Getting engaged is one of life’s milestone events but knowing how much to spend on an engagement ring can also be one of the most frustrating decisions to have to make to ensure that you get your big moment just right. Buying an engagement ring is a pretty significant investment, and you need to be 100% sure that the engagement ring that you choose for your loved one is within your means/affordable, and reflects the lifelong commitment and eternal love you hold for them.
There is no set-in-stone amount that has to be spent on an engagement ring, but there are so many different rules and expectations when it comes to the cost of buying an engagement ring that it can be very confusing so we hope that we some pretty solid answers here to help you on your way to deciding how much to spend on an engagement ring:
How much of my salary should I commit to buying an engagement ring with?
You may have heard the rule of thumb that one month’s salary should be spent on an engagement ring? This was started by the world famous mining and diamond jewellers De Beers when during the 1930s era of the American Great Depression they ran a marketing campaign suggesting that men spend one months’ salary on a diamond engagement ring, and since that time the idea has stuck.
In the 1980s De Beers ran another advertising campaign suggesting that in modern times an engagement ring should cost two months’ salary, which later on then became three months’ salary, as the price of diamonds rose. Thanks to this very inventive marketing campaign, De Beers have set the bar that the perfect engagement ring needs to cost at least a few months’ salary and this is almost now expected. However, if three months wages seems a big stretch financially yet one month seems miserly, perhaps pick a price point somewhere in the middle which is suitable for you. This could be a good option if you are looking to invest in an engagement ring that will be cherished but won’t potentially wreck your finances.
Consider ways to make your money go further
There are some pretty savvy things you can do to make sure that make your money goes further and that you still get the best engagement ring that you can for the money you have allocated.
Firstly familiarise yourself with what is referred to as the four C’s of diamonds: clarity, cut, colour and carat weight.
In terms of clarity, the best diamonds are flawless, meaning that they don’t have any blemishes when viewed under a microscope. Consider opting for a diamond with a lower clarity grade that will cost less as many diamonds look exactly the same to the naked eye, unless you are a diamond expert with a magnifying glass in hand. Alternatively choose a lower carat diamond meaning that it weighs less, or one that isn’t completely colourless can also lower its overall price.
Another idea to get the most bang for your bucks is to choose a style of engagement ring that gives the illusion of the diamond being larger and more brilliant than it actually. For example, choose an engagement ring with a round diamond halo setting accented with pavé diamonds. Within a halo setting even a smaller carat diamond can look fabulous giving the illusion of looking a lot bigger as the brilliant accent stones add a sparkling unbroken expanse of light so adding to the ‘wow’ factor.
Why not consider shopping online from retailers such as Rêve Diamonds who offer great deals, have an excellent reputation for top quality jewellery, are widely trusted and offer fully certificate diamond rings.