How Much Should An Engagement Ring Cost?

For many people, the day they get engaged is one that they have daydreamed about for years and have high expectations for. Beyond every other plan that can be made for that day, one of the most important things that you should prepare for is the engagement ring.

However, for anyone who wants to pop the question, it is important to know how much you want to budget for an engagement ring.

The Ideal Engagement Ring Cost

According to a 2019 survey from The Knot, the average amount that people spend on an engagement ring is around $5,900. In that same survey, about 10% of the respondents indicated that they spent less than $1,000, meanwhile we see celebrities spend hundreds of thousands on engagement rings annually. The truth is, there’s no one-size-fits-all when it comes to engagement ring cost.

If you’re low on cash, you can get an engagement ring that costs you just above $100 bucks. This low-budget ring would of course not be of the same quality as more expensive rings, but what matters most is that you have a partner that understands.

However, if you can afford to splash the cash and you know your partner’s dream engagement ring, no amount is too much to spend to put that smile on their face.

Factors That Determine Engagement Ring Cost

You can get an engagement ring for between a few hundred dollars or millions of dollars. Those who do not know better might think that all engagement rings are the same circle-shaped metal and should cost the same.

However, some factors determine the cost of an engagement ring; the reasons why some can be equal to people’s life savings and others can be bought conveniently.

1. Cost Of The Base Metal

The first and most obvious determinant of the cost of an engagement ring is the base metal that the ring is made of. The more expensive the ring metal is, the more it would affect the price of the ring. Some of the most common ring metals are as follows:

  • Gold

For centuries, gold has been one of the most popular metals used for making all types of jewelry, and engagement rings are not excluded. The purity of gold is usually measured in karats, with 24 karats indicating that the gold is 100% pure.

The purer the gold used in making an engagement ring, the more durable it would be, and of course, the more expensive it would be.

  • Platinum

Platinum is a dense and white-looking metal that is also used to make engagement rings. Platinum is a long-wearing material and in most cases is used at 100% purity. Platinum engagement rings usually cost more than other types of rings.

  • Silver

Silver is another common material that engagement rings are made of and its greatest selling point is that it is very affordable. However, silver scratches easily and oxidization can make it lose its luster and turn black.

Maintaining a silver engagement ring is relatively easier than other metals as a simple jewelry cleaner can take away the effects of oxidization from your ring.

  • Titanium 

Titanium’s major selling point is that despite being very light, it is the strongest naturally-occurring metal on earth. Also, titanium is 100% hypo-allergenic, making them safe to wear for people whose skins react to other types of metals.

Titanium rings usually cost more than silver rings but are not as expensive as very pure gold rings or platinum rings.

2. Stone Material

The common design for all engagement rings is to have a stud in front of it; usually, this stud is made of a precious stone. In most instances, 75% of an engagement ring’s cost is a result of the stone; this figure can be even higher in cases where the stone is a very valuable type. Many types of stones can be used on an engagement ring, some of the most common ones are as follows:

  • Diamond

Diamonds are by far the most popular and valuable stone on earth. They are worth so much because of how rare they are; also, their hardness makes it possible to use them for a long time without any scratches. Natural diamonds usually would cost an average of $6,500 per carat.

  • Ruby

Ruby is another beautiful precious stone that is used to adorn many people’s engagement rings. Rubies are pink-ish red gemstones made of corundum (the same mineral from which sapphires are made). Rubies usually cost around $1,000 per carat.

  • Emerald

Emeralds are beautiful green-colored gemstones made from the mineral known as beryl. The cause of the beautiful green color is the mixture of another mineral known as chromium; when there isn’t enough chromium in an emerald, it is colorless causing it to be worthless. The price of emeralds starts from around $200 per carat.

  • Sapphire

Sapphires are very colorful gemstones that are used to beautify engagement rings around the world. They are made from the same mineral as rubies but are less expensive. Blue sapphire can be priced from around $450 per carat.

There are other cheaper stones like spinel, aquamarine, opal, amethyst, turquoise, and peridot that you can use as the stones on your engagement ring.

3. Quality Of The Stone

Any gemstone can be very expensive or affordable, the factor that determines the price of a gem is its individual quality. Most gemstones are valued using the criteria popularly known as the 4Cs– Color, Clarity, Cut, and Carat.

  • Color

Every gemstone has a particular color that is considered more valuable than others. It might be a shade or hue of a particular color that costs more than the others. For example, diamonds are more expensive when they’re colorless while a colorless sapphire is worthless.

  • Clarity

The natural process of crystalization through which the gemstones are formed is never a straightforward one. As a result, most naturally-formed stones would have some imperfections (known as inclusions) on them. The more inclusions there are on a stone, the lesser its clarity which would in turn affect its value.

  • Cut

When gemstones are mined, they have to be cut into various shapes before they are used on engagement rings. Professional jewelers have to get the perfect balance of brilliance, fire, polish, and symmetry. A well-cut gemstone would cause the stone’s beauty to be enhanced, giving it a higher value.

  • Carat 

Gemstones are usually measured with a custom unit of measurement known as a carat. The carat measures the weight of the stone, not its size. One carat is equal to 200 milligrams or 0.2 grams, and bigger carats equal more cost.

Conclusion

In conclusion, an engagement ring would cost as much as its parts are worth. How much you should spend on an engagement ring is a matter that is up to you.

Read MoreHow To Clean An Engagement Ring

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