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Average Engagement Ring Cost, Diamond Ring Cost

Step 1

Set A Budget

The journey to finding the perfect engagement ring begins with setting a budget for your diamond engagement ring.

average engagement ring cost

Knowing how much you can spend on an engagement ring to cover your engagement ring cost based on your financial situation will put you at ease when selecting your ring's diamond and ring setting.

Setting the budget shall also give you an understanding if you must save money or not after browsing through potential ring options.

There is absolutely no average engagement ring cost when it comes to shopping for your ring. An average engagement ring cost does not exist as prices can vary when shopping online based on the diamond and gold quality. And even if there was an average engagement ring cost, how could you possibly make your decision knowing that you are to shop for a ring based on your partner’s style and preference.

Your metal choice also determines the price of your ring setting. Choosing exquisite metals such as platinum or high purity gold increases the overall budget. These two factors related to choosing your ring setting and metal purity change how you’d save or set your budget even if there was an average engagement ring cost.

Besides the cost of the gold band, you will also have to consider the price of your diamond center stone. Lab-grown diamonds do cost less, making your spending much more budget-friendly and significantly dropping the price on your engagement ring cost.

The bigger the size and the better the diamond quality chosen, the higher the price shall be, thus raising your engagement ring cost. Hence we always recommend you decide how much to spend when buying an engagement ring to save of your average engagement ring cost.

Where to begin?

It is quite possible that you may have come across the commonly stated guideline that you must follow the two-months salary rule and save up during this period before considering your engagement ring purchase. But how can this concept be true if there is no average engagement ring cost? It became a part of mainstream belief when diamonds were marketed to consumers in 1940’s. The diamond retailers of that time convinced consumers that saving two month’s pay was sufficient to buy a diamond ring, giving rise to a belief that an average engagement ring cost does exist.

But unlike those times, we live in a modern era where one can obtain a less priced lab diamond engagement ring with the same sparkle and shine like that of mined stone rings. You could choose a lab diamond that is priced higher or priced lower based on your preferences. It could be a costly or a budget friendly ring. But it would serve no basis for when you think of it from the perspective of there being an average engagement ring cost as it all depends on your preferences.

An engagement ring is a symbolic representation of love; you should feel comfortable with how much you are willing to spend on creating the most significant jewelry piece of your life. The same can be said when shopping for wedding rings. Ultimately it's about finding a budget friendly engagement ring that resonates with you and your partner.

maximize your budget

On deciding your budget, you now have the liberty to explore engagement ring options that fit within the price range you can afford. There are ways to get the most out of your spending so that you own the ring you truly desire. Here are a few tips on how to make the most of your budget when taking your pick.

Pick a diamond that is slightly less than the carat cutoff

Pick a diamond that is slightly less than the carat cutoff

You’d be surprised to know how much you can save when shopping for your diamond. Choosing a diamond slightly less than the standard carat weight cutoff is a great way to save on your spending. Instead of picking a 1-carat diamond, if you were to pick a 0.9 carat, you would ultimately save a lot of dollars on your engagement ring purchase while not losing too much on the size of the diamond you desire.

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When thinking of metal, think gold!

It is a known fact that platinum is one of the most precious metals available on the planet. It is also long-lasting and beautiful and truly makes an engagement ring special. But all these features come with a cost and shall significantly raise the amount you'd spend on your engagement ring.

When looking for a metal, we recommend going for gold. Gold costs less than platinum and is also more durable. The added benefit of choosing gold is that you also get to select multiple colors, such as white, yellow, and rose, when it comes to this metal.

Gold also comes in multiple purity variants. 24KT gold is the purest form of gold. But it is so soft that it can be bent and prone to scratches.

It has to be alloyed with other metals so that it is hard and can be used to create jewelry. These variants are 14KT and 18KT gold.

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When thinking of metal, think gold!
Choose fancy-shaped diamonds

Choose fancy-shaped diamonds

It is a known fact that almost seventy-five percent of engagement rings crafted worldwide feature round diamonds as they are traditional brilliant cuts with the grandest sparkle and shine. They are also priced comparatively higher than other fancy shaped diamonds because of its high demand. But you need not go for it just because it is the most popular choice.

There are many shapes as beautiful as the round cut diamond. You can always pick a fancy-shaped diamond, like the trending oval cut this season, or other fancy-shaped stones like the princess, cushion, and other cuts to maximize savings and get the perfect-looking engagement ring. You just have to browse through the vast collection available, and you're sure to find a diamond that'll catch your eye.

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Get a sparkling ring setting

When creating your diamond engagement ring, you might want to shop for a diamond that is not necessarily large, which is absolutely fine when you have a set budget. But you can always make the diamond appear larger by selecting the perfect ring setting. For example, choose a halo ring setting or ring setting with two smaller side diamonds to accentuate your center diamond, making it appear larger.

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Get a sparkling ring setting

Payment Plans

At Friendly Diamonds, we offer a range of payment options to make your engagement ring purchase simple and easy. You can pay for your ring via secure payment like PayPal via any golbally issued debit or credit cards. You can also choose to split your payments between multiple debit or credit cards. You can save on to 2% on your total cart value by paying via bank wire transfer.

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Save up & earn $ with Accrue Savings

Earn cash rewards towards your Friendly Diamonds’ purchase when you save up with Accrue Savings, a credit-free payment option.

How Does it work?
  • Sign up for an Accrue Savings account in just a few minutes.
  • Choose how much you want to save up for and set up a savings plan with recurring deposits. Your money is always secure and you can make adjustments to your plan whenever you need to.
  • As you make progress towards your goal, you’ll earn cash rewards towards your purchase.
  • Want to reach your goal faster ? Make one-time deposits or invite friends and family to contribute via crowdfunding.
To be eligible, you will need to be able to :
  • Provide bank account information to set up deposits to your savings plan.
  • Verify that you are a US resident (Accrue is only available in the US at this time).

For more information visit the Accrue Savings website.