ring is a long-standing tradition. But millennials, generally saddled with student loan debt and high costs of living—and waiting longer to get married—have thrown out this old rule of thumb. Less than half of millennials spend two month's salary.
How expensive is the average wedding ring? ›All things considered and taking inflation into account, the average cost of a wedding ring in the United States is roughly $550 for men's rings, and $1,400 for women's rings.
Is $25,000 too much for a ring? ›According to data published by Rapaport, the average amount spent on an engagement ring is $6,000, with around a third of all couples spending between $1,000 and $4,000. So, with a $25,000 engagement ring budget, you'll be able to afford something far above average.
Can I negotiate the price of a ring? ›Is it Rude to Negotiate on an Engagement Ring? I'm happy to tell you that the answer is no. It is indeed completely appropriate to negotiate the price of any piece of jewelry. Jewelers know this and will expect it.
How can I estimate how much my ring is worth? ›
If you want a solid answer to the question “how much is my ring worth,” your best option is to get it appraised. A qualified professional has the proper skills and education to evaluate the jewelry. This way, you'll know exactly what you should be asking for it should you want to sell it.
How many carats is the average engagement ring? ›The average total carat weight for an engagement ring in the U.S. hovers just over 1 carat, at 1.08 carats. The range of 1.0 to 1.9 carats is by far the most popular, but there are noticeable peaks at the 0.70 – 0.79 range, the 0.90 – 0.99 range and the 1.50 – 1.59 range.
What is the 3 months salary for wedding ring? ›One of the most infamous wedding etiquette rules, though, revolves around the engagement ring. It's known as the "three months' salary" rule, and it implies that a buyer should put three months of their salary toward a sparkler for their future spouse.
What is the 3 months salary rule for engagement? ›There is a widely cited “rule” that you should spend three months' salary on an engagement ring. This stems from a 1930s De Beers advertising campaign that convinced men to spend roughly one month's salary on this purchase. By the 1980s, one month's salary was no longer the rule. It turned into two months.
What is the 2 month salary for an engagement ring? ›In the 1930s, at the start of the De Beers campaign, a single month's salary was the suggested ring spend. In the 1980s in the US, it became two months. One advert featured a pouting woman, a scarf, a finger, a diamond ring and the words: "Two months' salary showed the future Mrs Smith what the future would be like."
What is the most popular engagement ring cut in 2023? ›Round Diamonds
More specifically, this means the round, brilliant-cut diamond. Year in , year out, the round remains undeniably the most popular diamond shape for engagement rings.
These predictions show that diamonds are a suitable asset to diversify your portfolio. They offer a number of advantages, like durability, being inflation-proof, and being easy to store and transport.
Are diamond prices up for 2023? ›According to the sampling of lab-grown diamond prices the analyst included in his State of the Diamond Market report for February 2023, the price of a 1-carat lab-grown diamond in Q1 2023 stands at $1,450, sliding 27 percent in two years (Q1 2021 price: $1,980).
How much are diamonds worth 2023? ›| Clarity | D Color | |
|---|---|---|
| VS1 | $ 6,112 | $ 7,946 |
| VVS2 | $ 6,136 | $ 7,977 |
| VVS1 | $ 6,750 | $ 8,774 |
| IF | $ 6,840 | $ 8,892 |