Consider this as your go-to budgeting guide for purchasing an engagement ring.


  • What's The Average Cost Of An Engagement Ring?
  • Engagement Ring Diamond Quality - Knowing The 4Cs 
  • Engagement Ring Cost Myths
  • How Much Is Too Much To Spend?
  • How To Cut Engagement Ring Costs?
  • Frequently Asked Questions

You've found your perfect partner, the one you want to spend a lifetime with. And now, the moment has arrived to ask the life-changing question. But wait, before you can propose, finding the perfect engagement ring is crucial. The big question looms: how much should you spend on engagement rings? 

With countless myths & misconceptions surrounding this significant piece of jewelry, it's difficult to determine the right amount. However, remember this: engagement ring etiquette is not one-size-fits-all. 

Ultimately, let your budget guide you & spend within your comfort zone. Let the journey to finding the perfect ring be as thrilling as the proposal!

Regarding engagement rings, there are some helpful rules of thumb to remember. We've tapped into the expertise of our experts to help us uncover price estimates, debunk common myths & discover simple ways to stay within your personal budget. Get ready to dive into the world of engagement rings like never before!

What's The Average Cost Of An Engagement Ring?

engagement ring

According to the Brides' American Wedding Study, the average amount spent on an engagement ring in 2020 was $3,756, less than the $7,829 average in 2018.

However, it's important to note that some couples spend less while others spend more. The experts at Solitaire Jewelers emphasize that your spending should be based on your fiancé-to-be's financial situation. They advise spending an amount you're comfortable with & avoiding unnecessary debt. 

Additionally, the decision should consider your partner's preferences. If they prefer a minimal design, spending a large sum might not be necessary. On the other hand, if they desire a larger stone, it can still be achieved within a reasonable budget. Remember, various ways exist to achieve any desired look within your budget.

When purchasing the ring itself, prices can vary significantly for several reasons. The cost of the ring should be determined based on the size & desired appearance preferred by your significant other. They might opt for a delicate look rather than a higher carat weight or vice versa. 

Another factor to consider is the 4Cs, which refer to the essential aspects of diamond quality: cut, color, clarity & carat. 

Additionally, the size & quality of the center stone, any additional details such as a halo or stones set in the band & the chosen type of metal all contribute to the overall cost of the ring.

Engagement Ring Diamond Quality - Knowing The 4Cs 

The 4Cs refer to the essential aspects of diamond quality: cut, color, clarity & carat weight. The better the cut, color, clarity & carat (in that order), the higher the value of a diamond. 

  • Cut: refers to how well a diamond was cut in proportion to its size & shape, ensures the maximum amount of light is reflected from the diamond
  • Color: grades diamonds based on their hue, from colorless to yellow
  • Clarity: measures how many inclusions (blemishes) there are in a stone, ensuring maximum transparency & brilliance 
  • Carat: refers to the weight/size of the diamond, which ultimately affects its price. 
  • Most Common Engagement Ring Cost Myths


    Spending Three Month's Worth Of Your Salary

      There's a popular misconception when it comes to engagement rings that suggest spending three months' worth of salary. Luckily, this notion is outdated and no longer holds true. 

      Thanks to advancements in technology & the availability of lab-grown diamonds, one can now find a stunning ring without breaking the bank. It's unnecessary to spend more than a month's salary while still achieving the desired size & quality of the stone. 

      As our experts wisely point out, it's time to let go of this myth & embrace more practical & affordable options.

      Finding A Cheaper Diamond Online

        Shopping for diamonds online carries more risk due to the abundance of low-quality stones, which may not be apparent to an untrained eye. Instead, our experts recommend going directly to the source & consulting experts in the field. 

        Each diamond cut & shape has its own intricacies, making it a true science. Our experts highly encourage reaching out to us for assistance in selecting the perfect center stone. 

        Our experts can guide you through the "Four Cs" to ensure you find the best diamond within your budget. If you're unable to find a local diamond consultant, there are numerous reputable companies available for remote assistance.

        How Much Is Too Much To Spend?


        While there is no specific price limit when purchasing an engagement ring, you might still have concerns about your partner going overboard. If you anticipate a proposal, it's best to have an open & casual conversation about your preferences. 

        Consider sharing a story, such as, "You know, Jen mentioned the other day how she wished her husband had spent less on the engagement ring. That way, they could have had a larger budget for their wedding. It seems like some people are going a bit extravagant these days. Personally, I believe it's unnecessary to spend more than $[fill in your desired maximum amount]. What do you think?"

        Ultimately, there are individuals who aspire to surpass expectations & indulge in an extravagant engagement ring & that is perfectly acceptable (not to mention incredibly thoughtful) as long as they possess the necessary financial resources. 

        Additionally, you can express your apprehension to the family & friends of your partner, who will subsequently convey your message.

        How To Cut Engagement Ring Costs?


        Even when working on a budget, you can make your significant other's dream ring a reality with these clever engagement ring shopping hacks.

        Ditch The Diamond

          When it comes to engagement rings, diamonds are often the priciest component. However, there's a clever way to save some money – consider using a diamond alternative as the center stone. According to our experts, white sapphire is an excellent choice. Not only is it durable enough for everyday wear, but it also boasts a similar color. 

          Additionally, other popular gemstones like blue sapphires, rubies & emeralds can be slightly less expensive than diamonds, although rare & high-quality stones may sometimes come with a higher price tag.

          Are there any other nontraditional gemstones that are gaining popularity rapidly? Green tourmaline, peachy-pink morganite & ice-blue aquamarine are all excellent choices for clients seeking a more affordable alternative to diamonds that still exude brilliance, according to our experts.

          Know Your Settings

            It's important to keep in mind that certain ring settings can be quite costly. While your future spouse may understandably be enamored with Meghan Markle's three-stone engagement ring, opting for such a setting can significantly impact the overall price & even the size of the center stone. 

            In contrast, if you allocate the majority of your budget towards the diamond itself, you might consider a classic solitaire setting instead. This choice will enhance the prominence of the stone & give it a timeless appeal.

            Manipulate The "Four Cs"

              Optimizing engagement ring costs can be achieved by focusing on the lower end of the color & clarity scales, particularly with brilliant-cut diamonds. Quality is not compromised when inclusions are not visible to the naked eye, as clarity is independent of other factors & does not impact the stone's brilliance. 

              Regarding color, personal preference plays a significant role, but if size is a priority & you're working with a budget, considering a lower color grade may be beneficial.

              Go To The Antique Route

                Antique diamonds possess a truly enchanting quality, concealing color & appearing 2-3 shades whiter than their assigned grade. Experts emphasize the enchantment & allure associated with these diamonds. 

                To ensure you make the most of your investment & present your partner with the engagement ring of their dreams, it is advised to pay close attention to their personal style & any subtle hints they may drop. 

                In the absence of specific design requests, many individuals tend to opt for a round brilliant diamond, which is the most expensive diamond per carat due to its challenging cutting process. 

                It is crucial to set aside personal preferences & focus on catering to your significant other's desires, as they will be the ones wearing the ring day in & day out.

                Frequently Asked Questions


                Where Can I Shop For A Budget Friendly Engagement Ring?

                  If you are shopping for an engagement ring on a budget, there are plenty of stores & brands to consider. But above all, Solitaire Jewelers is the best place to start. We offer a wide selection of fine engagement rings in all shapes & sizes at unbeatable prices. Plus, with their comprehensive 30-day return policy, you can rest assured that your purchase is 100% risk-free.

                  How Much Does It Cost To Insure An Engagement Ring?

                    When it comes to insuring your engagement ring, don't forget to factor in this important aspect when calculating the overall price. Typically, insurance costs range from one percent to two percent of your ring's value. So, if you're thinking of splurging on a ring, remember to consider this additional expense while determining your budget. It's all part of ensuring your precious symbol of love is protected!

                    How Can I Cut Engagement Ring Costs Without Compromising Quality?

                      To cut engagement ring costs, consider using a diamond alternative as the center stone, such as white sapphire, or other gemstones like blue sapphires, rubies, or emeralds. Opting for a classic solitaire setting can also be more budget-friendly. Additionally, focusing on the lower end of the color & clarity scales for brilliant-cut diamonds can help optimize costs.

                      Can I Use A Diamond Alternative As The Center Stone?

                        Yes, using a diamond alternative as the center stone can be a cost-effective option. White sapphire is an excellent choice & other gemstones like blue sapphires, rubies & emeralds are also popular alternatives.

                        Is It Necessary To Stick To Traditional Diamond Options For Engagement Rings?

                          No, it's not necessary to stick to traditional diamond options for engagement rings. Many non-traditional gemstones, like green tourmaline, peachy-pink morganite & ice-blue aquamarine, are gaining popularity & can offer a more affordable yet brilliant alternative to diamonds.