The Knot’s annual Real Weddings Study shows the average cost of an engagement ring hit the all-time high in 2016, accounting for $6.163. That’s about 3% higher than in 2015 and 21% higher than in 2011, with an average cost of $5.095.
If you’re interested in buying a diamond engagement ring, you’re likely to find a number of different rules and expectations associated with diamond engagement rings. You may even end up with confusion if you don’t know what to focus on while choosing an engagement ring for your loved one. So, you’d better take into account some suggestions that’ll make it easy for you to navigate and make the right choice.
PREPARING TO BUY A DIAMOND ENGAGEMENT RING
You’ve probably heard the 1/2/3 months’ salary rule, according to which you should spend your 1/2/3-month gross income on a diamond engagement ring. However, the “tradition” of spending that much amount on the ring dates back to the early 20thcentury when the famous diamond marketers, De Beers, launched their mass advertising campaigns to enhance sales around the start of WW2 and convince people to spend their money on diamonds.
The director of communications for one of the online diamond retailers recommends that those who’re on the lookout for a perfect diamond engagement ring should develop an “action plan” that begins with a budget.
What to focus on when preparing to purchase a diamond engagement ring?
- Your Financial Situation – Think about your current bills and current income. Figure out how much you have at your disposal to spend. It’s not a good idea to go into debt forever over a piece of jewelry.
- Your Partner’s Expectations – Don’t forget about your partner’s individual style. Think long term, meaning choose a piece of diamond jewellery that your partner will still enjoy wearing in years to come.
- The Meaning of the Ring – A meaningful ring that reflects your partner’s individual personality is much better than the one that’s just bigger and more expensive but has no meaning in it.
SHOULD YOU SPEND MUCH ON A DIAMOND ENGAGEMENT RING?
Here are several important tips that will help you choose the right diamond engagement for that special someone, and make an amazing and heartfelt proposal.
SHOULD YOU SPEND YOUR 3 MONTHS’ SALARY?
According to some reports, this is a rule of thumb. However, you should consider your own budget. If you see you’re falling in debt, you might want to scale back a bit.
SHOULD YOU SPEND YOUR 1 MONTH’S SALARY?
There’s also another, more widespread rule of thumb, according to which you should spend about a month’s salary on a diamond engagement ring. Again, focus on your own situation, without paying so much importance to rules of thumb.
CHOOSE THE BEST OF THE BOTH WORLDS
If 3 months seem like a stretch for your and 1 month’s salary isn’t enough for you, just compromise and spend 2 months’ salary on the ring. This way, you can make a good choice without potentially wrecking your finances.
GO FOR THE AVERAGE COST OF AN ENGAGEMENT RING
A 2013 report by Jewelers of America shows that couples spent on average $4000 on an engagement ring in 2012. Present your partner with this information and suggest him/her spending the average amount.
THINK BEYOND THE RULES
As you see, there are several rules concerning how you should purchase the right engagement ring for you’re the love of your life. However, you are the person is going to make the purchase and it’s up to you what to select. Moreover, according to a psychology professor at Golden Gate University, many women wouldn’t even want their fiancé to spend that much money on an engagement ring. So, this is a personal decision.
CONSIDER SHOPPING ONLINE
Shopping online can help you determine whether you’re getting a good price and product. This is a nice way to get substantial savings on the engagement ring cost, as well as customize the ring, ensuring your partner gets exactly what he/she wants.
WHAT ABOUT AN UNDER-SIZE DIAMOND?
The carat weights of under-size diamonds are slightly below traditional cut-off points. E.g., a 0.97-carat diamond is identical to a 1.0-carat diamond to the naked eye, but has a much smaller price tag. Remember that size isn’t the most important thing: don’t forget about the other Cs, especially cut and clarity. The latter Cs can immensely impact on the dazzle of the ring.
CUT IS MORE IMPORTANT THAN COLOUR AND INCLUSIONS
Look for the best cut you can afford. You can spend less on colour but not on cut. It’s not a bad idea to choose a diamond with slight inclusions or flaws and faint coloration as they won’t be visible just by looking at the diamond and will help you save a lot.
SOLITAIRE ISN’T THE ONLY OPTION TO CHOOSE
Skip the solitaire and look for the halo ring, a setting that encircles a centre gemstone. This is totally on trend right now. Moreover, this setting gives a striking look to even a small centre diamond.
WHAT METAL TO CHOOSE?
Gold is still the most popular choice. White gold is more popular than yellow and rose gold these days. Platinum is another option to try if you need something more affordable: it costs less than 18-carat gold.
WHAT STYLE TO CHOOSE?
Nowadays, the number of women involved in the process of choosing or designing their own engagement rings is growing. Vintage styles and pavé settings, where tiny diamonds are clustered together, enjoy high popularity in our modern days. The same is also true of rings made to measure.
When trying to choose the right and the best engagement ring for your loved one, you may find it a little difficult. However, if you know what points to focus on, you’ll make things easier for you. Take the time to do some research so to get a better idea of how much you’re going to spend on the ring. After all, it wouldn’t be right to start your new life together in debt. The symbolic meaning behind the ring is more valuable than the money you’re going to spend on it.
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