May 23, 2024

With Today's Inflation, How Much Should You Spend on an Engagement Ring?

by Suzanne Sachs • 5 min read

THE BASICS --

An engagement ring is one of the most symbolic and significant pieces of jewelry you will ever buy, but how much should it really cost? Understanding the prices of engagement rings can help you choose the best options for your budget and fashion preferences. With careful consideration, however, you can choose the perfect engagement ring no matter what your budget. Whether you're looking for a simple design or a vintage engagement ring, there's an option for every budget.

WHAT YOU NEED TO KNOW--

In this guide, we will explain the following:

Key Factors that Affect Engagement Ring Costs
What You Should Spend on an Engagement Ring
Budgeting For Further Costs
How Much Should You Spend on an Engagement Ring?

Key Factors that Affect Engagement Ring Costs

The cost of an engagement ring can vary widely depending on several factors, including metal type, gemstone, and craftsmanship. On average, couples in the U.S. spend around $5,500 on an engagement ring, but beautiful rings are available at every price point, from $1,000 to over $10,000.

Metal Type: Gold, platinum, silver, palladium, etc, as well as overall metal quality.
Gemstones: Diamonds or other gems in the wedding ring and the stones quality and carat size.
Ring Width: Wider rings have more metal and are therefore more expensive.
Age: Vintage or antique rings can be a bargain compared to new rings.
Detail: The more intricate the ring, the higher the cost due to increased craftsmanship.
Retailer: Online retailers may have better prices and selections than brick-and-mortar stores.
Sets: If purchased as a set with a wedding ring, the overall cost may be less than if purchased separately.

All things considered, the average cost of an engagement ring in the United States is roughly $550 for men’s rings, and $1,400 for women’s rings. Women’s rings are generally more expensive because they are more likely to incorporate multiple diamonds or have greater intricacy to coordinate with an wedding ring for a stylish set.

What YOU Should Spend on an Engagement Ring

While average costs can be a guide for engagement ring prices, there are beautiful, thoughtful rings available at all price points to match any couple’s budget. The amount you should spend on an engagement ring will vary according to your own personal preferences and other financial considerations, including:

1. Cost

There is no right or wrong answer for how much is appropriate to spend on an engagement ring, as everyone’s budget is different. Ideally, a couple would discuss finances and financial planning before considering an engagement ring. This way, they would have an understanding of their debts, expenses, and income expectations before making the purchase.

2. Personal Budget

Consider your own income as well as other large expenses such as the costs
of the wedding itself, loan payments, credit card debt, living expenses, and savings plans when determining how much to spend on a wedding ring. Also consider that a large, elaborate, expensive engagement rings may mean starting a marriage in considerable debt, which may not be a desirable beginning for a budget-conscious couple.

3. Engagement Ring Style and Design

Many couples prefer matching the engagement ring and wedding ring for a coordinated, cohesive look. This may mean matching metal type and quality, incorporating diamonds or gemstones, or matching the overall style for an elegant set. This can be tricky with very unique engagement rings, and can increase the wedding ring cost.

4. Jewelry Preferences

Just as with a wedding ring, it is important to match fashion preferences with the engagement ring to ensure it will become a favorite piece of jewelry. This is especially critical as the ring will typically be worn every day and for all occasions. The overall metal type, stone use, and ring size should match the wearer’s jewelry preferences.

5. Daily Practicality

Because an engagement ring is intended to be worn year-round and during many different activities, it is important to ensure the design is a practical one that will not be damaged by regular actions. Consider the wearer’s work, hobbies, exercise habits, and other activities when choosing a wedding ring to ensure it can be comfortably worn.

6. Trendiness

The trendier a ring design is, the more expensive it is likely to be because of the hot commodity of the design. Choosing a more timeless, classic style can be less expensive and may be a better option over many years, as trends will come and go and a very trendy design could look outdated before too many anniversaries have passed.

7. Number of Rings

Couples shopping for an engagement ring need to consider not just the cost of a single ring, but of both rings – one for the bride and one for the groom – if both individuals will wear a wedding ring. Consider whether the rings will match one another, and be sure to match both designs to the preferences of the person wearing each ring.

There is no hard-and-fast rule for how much is an "appropriate" amount of money to spend on an engagement ring. In general, engagement rings are typically twice the price of wedding bands. While engagement rings often feature a central diamond or gemstone and intricate designs, wedding bands are usually simpler and more understated. However, this is not a definite figure, and engagement rings at all price points can be beautiful symbols of a couple’s union, no matter their budget.

Budgeting for Further Costs

When investigating prices for engagement rings, couples also need to bear in mind additional costs associated with the ring. This can include:

1. Sizing

Resizing the ring before the wedding, or in the years to come. A very laborate ring will be more challenging and expensive to resize as body weights and finger sizes fluctuate over the years.

2. Soldering

Soldering costs if the wedding ring must be permanently attached to an engagement ring to keep the set properly aligned to be worn as a single piece. This is typically a one-time cost.

3. Repair

Repair costs if the ring loses small stones or other accents. This is more likely to happen with very elaborate rings or if the ring is subjected to harsh activities that could cause damage.

4. Insurance

Insuring a very expensive ring to keep it protected in case of extreme damage, loss, or theft. This may increase the price of a homeowner's insurance policy.

5. Care

Cleaning costs for an elaborate ring if regular care is not kept up and detailed cleaning becomes necessary. This can be easy to avoid with proper care, and many jewelers offer free cleanings.

How Much Should You Spend on an Engagement Ring?

Deciding how much money you should spend on an engagement ring is a personal choice for every couple, but understanding average costs and the factors that can influence wedding ring prices can help with suitable budgeting. Ultimately, it is not the cost of the ring that matters most, but the thoughtfulness put into choosing it and the significance of what it represents that will make any engagement ring priceless, regardless of its retail cost.

Suzanne Sachs

Suzanne has always believed vintage rings can change lives. She's been in the jewelry industry for over 35 years, working with vintage jewelers, diamond dealers, diamond cutters, and gemologists. Suzanne started Artdecodiamonds in 2000 and understood the demand for vintage rings throughout the world. She ultimately started VintageDiamondRing.com in 2014, and understands each vintage ring is a reflection of you – your history, your relationships, your style, your elegance and is honored to have the opportunity to help you showcase your flair in a unique and exquisite way.

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If you love vintage or eco-friendly jewelry please feel free to contact Suzanne or browse our collection of eco-friendly vintage engagement rings.