Engagement Ring Prices

Average Engagement Ring Prices

Today’s average engagement ring cost ranges from $3,500 to $4,000. But what does this mean to a soon-to-be-engaged couple? In truth, average numbers shouldn’t mean much at all. For every ring that costs thousands of dollars, another happy couple chooses a ring that costs only a few hundred. The price should be a reflection of what the couple can afford and how much they are comfortable investing in this symbol of their relationship, keeping in mind that such sentimental objects are rarely resold with the intention of making a profit. To choose a ring based solely on a price tag could indicate a lack of depth in the relationship, and the couple may want to reconsider their commitment to marry if the glitz and glamour of the impending event is more valuable than the vows to be exchanged.

Prices and Ring Characteristics

Once a couple has established a budget or ballpark figure for the engagement ring’s final price, they should investigate different rings and jewelers to discover what they can expect to find at that price. For example, if the upper limit on cost is just $500, a flawless full carat ring with a platinum band is out of the question. While different designers figure prices differently, the following guidelines can help couples estimate what they may be spending for different designs.

Characteristics of rings $500 or less:

• Set in silver, 10k or 14k gold with standard prongs or other frequent styles.
• Typically .25 or lower carat weight.
• Usually few side stones; the small carat weight is more likely concentrated in a solitaire.
• Medium-to-low diamond quality; there may be visible flaws or other defects in the stone.
• Gemstone rings are popular in this price range though diamonds may be used as minute accents.

Characteristics of rings from $500 to $1,000:

• Smaller carat weight stones may be GIA certified.
• Medium quality stones may be up to .66 or .75 carats though the ring is usually comprised of a smaller center stone flanked by accent stones with a total weight of up to .75 carats.
• Settings may be slightly more unusual, including prongs, channels, or bezels, or simple settings may be made of platinum.
• Some standard two ring bridal sets fall in this range.

Characteristics of rings from $1,000 to $2,000:

• Stones up to .5 carats may be certified or a single stone up to .75 carats of a slightly lower quality may be used.
• Total carat weights could reach higher than a full carat.
• Bridal sets may include three rings instead of just two; each is usually embellished.
• Some designer rings can be found in this price range, though their diamond sizes are typically smaller than mainstream styles of similar cost.
• More unusual stone shapes may be used, such as princess or emerald cuts.

Characteristics of rings from $2,000 to $3,500:

• Up to one full carat solitaires may be certified but the settings are simplistic.
• More unusual settings appear in this price range, including flush and tension styles.
• Metals are generally higher quality, typically 18k gold, platinum, or multiple metals.
• More elaborate designs such as filigrees or larger three stone rings are popular options.
• Small colored diamonds with good quality are possible.
• Very unusual cuts such as Asschers are available.

Characteristics of rings from $3,500 to over $5,000:

• Many more exclusive designer options are available in this range, such as Tiffany, Harry Winston, and Chopard designs.
• Rings can be fully customized including mountings, settings, gemstones, and engraving.
• Large carat weights are certified in this price range, even exceeding two or three full carats.
• Superior fancy colored diamonds are available at higher engagement ring prices.

Choosing the Perfect Ring

Before choosing a ring based on price, it is important to consider the ring’s appearance. Most casual observers cannot distinguish between a .25 and a .33 carat stone, nor can they tell at a glance which stone may have a small flaw or be a slightly less desirable color. By choosing stones based on their appearance and beauty rather than a price, couples are sure to avoid arbitrary price increases based on technical data.

Paying High Engagement Ring Prices

There are several methods of payment accepted for most engagement rings, regardless of the total price.

• Cash: This is the least risky method but may also limit the available selection.
• Credit Card: This is suitable only if the couple can pay off the balance before heavy interest rates begin to accrue.
• Store Financing: Couples with approved credit can often choose a financing plan with far lower interest rates than any credit card.
• Bank Loan: This is not feasible for most couples, but it is a possibility if a home equity line of credit is available or if the couple is also purchasing a home as they plan their wedding.

There is a tremendous range of engagement ring prices, but the only price that truly matters is the one that is put on the relationship that ring symbolizes. It cannot be measured in dollars and cents, but only in the commitment the couple shares and the joy they celebrate as that glittering ring is slipped onto the bride-to-be’s finger.