Many retail stores have their own opinion on how much you should spend on an engagement ring. It’s likely a retail store will guide you right to the most expensive engagement rings in their store and gradually go down, depending on your reaction to the prices. But how much should an engagement ring cost? Here’s what I think.
As a jeweler that makes custom engagement rings, I want what you want. Sure, I’d like to make money to feed my family and whatnot, but I’m not going to push you to buy an engagement ring that’s way outside your budget to make a buck. I’d much rather build an engagement ring whose cost is acceptable and agreeable for the both of us.
Is the Three Months Rule Still Relevant?
You’ve probably heard about the “three months salary rule” as a solution to the question of how much an engagement ring should cost. It used to be said that saving up three months worth of your work salary was an appropriate amount to spend on an engagement ring.
I believe this rule is outdated. The rarity and availability of precious metals and gemstones vary based on many factors. The cost of a diamond years ago is very different to the cost of a diamond now. The spot price of gold, silver, and platinum changes. As much as I would love to give you a concrete number for transparency, I’m afraid it just isn’t possible.
How Much Does the Average Engagement Ring Cost?
If you want a ballpark number average on the cost of an engagement ring, wedding websites like the Knot pull their own data every year on engagement ring costs, center stone shapes, carat weight, and engagement ring styles.
According to their survey from 2024, the Knot ascertains that the average cost of an engagement ring in the United States is around $5,500. This number may decrease in other countries. For example, European couples are likely to spend less on an engagement ring than Americans. In fact, the average carat weight for an engagement ring tends to be lower than the average carat weight for Americans too.
Even if the average cost of an engagement ring of specific surveyed couples amounts to $5,500, that doesn’t mean you can’t have a beautiful engagement ring for less than that.
How Much Should I Spend on an Engagement Ring?
It’s easy for me to tell you to ignore the cost and go for what you want. But in this economy, the cost of an engagement ring is a big deal. When I create a custom engagement ring for a couple, they often give me a budget to work with. It is my job to work with that budget, while still being realistic about the cost and labor for materials.
I’ll start by asking couples about their vision for their engagement ring. What center stone are they wanting? While natural diamonds have been more traditional, I’ve noticed that more people are choosing lab grown diamonds or even gemstone engagement rings.
It’s important to know that not every gemstone is the same. For example, you could have three 1 carat diamonds with three different prices. While the carat weight is the same, their other quality factors are different. One diamond may have a higher clarity grade and color grade than another. One diamond may have a better cut quality, which can result in a stronger sparkle.
The same goes for gemstones. You can buy a 1 carat ruby in a store or online for a cheap price. A 1 carat high quality natural ruby can be thousands of dollars more expensive than a low quality one.
If you’re wanting a colored diamond engagement ring, your personal budget will determine if you should go the lab grown route or the natural route. Natural fancy colored diamonds are highly expensive and valuable. Lab grown fancy colored diamonds are a lot more affordable and tend to have stronger colors.
Metals have different costs. Generally, white gold, rose gold, and yellow gold will all have the same cost. However, the rhodium plating that makes white gold a silvery color will have to be reapplied down the road. This will cost you extra, meaning that white gold is going to be more expensive down the road.
People who want platinum engagement rings are likely to find that a ring cast in platinum is going to be more expensive than gold. Platinum has a higher density, meaning it’s going to take more metal to create a duplicate ring. Platinum also has a higher value than gold, also contributing to a higher cost.
The factors in the cost of engagement ring are so vast and fickle, it’s much easier to focus on the aesthetics of the engagement ring you want, rather than a strict numerical value.
So instead of focusing on how much a man should spend on an engagement ring, think about what kind of engagement ring you’re wanting.
Why Choose a Custom Jeweler over a Retail Store for Engagement Ring Costs
You would not believe the markup costs for a popular retailer like Kays, Zales, or Jared costs. Furthermore, the stones they carry are very limited. They get all their supplies from vendors that already have stones pre-selected.
Not me. If you put in a request for a purple center stone, I’m not just going to give you amethyst. We might explore other gemstones not often seen in these stores like purple sapphire, purple diamonds, iolite, and ametrine. I won’t just pull a gemstone out of stock either. I’m going to find the best gemstone through my contacts and give you options.
You don’t have to choose a standard shape either. Most retailers offer around 10 different diamond shapes. At AW Jewelry, your shape options are unlimited. You can choose fun shapes like stars, horses, and shields. We can even custom cut your gemstone. Check out this fantasy cut amethyst gemstone. You can’t get one of these at any typical fine jewelry retailer.
At AW Jewelry, the possibilities and customizations are endless. And when you have options, the budgets and costs of a custom engagement ring are flexible as well. Work with us to create an engagement whose design and price you’ll both love. Contact us today to really find out how much an engagement ring should cost.
