How Much Should an Engagement Ring Cost?
Thinking about popping the question is one of the most exciting, but daunting things you can do in life. And it raises a lot of questions; what kind of ring should I get? Where should I propose? Perhaps most uncomfortably, how much should I spend?
We get it – you’ve met the person of your dreams, but taking that next big step can feel fraught. We’re here to help you make the right choice and stay on budget, by busting some common myths about the average engagement ring cost.
A bespoke diamond engagement ring
Myth No. 1 – You have to spend two months’ salary
Nope. This supposed ‘rule’ about the average engagement ring cost was actually invented by De Beers as part of a marketing campaign in the 1930s. At the time they suggested that a gentleman should spend one month’s salary on his beloved’s new jewels. Over time that amount grew to two months, and today some will even suggest that three months’ pre-tax salary is appropriate.
Let’s all keep a level head. The truth is there is no average engagement ring cost. Of course, you want to purchase a bespoke engagement ring that reflects your feelings about your other half, and will make them feel special when they wear it. But you don’t have to break the bank to do that – spend what you can afford, based on your financial situation and your other commitments and priorities.
Myth: Busted.
Myth 2 – You have to spend a lot to get a beautiful custom-designed ring
Many people think that bespoke jewellery is something only the very wealthy can afford.
In fact, custom designing your bespoke engagement ring can be a sound financial decision, because you and your partner end up with a perfectly fitting piece, that suits your taste exactly, and by being involved in the process, you keep control of the engagement ring cost in order to stay within your budget.
At Simon Wright Jewellery, we believe that transparency is at the heart of good relationships. We will advise you on the choice of materials, and let you know where you should spend and where you can save, in order to get the most beautiful ring, at a price that will allow you to still feed your guests at the wedding.
Myth: Busted
Myth 3 – Engagement rings should always be diamonds
Diamond engagement rings as a must is another highly successful, but ultimately made-up, campaign designed to artificially inflate the cost of an engagement ring from the clever people at De Beers. Funny that, what with them being a diamond company and all...
Yes, diamonds are a truly beautiful stone, and a traditional choice because their famed strength symbolises enduring love.
But you don’t have to follow the crowd. Increasingly, couples are eschewing tradition, instead opting for a wide variety of precious and semi-precious stones in their engagement rings, from sapphires and rubies to tourmaline.
When it comes to your selection of stone, what matters is your lifestyle, your personal taste and, of course, your budget. What you would spend on a small diamond may purchase you a truly striking semi-precious stone that could suit your partner to a tee, so don’t feel compelled to be a traditionalist - unless that’s your style.
Myth: #FakeNews
When it comes to purchasing an engagement ring, don’t let the ‘how much should an engagement ring cost?’ question scare you off. Of course, it’s important to have a budget in mind, because you don’t want to be left sweating the cost of a wedding or whether you can afford to buy a home together.
But it’s just as important to think about what your partner likes rather than striving to meet an outdated notion of the average cost of an engagement ring – do they prefer classic designs, or would they be blown away by an Art Deco ring or a minimalist style? You should also consider their lifestyle: your rock climbing, dog-loving partner may not find an ornate 2-carat ring easy to wear, but it may be just the ticket if they’re a fun-loving social butterfly.
All of these questions factor into the cost of an engagement ring. In the end, a proposal is a beautiful way to set your intentions for a lifetime together. It’s about a new chapter in your lives, not your bank statement.
We are always happy to talk through your options and share our experience, with no pressure on you, and discuss an engagement ring cost that works for you. Make an appointment to visit our studio and speak with our friendly team today.
Be sure to follow our Instagram page to see some of our latest creations, including diamond engagement rings, bespoke cufflinks and men’s wedding rings.
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