Diamond engagement ring prices range from couple of thousand dollars to the multi-million dollars depending on the settings and especially the quality and carat of diamonds used
With this large range of price difference, how much should I spend on an engagement ring is one the most frequently asked questions by our customers.
The reality is there is not one simple answer to this questions.
According to a recent survey, on average people spend around USD 6500 on an engagement ring in the US and the most popular diamond carat weight is 1 carat.
On the other hand, how much you should spend depend on several factors, most important ones include the followings:
1. Your Finances
2. Your Partner's Preferences
1. Your Finances:
In the past, wedding experts advised engagement ring buyers to spend three months' worth of their salary. They say it's already enough to get a sparkling ring that gives a high guarantee of a Yes. But instead of this rule, we recommend you to consider the follwoings:
Income, Expenses, Savings
With any purchase, financial advisors will tell you to consider three things--- your income, your expenses, and your savings. And buying an engagement ring is not exempted from considering these elements.
Firstly consider your INCOME:
Take a look at all the sources of income you have, which might be full-time work, part-time work, retainer employment, consultancy, etc.
Secondly, consider your EXPENSES.
Expenses include bills such as insurance, electricity, water, phone, rent, debt, etc.
Thirdly, check your SAVINGS:
A Simple formula you can use is:
INCOME - EXPENSES + Percentage of your SAVINGS
We assume that by the time you decide to buy the engagement ring, you have done your homework of knowing your partner--- likes, lifestyle, hobbies, fashion sense, personality, love language, and of course, the ring size.
Knowing these facts will help give you an idea of the best ring to buy, eliminating the ring candidates that do not meet the criteria.
But for some, more effort will be needed. If you are afraid that your partner will get a hint of your proposal, ask for help from your family and friends (especially when it comes to the ring size).
The more research you can do, then the better.