When it comes to buying an engagement ring, you’ll likely have many questions. While picking the perfect ring style probably tops that list, alongside it will no doubt be how much you should spend. And to add fuel to the burning question… if diamonds are a girl’s best friend (they are), what does that make an engagement ring? Ponder that and also consider this—how much should one spend on an engagement ring in the first place? There are so many common myths and misconceptions about buying engagement rings that it’s hard to really know how much to spend when you’re shopping for your significant other.
While there’s no one size fits all answer for what one should spend on an engagement ring, we have discovered more than a few things about them over our 36 years as diamond jewelers.
There are a lot of tricks and nuggets of information to know for each diamond cut and shape—it is a science, after all. We highly recommend contacting a diamond consultant to assist in center stone selection.
Where you live can affect how much you might pay for an engagement ring. In this article, we’ll try to take a look at the states that spend the most on engagement rings and which spend the least. We’ll also attempt to answer the question: how much should an engagement ring cost?
What’s the Average Cost?
Brides’ American Wedding Study found that the average couples spent on an engagement ring in 2020 were $3,756, which is less than the $7,829 average couples spent in 2018. However, some to-be-weds spend a lot less and some spend a whole lot more. And it really depends on your partner’s preferences. If she (or he) wants something very minimal, it’s hard to spend a lot. But if she (or he) wants a big stone, it’s still very doable. There are ways to accomplish any look for any budget.
When it comes to buying the ring itself, prices are going to vary widely due to a number of factors:
- The size of the center stone
- The quality of the center stone
- Details (like a halo or stones set in the band)
- and the type of metal chosen
- And perhaps the mark-ups that can come along with factors like a popular brand name.
Top five states
Here’s a list of the top five states with the highest average amount one may spend on an engagement ring in a survey conducted by Blue Nile.
Vermont – $9,329
By a landslide, Vermont comes out as the most spend-happy state when it comes to engagement rings. Residents living among the rich New England landscapes are spending on average $9,329 to propose. Given the abundance of rustic-chic wedding venue options in the state, we wouldn’t be surprised if Vermonters also topped the list for spending the most on a venue.
Washington D.C. – $6,810
Residents of Washington, D.C. are spending around $6,810 on average on an engagement ring. Our research has revealed that the most popular ring choices in this region were the French Pave Diamond Engagement Ring in Platinum and the Classic Six-Prong Solitaire Engagement Ring in Platinum.
Nevada – $6,660
Consumer data has found that those living in Nevada are spending on average $6,660 on an engagement ring. One of the most popular rings purchased from residents of the Las Vegas state in this sample is the Classic Simple Solitaire Engagement Ring in 14k White Gold. This ring provides ultimate versatility, allowing you to choose any stone you or your partner should fancy!
Colorado – $6,639
The Centennial State averages a $6,639 spend on an engagement ring. Much like their neighbors in Nevada, Coloradan engagement ring buyers also most often purchased the Classic Simple Solitaire Engagement Ring in 14k White Gold, adorning it with a center stone in a carat and shape of their choosing.
New Jersey – $6,631
Beautiful beaches and beautiful rings are abundant in New Jersey, where the average spend on an engagement ring is $6,631.
Engagement Ring Cost Myths
Spending Three Month’s Worth of Your Salary
It’s become a suggested engagement ring rule that one should shell out about three months of their salary, but this is the most common (and outdated) engagement ring myth there is – THANK GOODNESS. There’s actually no set rule on how much you should spend on an engagement ring. And the average spend on engagement rings in our examples above may not be anywhere near YOUR budget. We often work without couples that have a $3,000 budget for both rings. It really depends on where your priorities are and what you like.
Can I find cheaper diamonds online?
Though we’re being forced into a culture where soon-to-be-engaged couples are doing this, it’s actually riskier to shop for diamonds online because there are far more low-quality stones to select from. This isn’t always obvious to the untrained eye. Most experts recommend going straight to the professional source, like Gittelson Jewelers in downtown Minneapolis. “There are a lot of tricks and nuggets of information to know for each diamond cut and shape—it is a science, after all. We highly recommend contacting a diamond consultant to assist in center stone selection”.
At Gittelson Jewelers, we’ll rely on our 36 years of personalized experience to help you work with the “Four C’s” to get the best possible diamond for your budget.
How Much Is Too Much to Spend?
While there is truly no set price cap when it comes to buying an engagement ring, you may still be worried your partner will be tempted to go overboard. On the flip side, you may feel like you are under-buying against your partner’s expectations. If you know the proposal is coming, be direct and slip your opinion into a casual conversation. Make up a story, and try giving an example of someone else’s conversation about diamond size or the cost of the ring. You’d be surprised by the opinions that may come out!
Today, many millennial couples are more focused on price-conscious decisions when they decide what to spend on an engagement ring and wedding set. The proposal is not often a surprise anymore – it’s a mutual decision that comes with benefits to both people.
Rember to do you
The most important part is to remain true to who you are. If you’re a big spender and your lifestyle supports it, go crazy with the biggest and boldest ring you can find or custom design. If your budget is smaller, then don’t try to keep up with the Jones’s – work with your partner to design the perfect engagement for both people.
Gittelson Jewelers can help you find the perfect match, whether it’s a ready-to-wear selection or a custom design from your vision. Just schedule an appointment and share your ideas with us!