Countless "perfect etiquette" wedding traditions exist, which couples are expected to follow. However, there are also many people who defy convention by arguing that traditional views on money and marriage have no place in modern discourse.
A perennial favourite is how much money should be spent on an engagement ring. The "three-month rule," which suggests spending one-fourth of your annual salary on an engagement ring is the ultimate expression of love, has been debunked as a rule of thumb.
According to The Knot, a wedding planning website, the "three-month rule" for purchasing a diamond was originally a marketing ploy to increase diamond sales during economic downturns.
If you make $50,000 a year, then you should spend $12,500 on an engagement ring, according to the three-month guideline.
Many people would find a budget of three months' worth of income unworkable. Although many respondents (10%) indicated they spent less than $1,000, a 2019 study by The Knot found that the average cost of an engagement ring is closer to $5,900. More recently, couples reported spending an average of $3,756 on an engagement ring in a 2020 Brides' American Wedding Study, which is over $2,000 less than the 2019 price tag above.
There's no perfect response and no proper amount to spend on an engagement ring, just like there isn't a right answer for anything related to love and marriage. As a general rule, you should spend no more than you are comfortable with.
Rather than splurging on an extravagant ring this year, you and your partner might put that money towards a joint savings account to work towards the future you both want. Joint nest money may seem less idealistic than a honeymoon, but it could be the key to launching your dream life together.
If you feel strongly about purchasing an extravagant engagement ring but do not have the funds available, there are options to help you pay for it over time. Some people find it easiest to make a little payment once a month. You should only get into a financing agreement if you are confident that you can comfortably afford the monthly payments for the entire financing term.
The Most Popular Engagement Ring Types
The historical significance of emeralds and sapphires notwithstanding, our research indicates that diamonds continue to be the most sought-after gemstone. Approximately 86% of ring customers request a diamond as the primary stone.
The use of nontraditional gems is on the rise, though. For example, demand for moissanite keeps rising. Among those who went for a nontraditional ring with a precious stone in 2020, 26% choose moissanite (up 7 percent from 2019). The majority of engagement rings, almost two-thirds, feature a one-half carat to the two-carat centre stone. Consistent with statistics from earlier years, round cuts accounted for 43% of all rings purchased. About 58% of the rings had a central diamond with smaller diamonds on either side, and about 25% had a single solitaire diamond.
But diamonds aren't the only important part of an engagement ring. Even for committed pairs, the right metal selection is important. Almost half of the ring buyers (48%) have reported a preference for white gold for the ring's metal setting. After white gold, 16 percent of people went for yellow gold, and 13 percent picked rose gold.
Engagement Ring Budgets
The cost of an engagement ring isn't anything to be sneered at, but where do you even begin to figure out how much to give your fiancée? The right response is complex and highly individual. According to jeweller Katherine Kane, "setting a comfortable budget is a crucial first step." The next step in finding the right ring is to identify criteria (such as size or quality). Because this is an investment that will remain in your possession for the rest of your life, it is prudent to allocate sufficient funds.
Setting a spending limit is one of the most practical strategies to keep spending too much on an engagement ring. According to our research, 82% of ring buyers budget before making a purchase. Fifteen percent of engaged couples said they discussed the wedding budget with their future spouse before making a final decision. Our survey found that only 10% of married couples had jointly established a budget.
Some people found it difficult to purchase within their means, with 67% of ring buyers successful in this endeavour compared to 20% who spent more than they had intended.
In addition, 91% of those who proposed bought the ring themselves, according to the Knot 2020 Jewellery and Engagement Study. Only 2% of people indicated their parents helped pay for the ring, while 3% said their significant other did. Similarly, 10% of those engaged in the past year bought their ring with their future spouse, either using a joint account or splitting the cost.
The price of the engagement ring isn't the only factor to think about; insurance must also be included. In addition to purchasing an engagement ring, 68% of our respondents also bought ring insurance. Since engagement rings are expensive and symbolic, we constantly advise our clients to obtain insurance.
What Do I Need To Keep In Mind When Buying An Engagement Ring?
Pay attention to your particular "price limit" and select an engagement ring significantly more expensive than your actual salary. Men frequently get in touch with us after sending in an engagement ring to upgrade the diamond.
The following considerations are important for any engagement ring, regardless of price:
- White metals like silver, white gold, and platinum are excellent choices for an engagement ring. Due to their timelessness and strength, white gold or platinum are excellent choices for engagement rings.
- Put, the higher the quality of the diamond, the brighter the ring.
- An engagement ring is a symbol of your commitment to another person, and as such, it should reflect your partner's taste. What exactly is it about her taste that has you doubting it? Enquire with your partner's closest buddy.
- The day of the proposal has finally arrived, and everything has been meticulously prepared. Precisely what is it that we're lacking? That ring... Find the perfect ring at least two months before your big day to avoid disappointment.
How To Measure Yourself
Our downloadable size guide includes both the diameter and circumference for each ring size, so if you want to take matters into your own hands (or fingers), you may.
If you want to simulate the feel of an engagement ring:
- Wrap a thin sheet of paper around your ring finger and keep it near the knuckle (string works too, but it's not as secure because it's so thin and can easily slip off).
- Be sure the improvised ring fits snugly but pleasantly.
- Make a little mark with a pencil at the point where the two pieces of paper meet. You can find your ring size by placing a piece of paper against a ruler and comparing the resulting measurement to the circumferences.
Printable Ring Sizer Technique
The ring sizer may be found at the end of the sizing guide and can be printed and cut out. Verify if the above dimensions are accurate by measuring them with a ruler to see if the guide was printed to scale.
Remove the tip of the sizer by cutting along the dotted line, then wrap it around the knuckle of your left ring finger and insert the pointed end. If it doesn't fit right, give it a gentle pull and try again. Your ring size can be found by looking at the number on the sizer.
Measure the circumference of your left hand's ring finger by holding a ring you own to a ruler. Take the ring's internal diameter and check it against the chart. Alternatively, you can print off a scaled-down version of the guide and compare the actual ring to the ring photos to determine the ideal diameter and ring size.
How to Get Professionally Measured
If you don't trust your judgement, don't worry. You can always turn to a professional jeweller for an accurate engagement ring measurement (some things are just better left to the pros). Borochov says to be wary of at-home measuring methods, anyway, as they aren't always completely accurate.
Most jewellers use sizing rings, a large keychain with a set of rings in each size that you can try on in-house to quickly determine the most reliable fit. The type of sizing rings vary by jeweller, though. Some jewellers will have a standard set, which tends to be thicker than the average women's band size, and some jewellery shops will use sizing rings that more closely reflect their in-house designs and bandwidths.
You can also buy your own inexpensive plastic ring sizer from Amazon for the same effect. Try to shop for rings from the same jeweller that sized you or see if they have engagement ring styles similar to what you envisioned. This will help ensure that the size effectively translates into your desired band. Keep the sizing rings' width in mind, as well, since that could influence your band measurement.
How to Guess Your Partner's Size
Even though more people now seem to involve their partners in the engagement ring selection, some still want to maintain the element of surprise before a proposal. But, if you don't know your significant other's ring size, don't fret. "It's great to have someone on the inside," says Lenore. "Talk to their mom or friends if they know about the proposal." If you don't have any resources, she recommends bringing a photo of your significant other where their hands are visible to your jeweller. This visual of his or her hands can help them gauge a ring size range.
You can also try to base the measure on one of their current rings, but this isn't always the most foolproof method. "Some customers think taking one of their girlfriend's [or boyfriend's] other rings will suffice, or even trace her ring on a piece of paper," Borochov says. "But, most people don't wear rings on their left ring finger until they get engaged, so the sizing will be off.
Every finger is a little bit different." If you're completely clueless about your partner's ring size, he advises turning to coworkers with similar frames and statures for a more accurate estimate.
No matter what, always try to go a few sizes up so the ring can at least fit on your partner's finger for the proposal; it kills the mood if it's too small to slip on. You can still surprise them and simply bring it back to the jeweller later for resizing.
FAQs About Engagement Ring
Average Engagement Ring Cost. The current average price of an engagement ring is $5,680, as found in research conducted by The Knot in 2018 regarding real weddings.
Even though that figure has decreased somewhat in comparison to the amount spent on engagement rings in 2017 (6,351), it is still quite pricey (as a point of comparison, the typical cost of an engagement ring in the year 2011 was $5,095).
Getting Your Ring Resized
It is possible to have a jeweller resize an engagement ring up or down two sizes without compromising the ring's structural integrity, but resizing it any further may necessitate having a new band made.
If you don't have an exact ring size, you should avoid buying an eternity band with diamonds wrapping around the entire band. Lanore claims that due to the diamond setting, eternity bands can only be resized a quarter size if there is sufficient extra metal in the ring. Without that, things need to be redesigned from scratch.
Two or three resizings are often safe for a ring, but any more can cause damage. If you go up or down more than one full size, it's like an earthquake for the ring, as Lenore puts it. To paraphrase, "resizing the metal too often can weaken it." The common misconception that it's simpler to downsize a ring than to enlarge it persists among many people. However, Borochov assures us that either procedure is feasible when working with a competent jeweller.