Diamonds are a girl’s best friend, but what is the price of that friendship? The age old question of how much to spend on an engagement ring is asked time and time again. The answer depends on a number of factors.
Factors that impact how much to spend on an engagement ring:
- Your partner’s financial situation
- The value you place on price
- The style you are after
- Current trends
When deciding on getting engaged so many emotions are running through your partner’s mind. The burden of debt when getting engaged is only the starting point… you have a wedding to plan!
Social Media has skewed our perception to believe that size=price which is definitely not the case. Many brides expect a 3-month salary spend. Do not be dictated by salary or size as this may not be an indication of what your bride expects.
The sales pitch many jewellers use is the ‘highest quality diamond is an investment’. It sure is, but not like real estate or stocks. This is an emotional investment so do your research when it comes to the price of the type of engagement ring you are interested in. The average of this ring is more important than the standard ‘average price point’. Canary or pink diamonds are at a higher price point than the black diamond for example.
Brides today have become a little more expressive in style when choosing their engagement ring. In saying this, my advice is to ensure the ring is her style, but will still suit her in 20 years’ time (you will still be married then.)
From ordinary to extraordinary we have seen every shade, colour, cut, clarity and size known to human kind. The suggestion is that the style should dictate the decision. Remember this ring is a representation of the love you have for your partner. It is also something that will be worn all day… every day… forever.
Trends come and go with wedding rings, however I suggest choosing something that is classic in cut, and not too obtrusive in style as it becomes a ‘part’ of your partner. I would also suggest asking her engaged or married friends (partners) what they have spent. Her perception of ‘average’ may be tainted by what her friends are telling her (or what they’re not) in terms of price point.
‘Birds of a feather flock together,’ and her friends may also influence the kind of style or size your partner is interested in. Research will save you a lot of time (and potentially some dollars) when it comes to choosing the perfect ring.
Going back to price, after surveying a number of Australian jewellers as well as brides I can say that $5,000 is the average price point. We have seen the $30,000 ring and the $2,000 ring. To us, they are all beautiful. It is all depends on what suits your partner’s hands, style, and taste.
There are two major factors that contribute to the cost of a diamond: a ratings system called the “Four Cs” and whether or not the diamond is ASG/GIA certified.
The Four Cs refers to the diamond’s colour, cut, clarity, and carat size. As a general rule, as a diamond increases in size and clarity, and decreases in colour, the price of the diamond rises.
Diamonds that are ASG/GIA certified are also more expensive. Most jewellery stores follow this pricing structure:
- Quarter carat or less diamond, $125 to $500 set in 14 carat gold
- .3 to half carat diamond, $750 to $1,000 set in 18 carat gold or platinum, possibly more if ASG/GIA certified
- For diamonds up to .75 carat, or smaller ASG/GIA certified stones, $1,000-$2,000
- For diamonds up to 1 carat, $2,000 to $3,500, set in 14 carat gold
- High quality 1 carat diamond, $4,000 or more, set in 18 carat gold or platinum
I suggest narrowing down the diamond ‘cut’ your partner is interested in and shop around the size/colour/clarity depending on what you are happy to spend. If you are trying to keep it a secret, get one of her friends to do the investigating for you! I also suggest purchasing the Wedding band at the same time as the engagement ring so it ‘fits’ and is moulded well with the style. You also many save yourself a little money (and consider purchasing your ring at the same time too!)
Know your budget before heading to the jewellers! Don’t get roped into special sales or discounts, remember you are out to impress your partner, not the sales person. Stay within your limits and don’t ask to see rings above your absolute ceiling price point (otherwise you may find yourself way out of budget and pocket!)
Diamond wholesalers are a great way to determine what the real value and price is of the ‘rock’ (that’s the important part). If you can think outside the square (in this case the princess cut) diamond, you may discover purchasing the diamond and having the ring set to the style the bride decides upon is a great way to get your partner involved whilst still making the ‘official’ decision on the ring (you may also save yourself some money on the way.)
We have discovered about 60% of grooms propose with the ring. Which means 40% request the brides input post proposal, and there’s nothing wrong with that! It all depends on how you want to propose. I do believe you are ‘engaged’ if you have been proposed to (with or without the ring). If you decide it is all too much to work out on your own perhaps consider proposing with a ‘fake’ ring and then decide upon the engagement ring together.
Tips on how to save on your engagement ring:
1. Ask your mother or grandmother for a family heirloom
2. Antique shops are a great way to pick up a steal… with sentiment!
3. Coloured stones – perhaps her birth stone can work a treat as the ‘rock’ (sapphires, rubies and other gems definitely sparkle with uniqueness)
4. Second hand stores such as ‘cash and carry’ – many of these rings didn’t see the wedding through (give that ring life!)
5. Limited budget but expensive taste – one way to get out of the ‘big rock’ focus is smaller diamonds in a cluster which can still shine bright.
Image Credit: TwoByLondon.com