Determining how much to spend on an engagement ring is subjective, and there is no correct or incorrect answer. The outdated notion that one should spend three months' salary on a ring no longer applies to our modern society.
A typical engagement ring band can cost around $250 to $2000, with an average of about $1000. A regular one-carat diamond may cost you $2000 - $10,000. The price of diamonds heavily depends on the diamond quality, which is determined by the 4Cs - cut, color, clarity, and carat weight.
How To Save Money
Lab grown diamond rings are worth considering if you want to save money on an engagement ring. These rings feature genuine diamonds and provide exceptional quality while being more affordable and ethical than their mined counterparts. You can get larger or higher quality lab grown diamonds for a fraction of the cost of mined diamonds.
By choosing lab diamonds, you can save a lot of money compared to purchasing natural diamonds. Typically, you can save between 20-40%. Additionally, if you know the various stone shapes, you can save even more. For instance, opting for emerald-shaped diamonds can help you stick to your budget.
The decision on how much to spend on an engagement ring ultimately lies with you. However, if you're interested in understanding the pricing of engagement rings, we recommend looking at our diamond buying guide to discover how you can obtain a breathtaking diamond without overspending.