With Today's Inflation, How Much Should You Spend on an Engagement Ring? (2024)

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by Suzanne Sachs  5 min read

vintage-engagement-rings

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.

WHAT YOU NEED TO KNOW--

In this guide, we will explain the following:

  • Average Engagement Ring Cost
  • Metal Type
  • Gemstones
  • Ring Width
  • Age
  • Detail
  • Retailer
  • Sets
  • What You Should Spend On An Engagement Ring
  • Cost
  • Personal Budget
  • Engagement Ring Style and Design
  • Jewelry Preferences
  • Daily Practicality
  • Trendiness
  • Number Of Rings
  • Budgeting For Further Costs
  • Sizing
  • Soldering
  • Repair
  • Insurance
  • Care
  • How Much Should You Spend On An Engagement Ring?

Average Engagement Ring Costs

Engagement rings can be substantial investments, and the average cost of an engagement ring varies depending on a wide variety of factors, including:

Metal Type

Gold, platinum, titanium, palladium, etc., as well as overall metal quality.

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Gemstones

Diamonds or other gems in the wedding ring and the stones’ quality and carat size.

 

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Ring Width

Wider rings have more metal and are therefore more expensive.

 

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Age

Vintage or antique rings can be a bargain compared to new rings.

 

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Detail

The more intricate the ring, the higher the cost due to increased craftsmanship.

Art Deco Diamond and Sapphire Engagement Ring 1.16 Ct GIA J/SI1

Retailer

Online retailers may have better prices and selections than brick-and-mortar stores.

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Sets

If purchased as a set with a wedding ring, the overall cost may be less than if
purchased separately.

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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: 

 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. 

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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.

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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.

 

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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. 

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Suzanne was amazing! I utilized the layaway service and it was a breeze. Ring made its way to Texas and was even more gorgeous in person."
 Chloe G verified buyer

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. 

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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. 

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I've purchased two vintage rings from Suzanne over the past decade and my wife has loved both. Great service, communication and speedy delivery.”

 Lee S verified buyer

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.

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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:

Sizing

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

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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.

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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.

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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.

 

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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.

 

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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.

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Find answers to Frequently Asked Questions or contact us here.

Antique Engagement Rings For Everyone:

No matter which gemstone is your favorite, these time-honored gemstones have a rich history and individualized character and will continue to have a timeless beauty and elegant appeal that is part of a legacy to pass on to future generations. If you’re looking for a unique engagement ring that tells the world that you’re passionately in love, a vintage garnet ring is a stunning choice. Find your dream ring today!

Find The Perfect Antique Engagement Ring:

Vintage rings are prized not only for their beauty but also for their exquisite attention to detailing and design. If you’re looking for a ring with a sense of glamour, sophistication and vintage charm, explore our collection of vintage engagement rings today!

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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Art Deco Emerald Ring

Contact Suzanne

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


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