From finding the right location to finalizing the guest list, planning your wedding day is a minefield of life-changing decisions. One of the critical choices that you have to make is how much should you spend on your engagement ring. How much you can spend on the engagement ring solely depends on your budget.
Engagement rings are usually priced between $500 and $100,000 or higher. The good news though, you can always find something beautiful and personal regardless of the cost.
Most people who shop for engagement rings the first time often find themselves surprised by the price tags.
Why Are Diamond Rings Expensive?
It takes $1 billion or more and more than 10 years to develop a diamond mine and make it fully productive. On top of that, the operational cost can go as high as $100 million or more per year, exclusive of workers’ salaries.
Apart from these, miners need to process the ore and rocks clinging to the crystals, and after which, they need to ship the loose stones to cutting centers.
Skilled diamond stone cutters take care of diamond polishing and shaping. These processes are done before these stones are transported to jewelry stores.
Costs add up and accumulate with each step and contribute to the hefty price tag you see in diamond rings in jewelry stores.
With all these, it’s therefore not unusual to see a well-cut, 1-carat round diamond, with the highest grade in clarity, color and cut to carry a $10,000 price tag.
It’s also common for higher-quality diamonds to cost several or a few thousand dollars more.
How Much Should You Spend?
On average, diamond engagement ring price ranges from $3,000 to $5,000. This includes the cost of the stone and its setting. Other factors that can add to the value of the ring include the following:
● Metal type
● Ring design
● Side stones you want to add
If you focus on the quality of the stone, you will never go wrong. If you have more than enough to spend on a diamond ring, go for larger diamonds with excellent clarity, color, and the right cut.
You can still find a beautiful and personal diamond ring by employing these tricks, even if you’re on a tight budget.
Choose a diamond ring with a slightly under landmark carat stone — instead of 1 carat, go for 0.95 carats. The size is somewhat different, but you can save up to 20%.
If you found a designer brand that’s too expensive, show the design to your jeweler and ask if you can get one with the same style which costs less. If you can also use a different diamond, you can also bring down the cost.
Go for white gold in 10K or 14K instead of platinum. The former will cost less but will be just as classy and gorgeous.
There is no “right” cost to buy a diamond ring. It depends on your budget, whether you’re willing to have it financed, and how important the ring is for the both of you.
Regardless of your financial situation, you can find the perfect engagement ring with the help of your seasoned jewelers at Sunny Diamonds. With Sunny Diamonds, you will walk out of the store with a firm belief that you made the best decision you and your life partner could make.