Many people spend between $ 1,000 and $ 3,000 on a ring. Unsurprisingly, this rate is higher in large cities like New York and Chicago, where shoppers tend to spend more and buy larger diamond rings.
There is no ceiling on the price of an engagement ring. The price floor of an engagement ring is roughly $800 in the United States. Most men spend roughly three-months pay on an engagement ring. The price range within which rings are most often bought is between $1,000 and $3,000.
The New York Times cited a poll conducted by Morning Consult and found that the average cost of an engagement ring is about $1,900, and most couples spend less than $3,000 on the ring. According to a survey conducted by The Knot in 2019, the average cost of an engagement ring is actually about US$5,900, and quite a few respondents (10%) said they spent less than US$1,000.
Contemporary Studies on Engagement Ring Spending
Recently, in a study on American bride weddings in 2020, couples reported that their average spend on engagement rings was US$3,756, which is more than US$2,000 lower than the average price of 2019 cited above. In fact, the average cost of engagement rings is driven by big sponsors, including those who spend $20,000 or more on engagement rings.
A 2020 jewelry and engagement study from this node shows that the average ring price is $ 5,900. On average, the jewelry industry estimates prices for diamond engagement rings range from $ 3,500 to $ 5,000.
This includes the cost of the diamond and setting, which can add several hundred or several thousand dollars to the cost depending on the type of metal, ring design and side stones you choose. Ultimately, you should strive to pay for top-notch quality, regardless of the size of the diamond. Maybe you don’t have the budget for the perfect $ 12,000 1-carat diamond ring; after all, someone has to pay for the wedding.
Getting a High Quality Ring for Less
Choose a smaller diamond with a better cut so that it radiates the same power as a larger diamond. If your budget is $ 1,500 or more than $ 10,000, a diamond ring that matches your style will do. Buy an affordable ring now knowing that you will buy something more glamorous when it fits your budget. Don’t forget that you will also need to buy engagement rings as your big day approaches, so make sure you have room in your budget for those engagement rings as well.
If you are on a budget but want a beautiful diamond ring, there are some diamond features you can prioritize, or “tricks” you can use to save a little on costs. Think about the things that matter most to you, be it a higher quality diamond or a custom ring, and set a budget. This is a highly personalized purchase and the couple should consider what matters most to them when buying a ring. Make sure you have done your homework and answered the above questions before heading out for the ring.
The fact that you take the time to research the average cost of an engagement ring and think about how much to spend and what type of ring to get already shows that you are on the right track to finding the perfect engagement ring. Here, we’ll take a look at the average cost of a wedding ring in 2020, break down the myths about how much it costs to spend on an engagement ring, and highlight factors to consider when choosing the best ring for your partner and your budget.
The Three-month Rule
A common rule of thumb is to spend 3 months’ salary on engagement rings and wedding rings. There is an outdated “three-month rule” that says that spending a quarter of the annual salary on the groom’s ring is the best way to show love. In contrast, the three-month rule means that someone with an annual income of $50,000 must spend $12,500 on an engagement ring. If you follow the DeBeers rule, this means that if you make $3,000 a month, you should spend approximately $6,000 on the ring.
You don’t need to spend what we have planned on the average cost of a wedding ring. You need to make sure you don’t have too much debt to buy a ring. With the average cost of an installed wedding ring, it should be borne in mind that the size of the ring affects the cost.
There are so many rings to choose from that you usually don’t need to spend your thousands or dollar budget. With a pre-set ring, you save time and money as the jeweler has to set the ring himself. If this is not so important, you will have more opportunities to find an additional wedding ring.
If you like rings from a certain designer, but the price is too high, ask the jeweler to show you similar models that cost a little less. However, if you’re looking for something less expensive, you can get a lab diamond or work with a less expensive metal like 10K gold. You can find stunning diamond engagement rings such as this 1.04 carat “Princess” wedding ring in James Allen white gold pavé or the 1.52 ct round diamond ring in a double halo in Blue Nile white gold at great prices.
Spending Habits of the Younger Generation
A simple gold wedding ring can cost as little as a couple hundred dollars, but an eternal diamond ring can cost over $ 2,000. The current national average engagement ring price is $ 6,351 for a diamond ring with a 1.2 carat center stone and a total weight of 1.8 carats. According to The Knots 2020 Jewelry and Engagement Study, the average cost of a diamond engagement ring in America is $ 5,500. The average price millennials pay for a ring is $ 6,700, compared to $ 4,100 spent by their younger counterparts, according to a poll recently published by The Knot.
For men, the average is around $ 500, and for women, around $ 1,000. However, some spouses-to-be spend a lot less and some spend a lot more. If you read the stories of real people about how much their wedding rings are worth, you will see all the reports of people who have spent over $ 10,000 but also often spend nothing or only a few hundred dollars. After eliminating from the equation, the average couple spends between $ 1,000 and $ 5,000 (see our guide to wedding rings between $ 3,000 and $ 5,000).
While the average cost per ring nationwide is $ 5,500, the cost per pair varies. Our research has shown that the average cost of a woman’s engagement ring in 2020 is $ 900. In 2020, the average wedding price for women is $ 1,100 and for men it is $ 510.
It is also observed that women prefer white gold, while men prefer the style of tungsten wedding rings. The cost of the ring varied widely depending on whether the couple purchased the engagement ring with a diamond or a non-diamond center stone.