What is the average diamond ring price on the market? How much does it cost to buy an engagement ring? Before you get confused by wedding ring recommendations, diamond jewelers, and exaggerated engagement ring price tags, calm down and listen to us. We understand that most people don’t know how to budget for an engagement ring, but you should know that this little gem shouldn’t put you and your partner in debt! There are so many factors to consider before recommending an engagement ring. We have listed five key points, including the “4C” principles that are closely related to the price of diamond rings, to help you keep a clear mind and find the perfect engagement ring for you.
1. Regarding the price of diamond rings, first understand how much people spend on average engagement rings.
The price range of diamond rings on the market is very wide. If you don’t know how to budget for an engagement ring at all, it is recommended to first understand the average cost of engagement rings in the market. Some people say that it is acceptable to spend an average of two months’ salary on a wedding ring, but this is actually a saying left over from the Great Depression era in the United States. At that time, diamond sales were not good, and the diamond company De Beers took this strategy to increase sales. They launched a marketing campaign describing wedding rings as the ultimate symbol of love, encouraging couples to spend the equivalent of a month’s salary on a diamond ring. Later, he even got more serious and advocated saving three months’ salary to buy a small engagement ring.
If it were changed to today, an American with an average annual salary of six figures (approximately NT$3 million) would have to spend more than 25,000 US dollars (approximately NT$750,000) on an engagement ring! This statement about the price of diamond rings is obviously out of date. Although diamonds are inherently high-priced investments, according to a 2022 study on jewelry and wedding ring recommendations by The Knot, a well-known American wedding planning website, the average American now does not spend more than US$10,000 (approximately NT$300,000) on an engagement ring. , and the average amount is around US$6,000 (approximately NT$180,000). But of course you must consider other factors, such as the consumption level in Taiwan, the type of diamond you want, the number of carats, the metal used in the wedding ring and the gem setting method, etc.If calculated in proportion to the results of this survey, people spend an average of 6 to 10% of their annual salary on their engagement rings.
2. Set your engagement ring budget based on your wedding budget:
As we mentioned before, there is really no need to go into debt in life for an engagement ring. This wedding ring certainly has its own special meaning for the newlyweds, but they should not be impulsively ordered because of this.First, you can sit down with your partnerCarefully analyze your current financial situation, including salary and savings. Of course, be honest about the amount you can spend, and make a diamond ring price budget that suits you based on the results.. If you’re not very good at sticking to a budget, don’t worry, you’re not alone.Make a table of all your thoughts on buying a wedding ring, and don’t forget to list the possible expenses, including jewelry insurance.
Remember, don’t blow all your savings on an engagement ring.If you don’t have enough cash to buy a wedding ring temporarily, you can alsoPlan feasible payment options. Check with your jeweler; some companies offer in-house financing or offer good credit card installment plans. Even with these methods, you still need to carefully study factors such as interest rates and repayment time, and be responsible for yourself and your partner regarding the price of the diamond ring. If you know yourself well enough and know that you are not a person who pays on time, this may not be the best solution for you.
3. When choosing a good jeweler, pay attention to the “4C” principles that affect the price of diamond rings:
Not everyone knows a reputable jeweler or diamond ring company, and not everyone has an heirloom wedding ring at home ready for you to propose to. Therefore, you can start collecting from the list of jewelry stores within your living area, and also ask family and friends if they have wedding ring recommendations. These stores won’t necessarily be the last place you buy an engagement ring, but they can be a great place to gather intel.
After you decide who to buy from, you must also have a general idea of the engagement ring you want. First think about what kind of gemstone you want. There are many common gemstone recommendations for wedding rings. Gold and rose gold are metal types; ruby, emerald, moissanite and other options are diamond-like gemstones. If you like real diamonds,Be sure to ask clearly about the “4C” information that directly affects the price of a diamond ring: “cut (Cut), color (Color), diamond clarity (Clarity) and carat weight (Carat weight)”. The most expensive diamond ring prices are natural diamonds, which are colorless, transparent, round-cut, and often have large carats. If you’re researching alternatives to other types of diamonds, such as lab-grown diamonds, it’s still important to determine which “C” is most important to you, as this will directly affect the price of the diamond ring.
4. You should also shop around for diamond ring prices, and don’t be afraid to compare prices:
Don’t ever feel like you have to be satisfied with the first engagement ring you see. Honestly, you could even look at a dozen stores and not necessarily buy it. Look at engagement ring designs at different price points, or if you already have a specific design preference, ask several jewelers about their diamond ring prices. There’s no shame in learning more about high-quality gemstone and diamond rings, and don’t be afraid to ask about diamond ring prices!Even though you now know the average amount people spend on an engagement ring, that doesn’t mean that number applies to you..the most important isFind the type of wedding ring you like and understand the reasonable price range on the market, and then head up and make an inquiry!
5. Antique engagement rings or second-hand diamond rings can also be considered!
Don’t think antique engagement rings or second-hand diamond rings are inferior! If you search carefully, you can not only find engagement rings with a strong vintage feel, but the diamond rings are often cheaper than brand new ones.Of course, there are many factors that need to be considered before purchasing a second-hand engagement ring, such as asking about the year of production of the wedding ring, in-depth understanding of whether the diamond ring has undergone any appearance adjustments in the past, etc.. Who knows, maybe your perfect engagement ring could be a gold ring from the Art Nouveau period!
Original text from “Vogue US”