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How Much Should You Spend On an Engagement Ring?

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Wedding season is just around the corner which means proposing is about to be on everyone’s mind…including your significant other’s. Engagement season follows wedding season like bears to honey, and if you’re looking to make your true love your forever love, you’d be well advised to start preparing now. Though proposing is a special and exciting time, prepping for it can stressful. We’re talking about the ring and the ever looming question, “how much should I spend on an engagement ring?” So we’ve curated a list of average proposal ring prices to bust some myths and help you determine the engagement ring budget that best fits your needs.

Price of a Diamond Engagement Ring

Often when people think of engagement rings they think of diamonds, like the Jessica diamond engagement ring shown below. Diamonds are extremely popular in the jewelry industry for their rarity, history, beauty, and durability making them a high sought after stone for engagement rings. To learn more about diamonds check out our blog: The Complete Guide to Diamonds for Your Engagement Ring. Diamonds not your thing? You can learn about great diamond ring alternatives in our blog: Diamonds, Lab-Grown Diamonds, and Lab-Grown Moissanite: What’s the Difference?

(14k rose gold, 1.01 carat diamond and diamond halo custom engagement ring made exclusively by Abby Sparks Jewelry, The Jessica)

Breaking Down Diamond Price and How Much a Diamond Ring Costs

Does size really matter? For a diamond, it does. We’re all women here at Abby Sparks Jewelry, and we’ve served many women clientele. Based on our experience and the way women have been conditioned by society, if you’re proposing with a diamond, we’d recommend 1 carat be your starting point for size. We know that some women say they don’t care, in fact a few of us here at ASJ identify with “not caring”, but when it comes down to it anything less than 1 carat is not as special. An engagement ring is a once in a life-time, have-it-forever, tremendously ceremonious piece of jewelry. We’re pretty confident when we say 1 carat or bust.

The cost of a quality one carat diamond can fall anywhere between $3,000 and $26,000 depending on cut, clarity, and color. Depending on your budget and your personal preferences, there is plenty of room for design variation around your diamond, which also influences your budget. You can put more budget towards the size, cut, clarity, etc of the diamond or you can stay around 1 carat and push your budget toward a design forward setting. Get inspiration for your diamond engagement ring by viewing our custom engagement rings here.

At Least 1 Month’s Salary on an Engagement Ring

A well known engagement ring guideline is the one month’s salary rule. Word on the street says that one month’s gross income is the least you should spend on the ring. With the rising price of engagement rings in the past decade, this guideline is becoming an outdated one. Depending on what your future fiancée wants, the one month rule may not be enough to get a large enough stone and a quality setting. Keep in mind that this is a piece of jewelry your fiancée is going to have forever.

3 Month’s Salary for an Engagement Ring

The newest paradigm in engagement ring spending: at least 3 month’s salary. Quite a jump from its 1 month predecessor, we know. This guideline can be traced back to big jewelry companies who wanted to curb the price consumers expected to spend on an engagement ring, but it has stuck and for good reason. Depending on your significant other, a 3 month’s salary budget is going to get you much closer to everything they want with high quality stones and a quality setting. This means you won’t be coming back in 5 years to design a ring your fiancée really loves. Of course, this rule is not true for everyone, but for most people we’d say start tucking away some of that paycheck each month.

(14k rose gold, 1.01 carat diamond and diamond halo custom engagement ring made exclusively by Abby Sparks Jewelry, The Morgan)

What’s the Average Cost of an Engagement Ring?

If the 1 month or 3 month’s salary rule didn’t give you a clear picture of what you should be aiming to spend on an engagement ring, then spend the average cost. In 2017, the average cost of an engagement ring is around $15,000. With this budget, you can feel confident that you’re proposing with a ring you both will be proud of.

Spend What You Want or What You Can

Now that we’ve given you some guidelines, let’s throw them out the window! In the end, you are the deciding factor for what you should spend on an engagement ring. Maybe you value a large wedding over a large center stone, want emeralds instead of diamonds, or your darling has insisted you don’t spend an exorbitant amount on the engagement ring. Everyone has different styles, values, and preferences and sometimes a chosen aesthetic or desire does not fall in the average price range. For example, the Morgan engagement ring shown above features a blue sapphire center stone rather than a diamond which costs less per carat. When you’re buying an engagement ring, figure out your budget and a reasonable engagement ring price for you. The key is to find the balance between what your love wants and what you can afford.

(14k rose gold and 1.9 carat rough diamond center stone with diamond and black diamond melee custom engagement ring made exclusively by Abby Sparks Jewelry, The Nicole)

How Much Does it Cost to Create A Custom Engagement Ring with Abby Sparks Jewelry?

At Abby Sparks Jewelry, you’ll receive a unique opportunity to create a one-of-a-kind custom engagement ring like the Nicole shown above. Never duplicated or mass-produced, each engagement ring is made just for your significant other based on their style, values, and inspired by your unique love story. To start our Custom Design Process, book an initial consultation with us. One of our custom designers will explain more about our process, talk budgets, and begin brainstorming and concepting designs for what you’re looking for. Our custom engagement rings start at $5,000 and go up from there based on type of metal, stones, setting, and other design elements. To understand more about how the cost and value of custom engagement rings varies from big-box jewelry companies, read our blog: Standard vs. Custom: What’s the Better Investment.

Buying and financing an engagement ring can be stressful, not to mention the act of actually picking out the style of ring she wants. When you work with us, we will walk you through it all. We will create a design based on your budget and work closely with you though our whole Custom Design Process to make sure that both you and your significant other are happy. Get inspiration for your engagement ring here and to start creating yours, call us at 303.957.6502 or contact us online to book an initial consultation at our showroom in the Lower Highlands of Denver, CO. Not in Denver? No worries! Our Custom Design Process works just as well over the phone or over video chat. We promise to help you through every step and create the custom engagement ring of your dreams.

By appointment only!

book an appointment to work with Abby Sparks Jewelry, custom jewelry designer in Denver, CO

About Abby Sparks

Abby Sparks is the founder and CEO of Abby Sparks Jewelry.