Engagement Ring Budgets
Welcome to The Clear Cut Classroom where we take deep dives into all things diamonds (and jewelry)! Let’s talk $$! Buying an engagement ring can be easy if you have a game plan, setting a budget is a very important part of that. We walk through some spending ranges per carat and how to go about setting a budget that’s right for you and your partner!
Watch the full video below:
This is a question we get ALL the time! There are no hard and fast rules. Historically, engagement rings were made for heterosexual couples and the man would propose to his female partner using 3 months of his salary. Who thought that needed to be a rule?!
Thankfully, the engagement process doesn’t follow those rules today! Plus, the norms are changing in ways that make me so happy! With our clients at The Clear Cut, we see the “rules” change so much! Some couples choose to work together for the entire process, we see women contribute financially to their rings, anyone can marry who they love -- it’s so beautiful how the definitions of love and commitment have become inclusive and empowering!
So, back to the question: how much should I spend? It depends on the couple. Ask yourself how much you want to spend on the ring vs. the wedding? Do you want something more simple? There is no rule that you have to spend 3 months salary or anything arbitrary like that. My best advice is this: be on the same page. Both sides of the couple should be on the same page about their budget. Knowing how much the investment is worth and setting a hard top-line budget (and sticking to it) is super important! The engagement ring is one of the first investments you make as a married couple and that’s why it is so important to be on the same page!
Because of resources (like our Classroom!) you can get educated, understand the process, and know that you are getting the highest quality at the fairest price. All in all, there’s no one number that equals all 1 carat or 2 carat diamonds. It depends on so many other factors! The color, clarity, and cut determine the value and price of the diamond. That being said, for a 1 carat diamond is generally 5k, 2 carats is around 13-15k, 3 carats is around 25-35k. It all depends on the 4 C’s and the shape, but those are some general guidelines.
I believe that there is a perfect diamond out there for each couple. The most important thing is to be on the same page for your goals. Here at The Clear Cut, we will work with you to create the ring of your dreams, no matter your budget!!
Let us know what you want to see next week in the comments below!