Learn about how much you should spend on an engagement ring in 2020. 

There’s so much to celebrate when joining two lives together.

The act of asking for your partner’s hand in marriage is a special moment that comes with a lot of forethought and planning. One important aspect of planning to propose is picking the perfect ring. Alongside catering to the four Cs’ (cut, clarity, color and carat) and ring design, there’s the underlying question, how much should you be spending on your engagement ring? While traditionally there were certain guidelines to follow, 2020 has brought on a new set of parameters.

From reviewing national averages to providing tips and tricks on adjusting the budget, read on to learn the ins-and-outs of engagement rings costs and gain insight into how much you should be spending.  

How Much Should You Spend on an Engagement Ring?

Getting straight down to the basics...how much should we be spending? The answer is, it depends! According to a study done by wedding experts at The Knot, the national average price one spends on an engagement ring is $5,680. However, even with the national average, couples are taking their own approaches to setting a budget. In the flashy world of social media, where everyone is showcasing their ring for numerous followers, the average price of an engagement rings has been going down. The same The Knot study performed in 2017 saw the national price of engagement rings at $6,351.

 

The Three Month Rule, Yay or Nay

While some couples may choose to abide by the three-month rule when it comes to setting a price of an engagement ring, we’re here to say it’s not a rule set in stone. As many aspects can come into play when it comes to money (cost of living in your city, savings, and expected cost), it’s tricky to create an equal playing field - and the three-month rule does just that. 

 

How To Approach Engagement Ring Cost 

With all the moving factors that come into play (when making a decision of cost for an engagement ring) it’s crucial to set the stage properly and lay out all logistics on the table. First step, look at your annual income versus expenses. For example, if you’re making $100,000, the three-month rule would suggest you spend roughly $25,000 on an engagement ring. That same $100,000 salary can differ from person to person, as someone living in the suburbs or small city will have fewer expenses than someone living in the middle of an urban center like Los Angeles or New York City. When deciding on what budget makes sense for you and your partner, educate yourself on what you can realistically afford to set aside. 

Additionally, tools like Engagement Ring Calculators are available to take away confusing logistics. 

 

How To Get The Most Out Of Your Budget

  • Utilizing the Halo: Much of the substantial cost in an engagement ring is the center stone. While it’s important to set expectations with your partner, sometimes it’s more budget-friendly to utilize halo ring styles as they limit the size of the center stone (by surrounding it with smaller stones). This way you’re still showing off a beautifully sized sparkle without fronting the cost of a large center stone. 
  • Consider Another Gemstone: While diamonds are an iconic stone for an engagement ring, there’s something exciting, unique and personal about switching things up with another gemstone. Not only can they be more affordable than diamonds, but they can incorporate aspects like birthstones or your partner’s favorite color. Check out some of our favorite gemstone colored engagement rings here. 
  • Buy The Stone and Setting Separately: While it might be easier to buy the stone and setting together, there can be great cost savings associated with selecting the set and stone separately. For recommendations make an in-store appointment with one of our diamond specialists and explore this assortment of engagement ring settings and mountings.
  • Prioritize Different Aspects of The Ring: Between size, metals, and styles, pick and choose which elements of a ring mean the most to you. For example, If a larger diamond or stone is a priority, you can opt for a less expensive band (without cutting costs and losing the integrity of the stone).

 

Consider A Lab-Crafted Diamond Engagement Ring

Lab-crafted diamonds, or lab grown diamonds, share the same physical and chemical properties as natural earth-mined diamonds. Why are lab diamonds less expensive if they aren’t fake? Lab-crafted diamonds are cheaper than mined diamonds because of the heavy cost of mining.

Unnoticeable to the naked eye, lab-created diamonds look real because they are real - and you'll get about 30% more diamond for your money! Lab-crafted and mined diamonds are truly the same.  This means that it is actually very difficult to distinguish them apart. From the naked eye, it is impossible to tell a difference and takes special gemological diamond machinery to tell them apart. The main point is that you can wear your diamond with the same smile, as it is a diamond.

You can shop our selection of lab-crafted diamond engagement rings here.

 

Recommended Engagement Rings

If you’ve officially set your budget for you and/or your partner’s future engagement ring, it’s time for the fun part. Picking out your permanent symbol of love. Below, we’ve compiled some of our best-sellers as well as recommended expert engagement ring picks; but what we love most of all, is that they’re affordable! Broken up by categories of: engagement rings under $3,000, rings under $2,000, and rings under 1,000, you’re guaranteed to find a style and design that fits your budget.

 

Top-Rated Engagement Rings, Under $3,000

Diamond Princess-Cut 3/4ct. Classic Solitaire Engagement Ring. This princess-cut 3/4ct. diamond solitaire engagement ring is set in 14k white gold. Each piece is individually certified with a minimum color of J and clarity of I1. The ultimate classic engagement ring, both stylish and elegant.

Lovely. 1ctw. Diamond Oval Three-Stone Halo Engagement Ring It's no surprise our Lovely engagement ring has many fans due to its 3 remarkable oval diamonds. This uniquely designed engagement ring is crafted in 14 karat white gold with three oval-cut sparkling diamonds, each surrounded by a round diamond brilliant halo. A truly stunning 1ct. diamond stone (total weight).

Palmer. Pear Fancy Double Diamond Halo Engagement Ring Crafted of 14 karat white gold, the 'Palmer' engagement ring is the perfect engagement ring for your partner. This engagement ring was a true standout for 2019 by generating a lot of buzz and popular demand. This ring includes a 1-1/3 carat total weight in white diamonds.

 

Best-Selling Engagement Rings, Under $2,000

Gia. Three-Stone Diamond Twist Engagement Ring in 14k White Gold Our "Gia" engagement ring, a top-rated choice by guests, combines a unique 14 karat white gold setting with three round diamonds, surrounded by more genuine white diamonds for added sparkle & elegance, creating a mesmerizing diamond design.

Paisley. Pear Diamond Double Halo Engagement Ring in White Gold The "Paisley", an expert-pick, is crafted from 14 karat white gold setting with a genuine pear white center diamond, and two round diamond pear-shaped halos. Totaling 46 white genuine diamonds measuring in at 1/2ctw.

 

Most-Popular Engagement Rings, Under $1,000

JK Crown London Blue Topaz & Diamond Halo Ring in 10K White Gold. Known for its ability to turn heads and garner tons of compliments, This stunning 8x8mm cushion-cut London blue topaz gemstone ring features a gorgeous diamondhalo and diamond-studded 10 karat white gold twist-over shank. The gemstone also sits on the signature JK Crown white gold crown setting with two accent pink tourmaline gems visible on each side.

Everly Floral-Inspired Diamond Ring in 10k Rose Gold. This Everly Collection unique north star-inspired ring is crafted in lustrous 10-karat rose gold and features a round-cut, bezel-set diamond at the center with eight round-cut, pave-set diamonds studding its trendsetting clustered halo design. With a high-polish finish, this ring is sure to add a touch of elegance and style to any outfit, from business casual to formal wear.

Kelly. Diamond ½ct. Princess-Cut Halo Pavé Engagement Ring. Our "Kelly" engagement ring has been a fan-favorite for years and is crafted in a unique 14 karat white gold setting with a princess-cut ¼ct. diamond center surrounded by 68 brilliant-cut round diamonds on a twist shank for added sparkle & elegance, creating a stunning halo diamond design. ½ct. total diamond weight.

View more affordable engagement rings under $1,000 here!

 

Budgeting for an engagement ring doesn’t have to be stressful, picking out an engagement ring should be enjoyable and memorable! To check out more beautiful engagement ring selections, try visiting here, to see a wide variety of styles, costs, and designs.