How much should an engagement ring cost? There’s an old saying about that. You’ve likely heard your father or grandfather mention this bit of family lore. But does this long-held guideline still hold any weight? Discover its origins and consider why it has endured for so long.
TABLE OF CONTENTS |
| How Much Should an Engagement Ring Cost? |
| The Problem With That |
| Breaking Up with Tradition: Engagement Ring Cost & Budgeting Today |
| Beauty on a Budget: Engagement Ring Tips |
| Benefits of Lab Grown Diamonds |
| Benefit of Preset Ring |
| How to Maximize Your Budget |
| Matching the Ring to a Wedding Band |
How Much Should an Engagement Ring Cost?
The two-to-three-month-salary rule
Here’s the old-school rule your father or grandfather probably mentioned: You should budget two to three months’ salary for an engagement ring. For instance, if you earn $4,000 monthly, that suggests spending $8,000 to $12,000 on the ring. If your monthly income is $10,000, you might consider spending between $20,000 and $30,000.
The Problem With That
Back in your grandfather's day, a part-time job could cover rent for a one-bedroom apartment in New York City, college tuition was drastically cheaper, healthcare costs were minimal, and the biggest plans for couples were weddings and children.
The men who popularized the two-month-salary rule had fewer expenses and different priorities.
And guess who started it all? The advertising agency of the diamond company that sold the most diamonds in the 1930s. To revive business during the Great Depression, De Beers, a British diamond company, launched an ad campaign with a one-month salary guideline. It was incredibly effective: Before the 1930s, only 10% of engagement rings had diamonds; by the end of the century, 80% did, and the one-month rule had grown to two or three. According to T.C. Melewar, a professor of marketing and strategy at Middlesex University, it was "one of the most successful bits of marketing ever undertaken," as reported by the BBC.
Breaking Up with Tradition: Engagement Ring Cost & Budgeting Today
More and more couples are breaking with tradition. Your situation is unique, and your ring should reflect the life you've built together, not an arbitrary rule. (Read more about how to buy an engagement ring on a budget here.)
Perhaps you have other priorities for your life together—buying a new home, paying off student loans, or saving for children. Maybe, like many modern couples, you value experiences over material possessions and prefer to allocate your budget towards travel or shared hobbies. Engagement ring budgeting today is vastly different from two or three generations ago.
Shopping together for an engagement ring
Engagement ring shopping has become a more collaborative experience than ever before: Increasingly, couples are shopping for the ring together and even sharing the cost. Rachel Torgerson of Cosmopolitan shared her experience of co-buying her engagement ring with her fiancé, reflecting on how it deepened their appreciation of the proposal journey. "Saving up for the ring, comparing options, deciding between size and quality, and finally making that purchase — it's a process that requires careful consideration. Experiencing it together allowed us to navigate through the highs and lows in a deliberate and meaningful way."
Browsing engagement rings online together can strengthen a couple's bond — and Brilliantany offers a stunning selection of hand-crafted, ethically sourced rings. With features like free shipping and returns, home preview replicas, and a lifetime warranty, it provides the foundation for a lifetime of wise decisions made together.
Beauty on a Budget: Engagement Ring Tips
Here are some tips to maximize your ring even if you're on a tight budget:
1.Shop Online: Brick-and-mortar jewelry stores often mark up diamond prices significantly to cover their overhead costs. With Clarity, as an online jeweler with direct relationships to diamond sources, passes those savings on to you.
2.Consider Preset Diamond Rings: Preset diamond rings offer a more affordable and convenient option. By choosing a preset ring, you save on the time and cost of having a jeweler set the diamond.
3.Expert Advice on Diamond Value: Get expert advice on maximizing your diamond budget. For example, you could opt for trendy options like adding a sapphire alongside your diamond (as seen with Lady Gaga and Meghan Markle), consider a three-stone ring, or explore halo engagement ring styles that enhance the appearance of the diamond.
4.Explore Lab Grown Diamonds: Consider lab grown diamonds, which are chemically identical to natural diamonds but are more affordable. Learn more about them in our article on Mined Diamond Alternatives.
5.Consider Moissanite: Moissanite has become increasingly popular as an affordable alternative to diamonds, offering a beautiful sparkle at a lower cost.
Brilliantany expert gemologists are here to assist you in finding the perfect ring for your life together. They are skilled at understanding each couple's priorities and budget constraints — contact us today to find the ideal ring for you.
Benefits of Lab Grown Diamonds
Lab grown diamonds offer several advantages beyond being environmentally friendly and guilt-free in composition. They are available at a fraction of the cost compared to natural diamonds, making them a win-win choice. Lab grown diamonds are chemically identical to natural diamonds, often referred to as "same same but different." Opting for lab grown diamonds allows you to get a larger diamond for the same budget. Moreover, they are more environmentally friendly as they require no mining. Choosing lab grown diamonds lets you shine brightly, both personally and environmentally.
Benefits of Preset Rings
Now that you've made the decision to propose, we're here to make sure you find the perfect ring quickly and hassle-free. With our preset rings, you can have it in about 12 days, perfect for those urgent moments when waiting isn't an option. Our preset rings are designed with "what you see is what you get," taking the stress out of decision-making. Rest assured, you're getting a trendy and exceptional piece that's ready to dazzle her.
How to Maximize Your Budget
When shopping for an engagement ring, you can maximize your budget without compromising on the ring's appearance or quality. Opt for less popular diamond shapes for a unique touch seen on celebrities. Consider a G color diamond for a nearly colorless look that fits your budget and fulfills your dreams of the perfect ring. Remember, fluorescence in diamonds is natural and usually not visible to the naked eye, so don't stress about it.
Choosing just under a full carat can also save you money without sacrificing sparkle. For instance, a 1.90-carat diamond can look as stunning as a 2.00-carat one. Stick to classic designs to maximize your budget; one central stone can shine beautifully without the need for additional side stones. This way, you'll ensure both elegance and affordability in the engagement ring you've always wanted.
Matching the Ring to a Wedding Band
When it comes to matching your wedding band with your engagement ring, it's all about expressing your personal style. Plan ahead to envision how they'll look together on your finger.
At Brilliantany, finding a matching wedding band is effortless. We offer complementary bands for every engagement ring right on our site. Whether you prefer diamond accents or a more subtle style, our gemologists can assist you in finding the perfect match. We also provide options for men's wedding bands, ensuring every match is made here.
You can stick with the same metal as your engagement ring for a classic look or mix metals for a modern twist—like white gold with yellow gold or yellow gold with rose gold—the possibilities are endless.
Consider the type of wedding band you want, whether plain, diamond-studded, or a statement piece. Some prefer a snug fit against the engagement ring, while others like a distinct look. Our team can advise on achieving a flush fit between the rings and matching their widths to avoid one overshadowing the other.
Budget-wise, the metal and diamond accents will influence the cost, generally aligning with the engagement ring minus the center diamond's cost. There are no strict rules—whether traditional or unique, the choice is yours to showcase your love.
We offer customization options, a lifetime warranty, and complimentary resizing within 30 days. Plus, our engraving service lets you add a personal touch. Let us help you find the perfect rings to celebrate your special day.