14 Tips For Buying A Cheap(ish) Engagement Ring (2024)
Everything you need to know to get the most bling for your buck.
by Andy GolderBuzzFeed Staff
Hi, my name is Andy, and I got married a couple years ago. Which means I bought an engagement ring.
So though I'm not exactly an expert, I have a few tips that'll help you if you're out there trying to take on the very scary task of buying an engagement ring for your future spouse.
1.Figure out what kind of stone you need and consider diamond alternatives.
2.But let's say your partner is set on wanting a diamond. That's OK! You can utilize a GIA report to try to get the biggest and best stone for your budget.
3.If you care about size more than anything else, prioritize cut and clarity over color.
4.Consider a cluster of smaller diamonds, as opposed to a solitaire.
5.Instead of a one-carat diamond, try to get one that's, say, 0.97 carats.
6.If you need to buy a solitaire with inclusions or K color, make it a round brilliant stone.
General Rule: You should spend at least 2 months salary on the engagement ring. If, for example, you are making $60,000 per year, you should spend $10,000 on the engagement ring.
A combination of The 4C's; Cut, Carat, Colour and Clarity determines a Diamond's rarity and value. The 5th C, Certificate gives you peace of mind, knowing that the Diamond you are buying has been independently assessed and graded.
It's known as the "three months' salary" rule, and it implies that a buyer should put three months of their salary toward a sparkler for their future spouse. For context, The Knot 2021 Jewelry and Engagement study found that the average cost of an engagement ring in the US is $6,000.
One of the decisions to be made when considering the purchase of an engagement ring is how many carats should the ring be? The average according to The Knot (a research company and website for all things wedding) is 1 to 2 carats. There is no rule. Developing a budget is always a good place to start.
How Much Should an Engagement Ring Cost? A one carat engagement ring typically costs around $5,500, but most couples spend over $6,000—and 7 percent spend over $10,000.
Engagement rings cost more. But you'll need to add wedding ring costs to your budget if you're opting for both. On average, wedding bands cost about $1,100 for women and around $550 for men, according to one estimate from The Knot. But the ultimate price often depends on the metal you choose.
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