How much should I spend on an engagement ring?

Are you thinking about asking that amazing woman in your life to marry you soon?  One of the first things you’ll surely be thinking about is: How much should I spend on the ring? 

What is everyone else doing?

In the past, there have been two dominate trains of thought on this.  The first goes back to the marketing teams at leading diamond companies having us believe that we should budget 2-3 months’ salary for an engagement ring.  The second is to find out what is everyone else spending.  The national average (2019) is just over $7,750, and this may get you center diamond around 1 carat.  Either way, that’s a significant amount of money for most of us.  Millennials, on the other hand, are spending less, just above $3,000 on their engagement rings.

Break the mold – Not your budget

Set your own rules on how much is the right amount to spend on an engagement ring.  One thing you can do is have an honest conversation with your partner about expectations and finances.  If you plan to share a life together, and don’t have a money tree growing in your back yard, you should both be on the same page about big purchases and how the ring fits into your financial goals.  This is both very common and a mature way to approach the budget!  It may not be romantic, but it can sure take a lot of stress off you.  Additionally, you don’t want to put your short or long-term financial future at risk trying to impress her.

How big is big?

The answer can vary wildly depending on whom you ask.  Check out what some industry leaders think.

“A 2-carat is definitely a head-turner, and overall women perceive this to be a big look!” – Krista Beermann, VP of Product at Hearts on Fire

“Most women think of two carats as a decent-size diamond.  A noticeably big diamond will be three carats and above. These are the ones that turn heads.” —Scott Friedman, Appraiser at Gleem & Co.

“In 2015, the average carat weight purchased was 0.9 carats. Given that, the average carat size that someone would consider ‘big’ is anywhere from two and a half to three carats. However, there are many factors that influence the size of diamond that’s chosen and what the average person would consider a ‘big’ diamond.” — Oded Edelman, CEO at James Allen

“The average engagement ring in the U.S. has a center diamond of about one carat and a total carat weight of approximately one and a half carats. An engagement ring around two carats or above would be considered ‘big’ for the average girl’s standards, and anything three carats or above would likely elicit some serious jaw-dropping.” — Kristen Trustey, PR Manager at Forevermark

How do I get there?

The best option to consider, regardless of your budget and size diamond you are looking for, is choosing a lab grown diamond.  Lab grown diamonds are real and incredible!  They are ethically sourced, eco-friendly, and FAR more affordable than mined diamonds.  The ONLY difference between a lab grown diamond and a natural diamond is their point of origin.  Chemically, physically, and optically they are identical to diamonds mined from Earth.  They are vastly different than crystals and cubic zirconia.  Lab grown diamonds are graded and certified in the same manner as mined diamonds are – because they are the same.   The BEST part is that rings crafted around lab grown diamonds can cost up to 65% less!

Now that’s interesting.  You can spend a fraction the price of a natural diamond and present a beautiful ring of the same value, or you can get 2-3x the value in a ring for the SAME budget. Whether you are thinking practically or if you are looking to really WOW her, the lab grown diamond gives you the ability to make her the envy of all her friends and a lock to say yes!  And just think – with the savings you’ll be able to put more budget towards other thoughtful ideas to really put you over the top – that romantic getaway to St. Augustine you’ve been talking about, money towards a home down-payment, or even your upcoming wedding bands!

If you are thinking about an engagement ring purchase, JOE WALL DESIGN is able to design the perfect engagement ring for your fiancée in a fully personalized without creating financial stress on your young marriage!  Complete the form below to schedule a personal meeting with your team and take the first big step in this chapter of your story!