“HOW DO I LOVE THEE, LET ME COUNT THE WAYS. I love thee to the depth and breadth and height my soul can reach; when feeling out of sight for the ends of being and ideal grace,”poem by Elizabeth Barrett Browning.
Every romance looks for ways to express the depth of love they feel for that very special person in their life. When you come to the place to propose, many choose to offer an engagement ring. How do you make the decision about what engagement ring to choose when there are so many options and things to consider?
How Much to Spend on an Engagement Ring FAQ
How much should you spend on an engagement ring?
How much should I spend on an engagement ring is the first decision to be made. What should go into making that decision? Today we want to give you information that will hopefully help you make decisions.
There is an old myth that says, “you should spend three months’ salary on the engagement ring you will propose with”.
That idea came from a marketing campaign in the 1930s. Lots of things have changed since then. Today, the average cost is between $1,000 and $5,000. Of course, some people spend more, and some spend less.
Is $1,000 Enough for an Engagement Ring?
At Joseph’s Jewelry, we offer some beautiful engagement ring selections from brands such as Gabriel & Co., New York, Sha Luxury, or Benchmark for around $1000. The four things that contribute to the cost of an engagement ring are; the cut, color, clarity, and carat (known as the 4 C’s). A certified gemologist can help with your decision-making.
What Style of Engagement Ring Should You Choose?
Aside from the 4 C’s, other things to consider in an engagement ring are the metal setting and overall style. The most popular stone cuts are round, pear, emerald, marquise, princess, oval, and cushion. Popular metal settings include yellow gold, white gold, and platinum.
Check out this Vintage Inspired 14K White Gold Round Diamond Engagement Ring for $1450, not including the center diamond, which enables you to pick something within your budget. The shape of the center stone contrasts with the marquise shapes throughout the scalloped 14K white gold shank.
This is a 14K White Gold Emerald Cut Diamond Engagement Ring for $750, center stone is not included.
Is $5,000 a Lot to Spend On An Engagement Ring?
The average price of an engagement ring continues to rise. In 2021 according to an Engagement Study, the average cost is currently $6000. The same study found that roughly one-third of the participants spent between $1000 and $4000 on their engagement rings. You can maximize your budget by considering the type of metal for the setting, how intricate the setting and also the kind of diamonds.
Here are some examples from Joseph’s Jewelry.
14K White Gold Oval Halo Diamond Engagement Ring ER15015O8W44JJ, for $3,150*
*Setting only, center stone is not included (A halo setting is where the center stone is surrounded by smaller stones.)
14K White-Rose Gold Split Shank Round Diamond Engagement Ring ER15219R6T44JJ, for $4,400*
*Setting only, center stone not included (A twinkling quartet of diamond-encrusted rows ascend the shank of this mixed metal engagement ring, intersecting at a round cut center stone.)
Everyone considering the purchase of an engagement ring would be wise to develop a budget. Often couples make this decision together. If you are already living together, you might want to work on a budget together. This would also be a good time to find out what type of ring your partner would like. Always keep in mind that your partner will be looking at this ring for a very long time.
As I mentioned earlier, in a 2021 Engagement study the average price of the participants was between $1,000 and $4,000. According to another expert, the average cost of an engagement ring was $6,000 in 2021. There is no set rule on how much you should spend on an engagement ring.
Here are examples of what you can find at Joseph’s Jewelry around $5000. These do not include the cost of the center diamond giving you the opportunity to choose.
14K White Gold Bypass Round Diamond Engagement Ring ER15260R4W44JJ, for $4,250*
*Setting only, center stone not included (Magnificent marquise diamonds layered like delicate petals curve gently around the top and bottom of your cherished round cut center stone).
14K White-Rose Gold Round Diamond Engagement Ring ER14062R4T44JJ, for $4,250*
*Setting only, center stone not included (A trio of pavé diamond ribbons creates three times the sparkle and shine across the wide band of this mixed metal engagement ring).
Do You Have to Spend Three Months’ Salary on an Engagement Ring?
The three-month salary rule is a myth. It began with a marketing plan by a jewelry store in the 1930s. There is no set rule about how much you should spend on an Engagement Ring. Again making a budget really helps. What can you comfortably afford? Financing may be something to consider. The main thing is to spend money on something she will love.
Is $20,000 a Lot for an Engagement Ring?
If your budget will accommodate a more expensive ring and you are looking for something unique or one-of-a-kind a very expensive ring is a wonderful symbol of love.
Joseph’s Jewelry offers some gorgeous choices between $10,000 and $20,000.
14K White Gold Round 3 Stone Diamond Engagement Ring ER14756R8W44JJ, for $16,900*
*Setting only, center stone not included (Embrace the rule of threes with this romantic round-cut engagement ring setting.)
14K White Gold Three Row Diamond Ring LR5198W44JJ, for $14,400
14K White Gold Fancy Halo Round Diamond Engagement Ring ER15629R4W44JJ, for $14,200*
*Setting only, center stone not included (In this one-of-a-kind double halo setting, radiant princess and marquise cut diamonds create the illusion of pretty petals.)
14K White Gold Cushion Halo Round Diamond Engagement Ring ER12230W44JJ, for $13,300*
*Setting only, center stone not included (An inspired mix of round and baguette diamonds illuminate the reverse tapered shank of this 1.96ct diamond engagement ring, creating a design as special as the woman who wears it.)
14K White Gold Marquise Shape Three Stone Halo Diamond Engagement Ring ER8320W44JJ, for $11,600*
*Setting only, center stone not included (Designed to highlight a marquise cut center stone, this 3 stone engagement ring features striking half moon side stones.)
Some great tips for selecting an engagement ring
- Do your research
- Make a budget
- In making a budget consider your priorities (the style, the cut, the shape desired) and set a budget that works to get the ring you want and appease your wallet.
- Remember you may ask your partner for options
- See a jewelry consultant
- Consider gems like sapphires, emeralds, and rubies for the center stone.
Always buy certified from an accredited laboratory like the American Gem Society or the Gemological Institute of America.
At Joseph’s Jewelry, we carry the largest selection of fine gold and diamond jewelry near you on the Treasure Coast, including jewelry for men. You’ll find exactly what you’re looking for without having to drive around Stuart, Hobe Sound, Palm City, Jensen Beach, or Port St. Lucie for fine jewelry. Our professional jewelers will help you find the perfect gift every time you visit us nearby. You just don’t get that with an online jewelry store.
Make an appointment to see one of Joseph’s Jewelry consultants or schedule a virtual jewelry showing to check out an engagement ring from our top sellers:
- Halo Engagement Rings,
- Classic Engagement Rings,
- Solitaire Engagement Rings,
- Vintage Engagement Rings, or
- 3-Stone Engagement Rings.
We would love to help you with all your jewelry needs.