When someone asks how much should be spent on a diamond ring, what he or she should really be asking is how much he or she can afford to spend. In the end of the day, there are no rules regarding how much one needs to spend other than to try to avoid going into debt. Ideally, money should be put aside for this very special purchase, but if it isn’t for some reason, the price that is paid should be reasonable and include a logical and realistic payment plan. Having said that, there are average amounts that people tend to spend on diamond rings. Let us take a look at some average, under average, and over average prices and what they can buy you.
A yellow diamond wedding set from Leibish
What the Average Person Spends
According to some recent surveys, the average American spends $5,000 on a diamond ring. The average size is a 1-carat stone. It is clearly cultural as other Western countries, as close to the United States as Canada, have different guidelines. Canadians spend an average of $3,500 while those in the UK only haul out $2,000 on average. According to the Wedding Report, the average spend in 2016 and 2017 was just under $3,500. However the average spend on a wedding as a whole is at roughly $26,000. However, today we have seen a trend of people opting to introduce a little color in their jewelry. These days we are noticing more people inquire about natural fancy colored diamonds or fine gemstone pieces. These goods often demand a higher ticket price, but again it all depends on what the couple can afford and is prepared to spend on their jewelry pieces.
This is why the average price paid for a diamond ring should be irrelevant, just as the old “three months’ salary” rule also has no place in this day and age. Designed mainly to get people to spend money, this marketing tactic is not applicable today with salaries ranging so greatly it would be reckless to heed to this advice. Furthermore, with many young grooms-to-be in their twenties, just getting started in life and having a hard time paying back student loans, encouraging such behavior would just be unwise. If you are in a tight spot but can handle this amount, it would be in your best interest to work it out with your better half so that you are not in debt and she is satisfied with her ring.
Chameleon diamond engagement ring by Leibish
Paying Below the Average Price
As stated clearly above, the American average is $5,000 for a 1-carat stone. Anything below that would be “below average.” Those who find $5,000 to be a steep price to shell out should be looking at much smaller stones, or stones of a somewhat lower quality. That doesn’t mean the ring has to be disappointing. It just might not be the same you see on the hands of some of the biggest Hollywood celebs walking the red carpets. Still, maintaining a solid financial backbone and keeping the peace outweighs the beauty of any ring on the planet, and rings can always be upgraded at a later time. There are various “tricks” that can help you get the ultimate ring without breaking the bank. From cheaper shapes, to slightly included stones, to very small center stones surrounded by a halo of tiny diamonds, there are many ways to achieve a larger or more glamorous look while staying within budget.
A sapphire and diamond engagement ring from Leibish
Going All Out
Sticking within the average range or aiming for what your budget allows, which can land you with a ring that costs way below average, are both very straightforward ways of staying within certain price ranges. What happens though if you aim to pay above average? Is the sky really the limit? Well, the short answer is yes in a way. You can spend a large fortune on one ring if you incorporate large rare diamonds of impeccable quality. If you take a look at some of the most famous celebrity rings you will see that even there the rings vary greatly in terms of size and cost. Though enormous sums have been spent on celebrity diamond rings, they do not come close to record-breaking diamonds that appear at various auctions. When money is plentiful, one should focus on getting the bride-to-be what she wants, staying tasteful, and making a solid impression. You can buy a $1 million ring, or knock people’s socks off with a $20,000 piece.
A purplish pink Argyle diamond engagement ring by Leibish
The bottom line is that anything goes. Spend what you are comfortable spending or buy the ring that makes both of you happy. There is no right or wrong price. There is however a wrong point, and that is causing a financial mess or hurting feelings. The ring is meant to represent love and that can get lost in the process if all you are focusing on is a number.