Average Engagement Ring Cost

Current Average Engagement Ring Cost

The current average cost of an engagement ring varies depending on the source consulted, but most jewelers and industry experts estimate that couples are spending between $3,000 and $4,500 on an engagement ring in the United States. That figure, however, can fluctuate for many reasons, and over time the average cost is increasing. Many couples are getting married at an older age than couples a decade ago, which means they are more likely to have completed college and have higher paying jobs when they search for an engagement ring, which in turn can lead to a higher average price. Similarly, changing engagement ring designs now incorporate more diamonds and more expensive precious metals, which also increases average costs.

Is This Two Months’ Salary?

The idea of spending the equivalent of two months’ salary for an engagement ring is a guideline perpetrated by the diamond industry that has no real bearing on what a couple should realistically spend. At the same time, the notion of saving up for a ring does demonstrate the value of the symbol (it must be worked for and earned), as well as the commitment to the relationship. Some couples may choose to follow this cost guideline, but in the end a couple should be comfortable with the amount they choose to spend regardless of how many or how few paychecks are needed to pay for the ring.

Factors Affecting Average Engagement Ring Prices

In addition to historical trends, several factors can affect engagement ring prices and therefore an average cost.

• Quality: Diamond quality is critical for a beautiful ring, but couples should also investigate the quality of the ring’s craftsmanship, metal, and accents. Couples today are generally more knowledgeable about diamond quality and therefore choose higher quality, and therefore higher priced, engagement rings.
• Design: There are many types of ring designs to choose from, each of which can have a significant impact on the ring’s cost. Modern rings are often larger and more intricate, dramatically increasing the average cost of engagement rings.
• Carats: The total carat weight of gemstones in a ring affects the price, and many modern choices use multiple accents throughout the ring design.
• Jeweler: When a couple chooses a jeweler, they also begin to choose the price of their engagement ring. Specialty jewelers, artisans, and designers generally have higher prices than mass market engagement ring stores and retail jewelers. Couples may also choose to purchase a loose diamond or wholesale diamond engagement ring for significant savings.
• Prior Marriage: If a bride has been previously married, most surveys found that she preferred a more expensive ring for her second wedding, perhaps as a symbolic upgrade to a better relationship.
• Customization: Custom engagement rings are typically more expensive than generic designs. This also goes for embellishments such as engagement ring engraving and diamond ring wraps, which in turn raise the average cost.

All of these factors can affect the average engagement ring cost while a couple shops for the perfect ring. At the same time, however, there are several cost-related issues a couple should try to avoid when choosing an engagement ring.

Hidden Cost Problems

Avoid too high a cost.

Shopping for an engagement ring is an emotional experience, but couples should carefully work to avoid letting their emotions dictate the cost of their ring. Potential problems related to cost a couple should be aware of include:

• Impressing Others: A bride-to-be delights in showing off her engagement ring, but she should not be concerned with showing off its price simultaneously. Similarly, couples should not succumb to peer pressure to have jewelry equally or more expensive than other couples they know.
• Sales Pressure: Many couples may find themselves pressured by commissioned salespeople to consider rings outside their budget. Couples should be firm with what prices they can afford, and not allow jewelers to continue suggesting more expensive rings.
• Debt: Many jewelry stores offer a range of payment and credit options to help finance expensive engagement rings, but the couple should be aware of their other expenses – buying a home, paying for the wedding, starting a family, loans, etc. – and avoid adding to existing debt with a ring outside their budget.

The average engagement ring cost may be several thousands of dollars, but couples do not need to spend that much to show their love for one another. Regardless of whether a couple has a large or a small budget for their engagement ring, they should be comfortable with the price and be sure it shows an above average commitment to their relationship.