Average Cost of an Engagement Ring
Are you contemplating asking a certain big question? You're probably also considering purchasing an accompanying piece of jewelry to go along with it. If you're wondering about the average cost of an engagement ring, you're not alone. The average cost of an engagement ring is a difficult thing to figure out, but there are ways to do it by analyzing various budgets and the qualities of materials involved. Hopefully this will help you pick out the perfect ring for your budget and needs.
This article is all about the average cost of an engagement ring, and we'll talk about the factors that will affect the final price. We'll also mention why the average cost of an engagement ring is constantly changing, and the changing perceptions as to what is acceptable.
Let's get started and learn about the average cost of an engagement ring.
Average Cost of an Engagement Ring:
Things That Can Affect The Final Price Tag
There are a number of things that make the difference between a cheaper ring and a more expensive option. The average cost of an engagement ring depends on these factors, and as things get more expensive in these areas, the overall price subsequently has to rise too. The factors that are most likely to affect the cost of your purchases are the quantity and purity of the gold (or precious metal) involved, the clarity, cut, carat size and color of your diamond, and the craftsmanship involved in creating the overall product. You can also pay a bit of a premium due to branding.
Gold or Other Precious Metal:
The cost of raw gold is a huge factor in the average cost of an engagement ring. With the international economy in constant unrest these days, a lot of people are flocking to gold as a surety or protection against financial ruin. The thought is that gold will always have value, so it's a good precautionary investment to have. Unfortunately for jewelry buyers, this makes proposing a bit more expensive. Gold, platinum and silver have all skyrocketed in price over the past few years, driving the average cost of an engagement ring up dramatically.
You may have heard of the 'Four Cs' of diamond price before. Diamonds are not all created equal, and they get more expensive depending on these four factors. First is the 'carat' weight, the actual physical size of the diamond. Bigger is obviously more expensive, and average engagement ring prices are affected by the most popular carat size. 'Color' refers to the natural shading in diamonds. Some can be found with blue or yellow tints. 'Clarity' is the amount of visible flaws, or inclusions, in a particular stone, and obviously more flawed means less expensive. Lastly, the quality of the processing, or the 'cut', can make a difference too. You can learn more about the average engagement ring diamond size here.
Craftsmanship and Branding:
The more elaborate your ring, the pricier it will get. Obviously an ornate ring with incredible detail will cost more. In this way, whatever style is in fashion can greatly affect the average cost of an engagement ring. If simpler rings are in fashion, the average engagement ring prices will drop, whereas the opposite is true if fancier designs come into vogue.
Also expect to pay more for some of the more recognized 'signature' brands. This is entirely up to you, and doesn't necessarily reflect the quality or worth of the ring.
Average Cost of an Engagement Ring
Two Month's Salary
The old saying that an engagement ring should cost 2 month's of a man's salary was a marketing ploy created by DeBeers in the 1940s in an attempt to increase the sales of diamond rings. This is more or less what you should probably spend, as it's a fairly manageable amount in the grand scheme of things. This means that the average cost of an engagement ring is around $2500 - $4500. Remember, this is not a hard and fast rule, the average cost of an engagement ring should not affect your ring design if it's not truly you. Some people prefer less extravagant rings or smaller stones, and this will significantly lower your price.
Remember that this ring is meant to last a lifetime, so above all make sure the materials are quality and the ring is well put together. You don't want to have to go back for repair work all the time!