If you’ve dreamed about an engagement ring, you’ve probably imagined its setting, the center stone, and of course, the ring metal. Many of us forget to factor in the cost of the engagement ring when we’re dreaming.
Spending money in this day and age is no easy feat. Inflation and the economy have greatly impacted the way we shop, but it is clear that engagement ring prices have not.
According to mega wedding website The Knot, the average cost of an engagement ring was around $5,500. In 2017, the average cost was $6,351. Today, the average engagement ring buyer is spending $851 less than they did six years ago.
In this post, we’ll break down the different contributing factors to the cost of buying an engagement ring. Learn how diamond rings and other wedding jewelry are priced and how you can lower the cost of your engagement ring even further.
The Rise of Lab-Grown Diamonds
Lab grown diamonds were the biggest thing to hit the jewelry industry in the early 2000s. The development of lab diamonds dates back to the 1950s. Still, people didn’t really start seeing them as an option for engagement rings until the 2010s.
Lab grown diamonds are real diamonds that have grown in a lab by simulating the same conditions it takes for diamond to form underground. When created in a laboratory environment, diamonds take mere weeks to months to form. When diamonds grow naturally in the earth, it takes billions of years to form.
Natural diamonds and lab created diamonds have the same optical, physical, and chemical properties. There are different nuances, but ultimately they are both diamonds. That is what sets lab grown diamonds apart from other diamond alternatives like cubic zirconia, moissanite, or white sapphire.
Cost Benefits of Buying Lab Grown Diamonds
Lab grown diamonds may be real diamonds in every way, but their price and value are one of the things that differ from natural diamonds.
On average, most people say that lab grown diamonds range 20-40% less expensive than mined diamonds of similar quality. When choosing lab grown diamonds over natural diamonds, you’re already saving a chunk of cash.
Some get suspicious of the price difference between lab grown diamonds and natural mined diamonds. If they’re the same, then why such a price drop?
Lab grown diamonds don’t require nearly as much labor force or equipment as the diamond mining industry does. Mining diamonds requires workers, multiple development stages, expensive equipment, plus any environmental concerns and precautions that take place.
When diamonds grow in an isolated building or plant, the need for equipment and workers is much less. They need a certain amount, but not as much as mining does.
Ease of production doesn’t just affect the price tag of your diamond engagement ring, but also its resale value. Most liquidation services for engagement rings won’t take a lab diamond back. Very few retailers have diamond upgrade programs for them because their prices are always fluctuating.
Technological Advancements in the Jewelry Industry
Diamond cutting and jewelry making processes and technologies have undoubtedly evolved over the years. What was once completely done by hand, is now made easier (and safer) with different machinery and computer programs.
Diamond Polish and Cutting Techniques
Diamond cutters didn’t have as much information about the cutting and polishing process of diamonds. One of the reasons why you see so many royal jewels with colored gemstones instead of diamonds is because diamonds were quite dull.
It wasn’t until they became optimized for light during the ideal cut diamond schematics made famous by Marcel Tolkowsky. Round brilliant cut diamonds were optimized for exceptional brilliance and new cutting techniques emerged for other diamond shapes as well.
Computer Aided Design (CAD) Programs for Jewelry
The use of Computer Aided Design has revolutionized jewelry design for custom engagement rings and jewelry. Jewelers are able to produce 2D and 3D images of engagement rings for customers.
Customers are able to be part of the inception of making their own engagement rings, usually through sketch first. The sketch is then created using the CAD software. A digital image is produced and returned to the customer.
The customer will make any changes to the design and then approve it for casting. Most jewelers make wax or resin castings to show their customers. The customer can make any final modifications to the casting before it is approved to be created into a one of a kind engagement ring.
Online Engagement Rings vs In-Store Shopping
Nearly ⅓ of all shoppers purchase diamond engagement rings online rather than at a physical location. Not only has it affected the way the diamond industry does business, but it makes it cost less for buyers too.
Stores with physical locations have to acquire inventory and most of their selection is only the most popular items. Customers looking for more unique designs have taken their business online or at local jewelers.
It’s much more costly to run a physical location than to do an online diamond jewelry website. You are effectively cutting out the middleman and selling directly to customers, without needing inventory or paying vendors beforehand. Custom made is much easier to get and afford than it used to be.
Societal Expectations and Preconceptions
Over the years, there’s been many sayings that look to depict what you should spend on an engagement ring. The most popular one says that you should spend three month’s salary on an engagement ring.
Maybe years ago, the three month’s rule might have been relevant, but we’ve gone through many economic and societal changes regarding jewelry.
For most people, three month’s salary is not feasible. With the rising costs of everything, people are choosing to spend less on non-essential purchases.
Quality Over Cost
With so many developments in the industry, you can still get high quality engagement rings for more affordable prices. Customers are less worried about brand names and designer engagement rings and more about the engagement ring itself.
While there’s no such thing as a bargain diamond, you still don’t have to spend three months of your salary to buy one.
Most customers and jewelry professionals agree that you should buy your diamond engagement ring according to your style and financial goals. Focus on the different areas of your ring that mean the most to you and adjust your budget as necessary.
Custom Design Engagement Rings vs Stock Engagement Rings
Designer engagement rings like the Tiffany ring or Harry Winston once commanded the jewelry industry. Today, consumers are letting go of the brand name and going with a ring they like rather than one with prestige.
Simply making the switch from designer to unbranded can save hundreds to thousands of dollars.
But it’s not all about the price tag either. Full custom jewelry can often cost more than stock pieces in a jewelry store. The difference is that you and 50,000 other people have that same ring. With custom jewelry designs, you can have a design that is unique and specific to your tastes.
When you buy stock engagement rings and wedding bands, you don’t usually have control over the stones put in them. You can pick a range of grades, but it doesn’t allow you the flexibility with price like it would if you were to choose your own stones.
A more expensive price tag may be more beneficial if the additional services and personalization are important to you when buying an engagement ring.
Enjoy Affordable Elegance at AW Jewelry
Our custom jewelry at AW Jewelry combines high quality engagement rings and custom diamond jewelry for an affordable price.
Bring your own ideas and inspiration to our table and collaborate with our team to come up with the perfect engagement ring. Buying a high quality engagement ring has been made easy with the seamless custom process at AW Jewelry.
Our customers are involved in every step of the custom process. Choose all of the details of the engagement ring, or let us provide you some examples to make your decision easier.
To create your dream engagement ring for an affordable price, please contact our team today.
