Engagements can be extremely stressful for the one asking. Not only do they have to find the correct words to express their feelings, face the realization that there is a slim possibility of the word no, and they have to find the one diamond that tells their significant other, they are the one. Engagement rings are a huge part of the process and many people wonder exactly how much money should be spent on these precious stones? The experts at the Diamond Broker know how stressful yet beautiful an engagement can be which is why we have the answer to the age-old question; how much should you spend on an engagement ring?

What Is the Average Cost of an Engagement Ring?

The national average for the cost of an engagement ring is $5,900. However, one-third of Americans spend anywhere from $1,000-$3,000 on their engagement ring.

What Drives the Cost of an Engagement Ring?

The price of an engagement ring is due to several factors. The size, cut, and quality of the center stone, the type of metal chosen, and any special details such as the halo or stones in the band, can affect the cost. Also, it should be mentioned that if you are buying a brand name diamond, you may also be paying a markup price for the name.

Common Engagement Ring Spending Myths

You Must Spend Two Month’s Salary on the Ring

Somehow, it has become a common practice to spend at least two months’ salary on the engagement ring. However, this practice is outdated and doesn’t take into consideration that everyone’s financial situation is different. In reality, there is no set rule about how much you should spend on the engagement ring, and instead, you should work towards something that fits in your budget. Engagement rings are about getting a diamond that speaks of the love that you and your future bride share.

I Can Find a Cheaper Diamond Online

It is extremely risky to get a diamond online. There are a lot of low-quality poorly cut diamonds that someone who isn’t trained to know the difference between a good and bad diamond would be able to see. Instead, it is better to go straight to the source of where you are purchasing your diamond, such as a diamond broker, to see the diamond up close. With their trained eye and extensive knowledge of diamonds, they can help you find the perfect fit for your beloved. 

Find the Perfect Diamond In Your Budget

The Diamond Broker can help you find the perfect diamond for your special someone. All of the diamonds that come into our possession are of the highest quality and are examined by our diamond experts before we show them to you. This guarantees that the diamond you choose will truly be a unique and forever diamond, giving testament to the love that you bear for your loved one. Contact the Diamond Broker today for more information or to schedule a consultation!