How much should an engagement ring cost? Many couples don’t know much about engagement rings before they make the leap of faith and when they are in a position where they have to buy one, they have no idea what to buy. There are many factors to consider when buying engagement rings and you should be familiar with each one before you decide to spend.
Should an engagement ring cost 1 or 2 months of my salary?
If you look around the internet for answers on the how much an engagement ring should cost you will often come across articles or answers (such as in Yahoo answers) telling you that an engagement ring should be at least two months of your salary. I can tell you right now, that is ridiculous! It is simply an urban myth propagated by diamond industry marketers wanting to get people to purchase ever more expensive diamond rings. However, I am not saying it is wrong to spend 2 months or even 5 months’ salary on an engagement ring, but it is also not wrong to spend 100 dollars on one if you don’t have much money. You should purchase according to your means, not according to some factual number.
What factors will influence the cost?
There are many factors which will influence the price of an engagement ring and therefore determine how much an engagement ring should cost.
Stone- This is the most important factor in buying an engagement ring, the center stone (or stones). Diamonds are the most expensive, but rubies and sapphires are not cheap either. Opal, aqua marine and other gemstones will come at a cheaper price and if you go for something that is man made you can get even cheaper. Obviously it is not just the type of stone which will influence the price, you also have to factor in the weight (carat), cut (shape), color and the clarity. The rarer, bigger and more perfect, the more you will be expected to pay.
Setting- The type of setting will be the second thing which will determine the engagement ring cost. If you are buying a setting which is intricate and made from a precious metal such as platinum or gold, then it is going to cost more than a metal like stainless steel, which is cheap. The most expensive settings can be in the thousands, while the cheapest can cost less than 15 dollars.
Pre-set or custom designed- A custom designed engagement ring will cost more than a ring which has already been made (pre-set) and it is obvious why. Therefore if you want to save a little (actually sometimes a lot) in cost, then you might consider buying a pre-set ring.
So how much should an engagement ring cost?
The average ring in the United States is sold for between 2000 and 5000 dollars, however you should not be concerned with comparing yourself to the average. If you can afford an expensive ring, then don’t be cheap and buy it. Remember a ring is a good investment, as long as they are cared for they should appreciate in value. If you can’t afford something expensive, buy an affordable engagement ring, you can always make up for it in the future when you are more financially secure.
