For every man asking, “How much should I spend on an engagement ring?” this article is for you!
From a female point of view, and as someone who has extensively researched engagement rings, there are several things you should consider when making such an important purchase.
- Market Value of Diamond Engagement Rings: What to pay for specific qualities.
- Emotional Value of Engagement Rings: What your girlfriend won’t tell you!
- How Much YOU Should Spend On An Engagement Ring: Evaluating your finances.
Market Value of Diamond Engagement Rings: What to Pay for Specific Qualities
Engagement Ring © by Tela Chhe
The value of the diamond engagement ring you purchase depends greatly on three things: Cut, Clarity, Carat Weight, and Color (the 4 C’s).
When selecting a diamond engagement ring, it’s important to know what would please your girlfriend. Shiny and big are always desirable, but they’re not everything.
A one-carat diamond can range from a few hundred dollars to tens of thousands, leaving you to ask the only reasonable question, “How much should I spend on an engagement ring?” What makes a one-carat diamond sell for tens of thousands? The quality of the 4-C’s. The more flawless, colorless, larger, and perfectly cut the diamond, the more expensive it will be.
You want to get the most value for your hard earned money; she wants big and beautiful. There are some things that you can compromise on when buying a diamond and some that you shouldn’t.
When it comes to the color of a diamond, stones are rated from “D” through “R”, with “D” being the most colorless. “S” to “Z” are reserved for fancy yellow diamonds, which are rated differently. While a “D” rating is the best, this rating can increase the price of a diamond considerably. Take heart, this is an area where compromise can save you money, and you can still get a very lovely diamond. The color of a “G” or “H” is virtual white and with the right setting, undetectable to almost everyone. Diamonds in this color range are extremely popular with good resale value.
Another thing you might compromise on is the clarity. Why? Until you get to the slightly imperfect range of diamond clarity, flaws are not visible to the naked eye. While a flawless or very, very slightly imperfect (VVSI) may be the most desirable, it’s also the most expensive. Very slight imperfections (VSI) and some slightly imperfect (SI) are far less expensive and can still be just as beautiful. Imperfect diamonds, diamonds where the flaws are noticeable to the naked eye, should be avoided for engagement rings.
The “cut” is probably an area with the least amount of compromise. A diamond with a poor cut won’t sparkle. In my opinion, they sometimes don’t even look like diamonds. The cut of a diamond can be shallow, ideal, or deep. An Ideal cut allows for the most refraction and the most sparkle. It’s best to purchase ideal or as close to ideal as possible.
A very helpful tool for determining the fair market value of a certified diamond is a diamond calculator: http://www.am-diamonds.com/diamond-price-calculator.php
Emotional Value of Engagement Rings: What your Girlfriend won’t Tell You!
No matter what engagement ring you choose to give your girlfriend, if she loves you, she’ll accept your marriage proposal. That being said, there are some things your girlfriend won’t tell you about the engagement ring you choose.
FACT: All women expect you to psychically know what they’re thinking. Since most men aren’t psychic, I’m sharing what girlfriends everywhere won’t tell you.
I’ll admit that I may take some heat for what I’m about to say. The fact is, I’ll soon be celebrating my 15th wedding anniversary. I’ve been blissfully married the entire time without owning an engagement ring. In my experience, an engagement ring has no bearing on how happy your marriage will be. Women, don’t click off the page just yet.
While I’ve never been into jewelry, or diamonds, I really wish that I had been given an engagement ring. Perhaps I told my husband that it wasn’t important. I’m a frugal and practical girl so it seems like something I might have said.
Soon I’ll be receiving my long awaited engagement ring … and don’t think I’m settling for what I would have gladly accepted 15 years ago. You might think this sounds a bit materialistic, and maybe it is, but I’m being as honest as I can be. I’m older and wiser now, so my darling is on the hook for a nice engagement (anniversary) ring. And I also know that he’s very excited to give it to me.
An engagement ring is one of the most important gifts you will ever give (regardless of what your girlfriend may say)! I realize that everyone shows love in different ways, and gift giving may not be your “love language”. If this is you, know that an engagement ring is important not for what it is, but what it represents.
So, let’s get to what you’re girlfriend won’t tell you.
Gifts, including engagement rings, should cost the giver something. They should represent a sacrifice. The ring should represent your very best!
There’s one (and only one) exception to this rule. For a man to give his mother’s or grandmother’s engagement ring to his future wife is an honor that any women would love to have.
FACT: if you can afford a $3000 ring and you purchase a $300 ring, you’re saying, “This is not that important of a gift.” On the other hand, if $300 is a sacrifice for you and you purchase a $300 ring, then you’ve said, “I’m giving you my best.” The monetary cost of a gift isn’t nearly as important as the sacrifice or lack of sacrifice it represents.
FACT: After she receives the ring, she will stare at it for days, weeks, and even years. She will memorize it, probably view it through a jewelers loop at some point, and she will show it to EVERYONE she knows. She will tell the story of how you presented it to her mother, sisters, friends, and future children. So make the proposal count!
FACT: No woman wants to pay for her own engagement ring. If there’s an alternative to putting it on credit that she’ll have to pay during the marriage, do it. If you can’t afford the ring you want to give her; sell something, get an extra part-time job, eat ramen noodles, or cut costs in another area to allow you to save aggressively. Count all of these things as your sacrifice.
FACT: Different shapes of engagement rings have different symbolic meanings that many women are aware of, and you should be too. For example, did you know that an oval engagement ring symbolizes fertility among other things, and an emerald cut symbolizes royalty? Before you buy, know what the shape of your diamond symbolizes.
FACT: Each time she looks at her ring, she will think of you. What do you want it to say to her?
How Much YOU Should Spend on an Engagement Ring: Evaluating your Finances
How much you should spend on an engagement ring depends on how much you want to spend, how much money you have to spend.
Many people have heard of the rule of thumb that suggests that men should spend 2 to 3 months’ salary on an engagement ring. If you think that sounds like a lot of money, you’re right! For a $30,000 salary that’s $5000 to $7500. Given that many men of marrying age have rent and car payments, this seems extremely steep.
Typically, men spend 5% of their annual salary on an engagement ring. So, if you make $30,000 a year, 5% is $1500.
Currently the most popular sizes of diamond engagement rings are ½ carat or 1 carat. The most popular price range for diamonds in these sizes is between $2000 and $4000. However, depending on the quality of a diamond engagement ring, it’s possible to spend far less and far greater on a ½ or 1 carat diamond ring.
Though 5% of your salary may still seem like a large amount, for a commitment as big as marriage, the sacrifice should be worth it. Plan ahead for the purchase and give her an engagement ring that you’ll both enjoy.
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