While it can be interesting to learn about the average amount spent on an engagement ring by others, remember to stick to your own situation and not get caught up in comparing yourself to others. To provide an example of how much prices can vary based on the type of diamond and setting you choose, you can find a stunning 1ct center stone like this from James Allen for $2,680 (for a solitaire setting for $300-$600) or a beautiful 3ct diamond like this one from James Allen for $36,390 (for a pavé setting for around $1,500). In general, those who reside in more expensive cities like New York City ( you can check out our NYC guide ) or Los Angeles ( see our LA review ) will likely spend more on a ring than those in less expensive cities. This average can also vary depending on where you live. Once these are removed from the equation, the average couple spends about $1,000 to $5,000 (check out our guide for $3000 to $5000 rings). However, this is skewed by people spending north of $50,000. The average engagement ring cost can vary dramatically depending on the type of diamond and setting you’d like.Īs we mentioned above, the average engagement ring cost in the United States is about $6,350. We’ve covered these factors, and more, in detail below. Instead, it’s best to look at personal factors, from your personal financial situation fiancé-to-be’s expectations and the style of ring you think she will like most. Is it the J color for $3,290 or the G color for $5,710?Īlthough these figures can be useful as a ballpark range, we don’t recommend setting a budget for your fiancé-to-be’s engagement ring by looking at what other people spend. Think you’re a Diamond Pro and can save 40%? And if you are on the lower end of the budget, consider maximizing value with a lab-grown diamond like this gorgeous one from James Allen. You’ll be able to find a stunning diamond engagement ring like this 1.00 carat princess cut in a white gold pavé setting from James Allen or a 1.50 ct round cut in a WG double halo setting from Blue Nile at excellent prices. Mike followed that up by spending years buying and selling diamonds on the wholesale market as well as selling tens of millions of dollars worth of diamonds to diamond retailers.įor the best value and the most beauty for your diamond, purchase your ring from a reputable online jeweler like James Allen or Blue Nile. Mike started from the bottom, sorting and evaluating hundreds of thousands of diamonds to learn every facet (pun intended) of diamond quality and value. The author of this article, our CEO, Mike Fried has over 20 years of experience in the diamond industry. To help you with the diamond buying process we lean on our expertise and experience. You should not follow certain rules, like spending two month’s salary, because those “rules” are often created by diamond marketers and sellers. How much you should spend on an engagement ring should be determined by looking at your financial situation, the desires and style of your fiance-to-bé as well as the cost of the diamond that fits that ring style. The difference in price between a setting and a center stone The “2 month salary rule” for buying an engagement ring How much should you spend on an engagement ring? If you’re wondering, “How much should I spend on an engagement ring?,” you’ll find plenty of helpful insight in this article. It symbolizes your love and your commitment to a life together. It’s true that an engagement ring is one of the most special gifts you’ll ever buy. Preparing for your proposal is an exciting time, and you want a beautiful ring to make it all happen (check out our tips on how to choose one). Instead, focus on your budget and how to get the ring you want. Spending two (or three) months salary is nothing more than a marketing campaign created by the diamond industry. Don’t buy into the marketing hoopla that pressures you to spend more money than you were planning on. Figuring out how much to spend on your engagement ring is a very personal question.
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