How much should be spent on an engagement ring? You may have heard the old adage, ‘3 months' salary’, but is that really true? And where did that rule even come from? There are so many myths and misconceptions about engagement ring shopping that it can be difficult to narrow in on where to start or how to budget.
One of the things we always stress to clients is there is no one size fits all approach to engagement ring shopping. Your love story, preferences, and budget are all totally unique to you, and your engagement ring should represent that.
It has been suggested that your partner should spend about three months' salary on an engagement ring. This misconception stemmed from a marketing campaign the diamond company, De Beers, ran in the 1930’s. However, that rule is now widely regarded as an outdated myth. So how expensive should an engagement ring be? The truth is, there is no fixed amount that you should spend, and we can work with you on any budget.
You may be wondering, “what factors go into the cost of an engagement ring?” The details of the diamond will be the biggest influence on the cost. If you are just getting started in the shopping process, you will want to familiarize yourself with the 4 C’s of a diamond - cut, color, clarity, and carat. Carat is typically one of the most important factors for clients so it’s important to set your expectations and budget early on. If you are hoping for a larger carat weight, but are working on a more limited budget, you may want to consider a lab-grown diamond.
Lab-grown diamonds and earth-mined diamonds are both real diamonds with the same carbon arrangement and molecular composition. The only difference lies in the process in forming the diamonds. Lab-grown diamonds are grown in a lab at an accelerated pace. Earth-mined are formed naturally in the earth over millions of years. Because earth-mined diamonds are more rare, they are more expensive than lab-grown diamonds. The price will still vary depending on the 4 C’s, but you can expect to pay considerably less for a lab-grown stone. If you are interested in learning more about lab-grown and earth-mined diamonds check out our Lab-Grown vs. Earth-Mined Diamonds Guide. If you love the idea of a lab-grown diamond, you can use our ring builder tool to get an idea of pricing. If you would like an earth-mined diamond or if you want to see both options, you can book an appointment with one of our bridal experts to discuss all of your options.
You may be wondering, is it possible to spend too much on an engagement ring? We recommend that you and your partner have a conversation about pricing and expectations before making a decision. Another common misconception is that engagement rings and proposals need to be a complete surprise, but the shopping process does not have to be! We have seen more and more couples shopping for engagement rings together. If you want to maintain a surprise element, you can keep the when, where, or how of the proposal a secret.
If you are ready to start shopping for a ring, take a look at our Signature Collection engagement rings or book an appointment with our bridal experts to learn more about the 4 C’s and the design and diamond options. We can’t wait to help you find your dream ring!