How much should I spend on an engagement ring?
This is the most frequent question I get on a daily basis. Most people have heard the rumor that you have to spend two months’ salary on an engagement ring, but that is just not true! Lemme break it down:
It all started back in the 1930’s. De Beers decided to start an advertising campaign that suggested a single month’s salary was the appropriate amount to spend on a ring. By the 1980’s it became two months’ salary for a ring. This 2 months’ salary thing has become so ingrained in our culture that most of us think it is law. I’m here to tell you today that it ain’t true.
A person’s budget is very personal. There is no rule saying you can only spend so much or so little. Especially this day and age, when many people don’t make a traditional salary, it is time to start making our own rules. It doesn’t matter if you want to spend 1 weeks’ salary or 6 months’ salary on a ring, as long as you :
1- Set a budget and stick to it
2- Know how you want to spend your money
3- Be realistic with what your budget can get you
First things first, pick a number that you are comfortable spending. Just as an example, let’s set $10,000 as our budget. So now we know we have 10k to spend on the diamond AND the mounting. So now determine how you want to spend your money. Do you want to put 9k into the diamond and 1k into the mounting, or do you want to spend 6k on the diamond and 4k on an elaborate mounting? This is totally up to personal taste, and what is important to you and your partner. There are some people that would rather have a larger or higher quality diamond in a simple solitaire setting, while there are others who care less about the size or quality of the center diamond and prefer a blingy setting. It doesn’t matter which direction you choose to go in as long as you know from the get-go.
Most importantly, please be realistic with what your budget can get you. If you have no clue what you can get for your budget you can always reach out and ask me (Olivia@theclearcut.co). But seriously, if you are set on spending 10k, know that you shouldn’t be looking at 3ct D color Emerald cuts, because that will just make you angry and confused. I have also found that when people stay within their budget they usually end up happier with their experience and the end product. Don’t look at anything above your budget. Remember, you set your budget now stick to it!
An engagement ring is usually a young person’s first significant purchase in their life. It is important to go in with realistic expectations and a firm budget. The engagement ring is more or less the jump start to the rest of your life’s big decisions, so do it right and stay focused.