How Much Does An Engagement Ring Cost?

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Round Halo Engagement Ring Vanessa Nicole Jewels

Purchasing an engagement ring is a big decision. This engagement ring is meant to be a symbol of a couple’s love for one another. Therefore, it is important to take the time to think about this decision carefully, making sure to get it right. One of the most difficult questions that people have to answer is how much money they are going to spend. This is a challenging decision. There are lots of variables to consider including someone’s personal financial situation and the quality of the engagement ring.

Everyday people ask me, “How much does an engagement ring cost?” This can be a difficult question to answer on the spot since there are variables to consider such as carat weight, diamond quality and the ring design, but I will explain some general pricing guidelines here.

The purchase of an engagement ring is much like the purchase of a vehicle. With so many options available, price ranges can vary drastically. The average American sells or trades in their vehicle within the first five years of purchase, so why do they elect to get so many upgrades? The answer is because most people understand the importance of getting what they want the first time to prevent regrets later on.

For example, since most Americans spend over 30 minutes a day in their vehicles, they want to make sure their vehicle will provide them with comfort, quality, longevity, and ease of use. So they do their research to make sure they get exactly what they want. These same principles typically apply to most engagement ring shoppers.

One of the most important issues that people often think about is making sure they don’t get ripped off or overpay. There are numerous factors that are going to play a role in the cost and quality of any engagement ring including the design of the ring and the carat weight. When it comes to purchasing an engagement ring, the price figures are going to vary drastically. Therefore, it is critical for everyone to think carefully about the price of an engagement ring and whether or not the value is fair. There are a few points that everyone should keep in mind.

Estimating the Cost of an Engagement Ring: Ball Park Figures

In general, a gorgeous one carat diamond in a pave ring is going to hover around $10,000. Then, a two carat diamond in a pave engagement ring is going to cost around $20,000. This price is going to vary depending on the ring setting and the quality of the diamond set in the engagement ring. Remember that the weight or size is not the only factor determining the cost of the diamond but the quality of the stone is going to matter as well.

The quality of the diamond comes down to the four C’s. These are color, carat (weight), clarity (the presence of any flaws), and cut (whether or not the cut has impacted the quality in any way). Usually, the price of the band or ring itself is set. On the other hand, the cost of the diamond in the engagement ring can vary significantly. For more information about diamond quality, read our Diamond Quality Guides here.

Valuing the Diamond

Of course, the most important factor when it comes to the cost of any diamond engagement ring is going to be the diamond itself. There are a few inside tips that everyone should know about how diamonds look and are valued.

First, one diamond might look bigger than another diamond yet it also has the same carat weight. The two diamonds might have the same color and clarity but one looks smaller than the other. This is because the girdle, or the widest point of one diamond, causes that stone to look smaller. Cutters often cut a diamond to reach a certain weight because this causes the price to jump to a new price point. Therefore, even if a diamond weighs two carats doesn’t mean it actually is two carats.

Next, many diamonds have something called inclusions. These inclusions come in many sizes and colors. These inclusions can also impact the price of a diamond. Unless the diamond is flawless, there will be some inclusions. Don’t fear these inclusions because these are like birthmarks. These can help the owner identify the diamond down the road. Make sure to look at both SI and VS clarity diamonds. SI diamonds tend to have more inclusions than VS diamonds. Many people are drawn to SI clarity because they can get a bigger diamond while staying within budget; however, VS diamonds are also very rare. Therefore, take a look at these diamonds as well.

Setting the Engagement Ring

Once you’ve found a diamond, the next step is to get the stone set in the ring. There are several factors that are going to impact the cost of getting the ring set:

The metal; platinum vs. gold
Mass produced vs. custom made
The quality of the diamonds in the setting

Some people think that they simply don’t need to spend a lot of money having the ring set; however, remember that this ring is meant to hold the diamond for all eternity. Therefore, it is important to get this process right. Therefore, the engagement ring has to be set properly. If the ring is set properly, it is also less likely to require repairs down the road. Remember that this ring is going to be worn every day. Therefore, it is important to get this right, ensuring the ring will not have to go back for repairs.

I know a repair person who makes six figures a year JUST doing repairs. Personally, I can’t even remember the last time one of my custom rings came back for a repair. That’s because it was made right upfront.

Unfortunately, some people only focus on the initial price of the engagement ring with the only goal of finding the “cheapest” jeweler, therefore sacrificing low-maintenance, quality, aesthetics, and comfort, which inevitably leads to regret, especially considering this is her ONE important ring.

How Much Should an Engagement Ring Cost?

This is the most important question; however, this question is not that easy to answer. People need to come in with a budget in mind. Then, they need to think about the value they are getting for the ring. Some of the factors that are going to impact the price of the ring include the size of the diamond, its color, its clarity, and the presence of any inclusions. Then, you also need to think about the band and the cost to have the ring set. Knowing these factors ahead of time will help everyone make sure they are getting a fair price for their diamond engagement ring.

How Much Should You Spend on an Engagement Ring?

This answer depends on someone’s individual financial situation. While the old rule of thumb of spending three months’ salary on an engagement ring still works for some people, this doesn’t work for everyone. Some couples buy the ring together. Therefore, people need to think about what works for them. Everyone is in a different spot when it comes to finances.

What I always ask clients is, “Do you have a max number that you prefer not to exceed for the entire ring?” The price of a diamond is based on many factors and I will source the best/largest diamond that fits within your desired number. Vanessa Nicole Jewels doesn’t keep an inventory of diamonds because this allows me to seek out the best possible diamond based on your desires rather than be forced to just sell what I own. Fire, sparkle & brilliance are absolutely #1 when it comes to searching for the perfect diamond, yet there is no grade for “Fire,” “Sparkle” or “Brilliance” on a certificate, so you can rely on our trained eyes to keep those factors in mind when putting together your Diamond Selection.

How Can You Avoid Getting Ripped Off?

It is helpful to shop around at multiple jewelers to get a feel for how much the various rings cost. Diamonds, and jewelry in general have a very high markup so retailers can recoup the cost of marketing, sales commissions and overhead. For more information on finding the right jewelry store, check out our guide here.

How Much Does A Custom Engagement Ring Cost?

A big misconception is that going to a jeweler to have an engagement ring custom made is more expensive than buying a mass-produced ring from a jewelry store. But you would be surprised. Because a custom jeweler doesn’t have the same overhead as a retail store, you can often get an even better quality diamond ring for the same price. Plus, the ring has more meaning because you’ve taken the time to design it yourself. Enter your text here...

People understand that the engagement ring is going to be worn everyday. They also know picking the right option the first time is critical to ensure maximum enjoyment with minimum maintenance. Most shoppers elect to get the engagement ring that will make them happiest in the long-run even if it’s a bit more than they initially planned on spending.

Final Thoughts on the Costs of Engagement Rings

Most people don’t know what to expect in terms of costs when they begin looking at engagement rings, so it’s natural to initially be shocked by the prices. Ultimately though, you’ll get a feel for what is realistic within certain price ranges.

At Vanessa Nicole Jewels we constantly scrutinize our rings and processes to eliminate any potential problems and make life easier for you. You want to enjoy a problem free ring for years to come and it is our goal to make that a reality.

If you’re interested in learning more about the custom engagement ring process, read about our process here. We have a 100% happiness rate!

Or to get started and work with Vanessa on creating the diamond engagement ring of her dreams, contact us here.