How Much To Spend On An Engagement Ring

A question that many shoppers ask before popping the question is, “How much should I spend on an engagement ring?” Of course, you want to choose a ring that your partner will love and cherish, but you don’t want to go into debt, either. A common misconception is that you must spend three months’ salary on an engagement ring. This is quite an unreasonable amount to spend on a ring for most couples! At Ritani, we say: spend whatever you’re comfortable with. Since every couple is different, there isn’t really one magic formula that can tell you what you should spend on an engagement ring.

In 2019, Ritani customers spent an average of $7,750 on an engagement ring. The most popular carat weight for the ring’s center stone ranged from 0.75 - 1 carat. 

How To Save Money On An Engagement Ring

Buy Shy. 

Buying diamonds just shy of your desired carat weight, for example, a .9 carat diamond rather than a 1-carat diamond, can save you hundreds (or even thousands) of dollars. Plus, a .9 carat diamond will be indistinguishable from a 1-carat diamond.

Choose Fancy Shapes. 

Fancy-shaped diamonds are diamonds that aren’t round brilliant cuts. Fancy-shaped diamonds include:

• Oval-shaped diamonds
• Cushion-shaped diamonds
• Emerald-cut diamonds
• Asscher-cut diamonds
• Pear-shaped diamonds
• Marquise-shaped diamonds
• Heart-shaped diamonds
• Radiant-cut diamonds
• Princess-cut diamonds

Why buy fancy-shaped diamonds? Fancy-shaped diamonds are far more affordable than round brilliant cut diamonds, which are the most popular and sparkly shape. You can save hundreds (or even thousands) of dollars by choosing a fancy-shaped diamond. 

Aside from being more affordable, fancy shaped-diamonds have other benefits. For example, some fancy shaped diamonds like oval-cut diamonds and pear-cut diamonds create a flattering lengthening effect on the hand. 

Consider lab-grown diamond engagement rings or gemstone engagement rings. 

Lab-grown diamonds are identical to natural diamonds and feature the same physical and chemical properties. When placed side by side, you cannot tell the difference between the two. Lab-grown diamonds are growing in popularity because they can be up to 30% less expensive than mined diamonds. 

Gemstone engagement rings are another elegant and affordable choice. Sapphires are a popular choice as they are nearly as hard as diamonds.  Many jewelers offer diamond upgrade programs so you can always refresh your engagement ring for a larger or higher-quality stone later down the line. And remember, don’t stress too much while shopping for an engagement ring—your partner will love it! 

When it comes time to propose, check out our guide to the perfect proposal. And congratulations in advance!