Before your head goes spinning from the sheer number of engagement ring designs, diamond retailers, and digits of price tags, let’s take a moment to remember why you’re here. Understanding how much to spend on engagement rings isn’t something we’d expect you to subconsciously know. But this piece of jewellery doesn’t have to put you into debt to make you and your partner happy. In fact, several factors go into purchasing a ring, from creating a spreadsheet budget to enlisting the help of the “four Cs.” Here are five pieces of advice for keeping your head on your shoulders while searching for that perfect engagement ring.
1. Understanding the Average Cost of an Engagement Ring
If you have absolutely no idea where to start on how much to spend on an engagement ring, it’s not a bad idea to look at the average amount people spend. The rule of thumb people typically followed was the two-month salary guideline—which was created during the Great Depression, when diamond sales weren’t doing too well and De Beers, a leading diamond company, sought to improve the situation. The marketing campaign cast diamonds as the ultimate symbol of love and encouraged buyers to put aside one month’s pay (which the company later boosted to three), to purchase a diamond engagement ring.
In the present day, this means a salary in the low six figures could translate into options that are at least S$34,000 and up. But this rule is outdated for several reasons. While engagement rings are a pricey investment, the usual cost tends to be below S$14,000, with an American national average of S$8,200, according to The Knot’s 2022 Jewelry and Engagement Study. But that doesn’t mean there aren’t other factors to take into consideration for your wedding ring, like the types of gemstones (especially for the centre stone), metals, carat weight, and setting.
2. Much Like a Wedding Budget, Set an Engagement Ring Budget
There’s no need to go into debt or take out a student loan’s worth of money for an engagement ring. This piece of jewellery is meant to be special, but not unreasonable. First (for you and/or your partner), analyse your current financial situation: salary, savings, and how much you would ideally wish to spend. Then, create a budget. If you’re not too great with budgeting (don’t worry, you’re not the only one), pull out a spreadsheet and create a physical plan you’ll want to stick to while engagement ring shopping. Be sure to factor in additional costs to your total, like jewellery insurance.
In essence, don’t drain your savings for the sake of a ring. If you know you don’t have enough to purchase the ring your partner is set on, consider payment plans. Check with your jeweller to see if they offer in-house financing, or think about using a credit card to cover the cost. There are payment options readily available, but be responsible by looking into interest rates and the realistic timeframe for paying off the ring. If you know yourself well enough to know you’re not the best at timely payments, consider this a last resort.
3. Go Over the “Four Cs” With a Reputable Jeweller
Not everyone is going to have a reputable jeweller on hand or a family heirloom ring prepped and ready for the upcoming proposal. Start at local jewellery stores or gather recommendations from family members and friends. This doesn’t have to be where you buy your ring, but it’s a good place to begin your search.
When you have a good grasp of who or where you want to purchase your engagement ring from, gather a rough idea of what you want in a ring. Explore types of metals like yellow and rose gold, and gems like rubies, emeralds, or diamond lookalikes like moissanite. And if you know your partner is a true diamond lover, ask your jeweller about the “four Cs” (cut, colour, clarity, and carat weight). The most expensive natural diamonds are colourless, clear, round-cut, and tend to be bigger. Even when looking into diamond alternatives, like lab-grown options, determine which “C” matters most to you, as that can impact a ring’s price point.
4. Don’t Be Afraid to Compare Prices
Don’t feel the need to say yes to the first, or even eighth, ring you see. Look at other wedding ring designs that vary in price, or ask multiple jewellers for their prices if you have a specific design in mind. There’s no shame in educating yourself on high-quality jewellery, so why be afraid of educating yourself on price points? But although you’re aware of the national average people spend on engagement rings, that doesn’t mean it applies to you. Gather a reasonable price range for the type of ring design you’re interested in, and proceed with confidence.
5. Consider Vintage Rings
Don’t overlook vintage or antique engagement rings! These pieces of jewellery are not only beautiful and charming pieces of history, but they also tend to be less expensive than modern-day options. There are a number of aspects to take into consideration before purchasing a secondhand ring, like deciding on the era of preference or being made aware of any alterations the ring has had over the decades. Your perfect ring might just be a yellow-gold band from the Art Nouveau era.
This article was first published by Vogue.com.
