Is There a Steadfast Rule?
Most of us have heard of the “3-Month Salary” Rule when it comes to purchasing an engagement ring. However, in today’s day and age, do people really follow that rule? In our experience - no! This is a pretty outdated standard in regards to how much you should budget. But, it still raises the question on how much rings typically cost and how much you should expect to spend.
Lab or Natural Diamond Engagement Ring?
The number one factor you need to consider when budgeting for your engagement ring is if you prefer a Lab or Natural Center Stone. For example, a Natural Diamond typically runs about 4x the cost of a Lab-Grown Diamond, and as the carat weight grows, the price continues to increase exponentially. The larger the diamond gets, the more rare it becomes.
See below for approximate averages of a Lab-Grown Diamond versus Natural Diamond:
As you can see, the cost of the ring heavily relies on the growth origin of the stone. Additionally, if you’re considering a more specialty cut stone, like an Old Mine Cut, Ashoka Cut, Moval, etc. then you can expect both the rarity and cost to increase for both Lab-grown and Natural options.
Another factor that determines a diamond’s price is the 4Cs - Cut, Color, Clarity, and Carat. When a diamond is graded by a grading house, like GIA or IGI, they each receive a report breaking down the 4Cs. This then determines the price of your stone. Carat will impact pricing the most, but Cut, Color, and Clarity, can also cause fluctuations (especially in Natural Stones).
Shown above is a sample GIA report. As you can see, it breaks down all of the 4Cs and this is then what determines the price of your stone. Want to see what this stone looks like set? View it here.
Engagement Ring Setting Options
After you’ve decided which direction you want to go with for the center stone, it’s then time to consider your setting. The setting cost is a combination of all of the metal, side stones, prongs, and labor required to set your center stone. Most rings will come in either 14K Gold, 18K Gold, or Platinum. Platinum will be the strongest metal, and is considered the most rare, so it is priced the highest. However, gold has been sharply rising in cost this past year and because of this, 18K Gold is currently priced just under Platinum! If you’re looking for the most affordable choice, then 14K Gold will be your best option.
If the ultimate look you want to achieve is a three-stone or multi-stone engagement ring, then the price of the side stones is another factor to consider. Natural side stones can quickly add a large amount to the overall setting cost, so should be heavily weighed when selecting your center stone.
Our settings at Hitched start at $1,649 and run up to $2,499+ for something custom. As a general rule to follow: the more metal work and intricacies you want on your engagement ring, the higher the setting price will rise.
How Much Does Someone (On Average) Spend on Their Engagement Ring?
On average, we see clients spending around $5,000 - $10,000 on their engagement ring. However, this is a gross approximation and so many factors go into determining how much you should budget. Our best advice? It might sound cliché, but we recommend budgeting what you can afford, and then working to select the best option from there. If your partner has their heart set on something specific, then we recommend doing extensive research beforehand (or speaking to our team of experts) to know how much to expect/budget.
Want to Explore Further?
Lucky for you, we have lots of resources for prospective buyers! We have an online Engagement Ring Builder where you can explore various Signature Settings and Inventory Diamond options, as well as an entire collection of finished engagement ring pieces.
If you’d prefer to walk through the process in person, you can also book an initial consultation at one of our three showroom locations in Philadelphia, Chicago, or Washington, D.C. to work with our team of experts. We can assure you that our entire team strives to be as transparent as possible about pricing, and is happy to walk you through all of the various options that will best fit your needs!