What does an engagement ring cost? This is a question asked by almost all couples before they go out and buy an engagement ring. It is also something which most of the general public has no idea about and so a little research is a must.
Engagement ring cost variables
The difference between the price of a cheap engagement ring compared to that of an expensive engagement ring will depend on a few key variables which will decide everything. Firstly what stone you choose and the quality of that stone. Secondly, the setting you intend to have it made with and the type of metal and craftsmanship which is needed to make it. Thirdly, are you having the ring made from scratch or are you buying it pre-set (already made). Finally, are you buying it online or locally? Let us go into each one in detail so that you will get a better idea of the things that decide what an engagement ring costs.
1) The stone
Ask anyone and they will tell you that a good gemstone makes the ring, I like to think of a gemstone as the heart of the ring. Deciding on what kind of gemstone you want with the ring is the first thing you should do when choosing an engagement ring. If you want an affordable engagement ring then you should go for a cheaper type of gem, such as aquamarine or opal. You can also go for cubic zirconia and moissanite, good diamond substitutes which should not be disregarded. If you don’t mind splashing some money then diamonds, rubies and sapphires are the most desirable of all precious gemstones. They are also the most expensive and your choice here can be the key factor in how much your engagement ring will cost. The color, clarity, carat and cut of the stone you choose will decide how much it costs. I did a some recent price studies on diamonds by carat and for a 1 carat diamond engagement ring it will cost you an average of 2000 dollars, but for a 3 carat diamond engagement ring it will cost you an average of 15000 dollars. Can you imagine what a 9 carat diamond engagement ring would cost? The same goes for rubies and sapphires, which are just as expensive and desirable.
Out of all 4 variables which will decided the price of your engagement ring, this is by far the most important!
2) The setting
If you are buying a diamond worth 100,000 dollars then the setting which you choose will be a minor detail to you, however for most people it is not. A cheap setting can start at around, but settings can go into the thousands of dollars depending on the materials and difficulty of craftsmanship they are made with. If you choose pure gold then the engagement ring cost will be higher than choosing rose gold or stainless steel. If it is paved with small diamonds then the price will be higher still. All these factors add up and should not be ignored.
3) Pre-set or custom made?
If you buy something which is already made then it will of course be cheaper than something which has to be custom made for you. This is the same with everything, whether we are talking about suits or cars.
4) Online or offline
An engagement ring will likely cost more if it is bought locally rather than online. The reason is simple, online jewelers have massive inventories and resources to call upon. They also have less of an overhead and therefore are able to price things much cheaper than a local jewler could. The selection is also better too.
Engagement ring cost is not just decided by one factor, when choosing a suitable engagement ring for yourselves, make sure to keep this ideas in mind.
