Selecting the perfect engagement ring is a milestone in many couples' journeys. It symbolizes love, commitment, and a future together. However, the quest for the ideal ring often comes with questions about budgeting. VRAI, a fine jewelry brand featuring lab-grown diamonds, explores engagement ring options for every budget, ensuring that your declaration of love doesn't break the bank.
Are There Engagement Rings For Every Budget?
There is a wide range of engagement rings to suit every budget, from the modest to the extravagant. From a simple and traditional Solitaire to a diamond-forward, multi-stone setting, you can find a beautiful ring that captures your love and fits your financial situation.
What's The Minimum You Can Pay For An Engagement Ring?
While there's technically no set minimum, most engagement rings will cost at least $1,000, including the center diamond. The setting itself is part of the price; to set it with a diamond will increase the cost.
Some customers looking for engagement rings believe they will walk out of the store with a ready-made ring the day they go shopping. While this can sometimes be true, it's important to note that most engagement rings are different from ready-to-wear fashion rings. You will need to select the ring and the center stone before completing your purchase—and both items will have a separate price tag.
What's The Average Engagement Ring Budget?
The average engagement ring budget varies widely depending on personal finances and preferences. However, many surveys suggest that most people spend between $1,500 to $5,000 on an engagement ring, with the national average in the U.S. hovering around $3,000.
Do not feel that you need to follow the "two-months-salary" rule. Set a budget that works for both you and your partner that will allow for the ring of your dreams but also leave money for wedding rings and other wedding-day expenses.
How To Choose Budget-Friendly Engagement Rings Under $1,500
Buying a ring for $1,500 or under is possible. Here are some styles and tips on how to find the right one while on a budget.
Choose simple settings
A simple setting without elaborate designs, extra metal, or additional diamonds can significantly reduce the ring's cost. A solitaire setting, for instance, focuses on the beauty of the main stone without the added expense of extra embellishments.
Consider rose gold
Rose gold is not only beautiful and unique but also often more affordable than platinum or white and yellow gold engagement rings. This is because most engagement rings feature 14k solid rose gold, as opposed to more expensive 18k solid yellow or white gold. Its warm hue offers a distinctive look for less.
Look for an upgrade program
Just because you purchase a smaller stone now doesn't mean you can't choose something larger in the future. Look for brands that offer upgrade programs so you can upgrade to a larger stone for a special occasion in the future
Know your 4Cs
Understanding the 4Cs—cut, color, clarity, and carat—can help you find a balance between quality and cost. Opt for a slightly lower color or clarity grade that still looks beautiful to the naked eye but comes at a lower price. Ultimately, if you're on a strict budget, carat weight is going to play an immense role in selecting the right diamond for your engagement ring. Selecting a half-carat center stone for now doesn't mean you can't choose something larger in the future.
How To Choose Engagement Rings Under $2,500
In the United States, the average diamond engagement ring costs between $2,500-3,000. For those with a little more room in their budget but still looking to save where they can, here are some tips to follow:
Set your priorities
Decide what matters most: Is it the size of the diamond, the design of the setting, or perhaps the type of metal? Prioritizing one aspect can help you find the best value within your budget range.
At this price point, splurging on either the setting or the diamond is possible—but both at the same time might be more difficult. There's no right or wrong answer; choose which element means the most and move forward in that direction.
Experiment with settings
There are specific engagement ring settings that can make a center stone appear larger—which means you spend a little more on the ring but get more brilliance without the cost of a larger diamond. Explore halo or bezel engagement rings, which frame your center stone to make it appear larger on your hand.
Explore fancy diamond shapes
Round Brilliant diamonds are the most popular and, therefore, often the most expensive. Fancy shapes like Oval, Pear, or Marquise can offer more size for your dollar without compromising on the ring's beauty.
Because these fancy shapes in particular are elongated, they also look larger than a Round Brilliant of the same carat weight. So not only will you save, but you'll have a little more shine as well!
How To Choose Engagement Rings Under $5,000
With a $5,000 budget, the possibilities to truly indulge become nearly endless. For some, this budget simply means investing in a larger diamond to shine bright at the center of a simple and sophisticated solitaire. For others, it means exploring multi-stone settings, pavé details, and more. Read on to discover the best ways to invest in something truly special.
Invest in diamond-forward settings
For the maximalists, a higher budget means selecting a ring with diamonds in every detail. This might mean a multi-stone setting like a Toi et Moi or Three Stone setting, or adding pavé details to your band.
If added details like this aren't of interest, consider spending a little bit more on your center diamond.
Prioritize cut
The cut of a diamond affects its brilliance more than any other factor. Investing in an excellent cut can make even a smaller diamond look stunning. But should your budget allow you to move up in carat weight, don't compromise on what many consider the most important C. Lovers of Round Brilliant cuts, can not only buy excellent cut center stones, but they can also invest in Ideal or Ideal + Hearts cut grades depending on the fine jewelry brand.
Consider platinum
Platinum is a highly durable and hypoallergenic metal that offers a timeless and luxurious setting for your diamond. If you love platinum's white, sleek sheen, make room for this metal of choice in your budget.
Platinum is also ideal for highlighting colorless or near colorless diamonds, whereas yellow or rose gold would imbue them with a slight tint of color. So if you're opting for colorless or near colorless diamonds, choose a platinum setting.
Choosing An Engagement Ring Over $5,000
When it comes to your engagement ring budget, is the sky the limit? Then so are your options for creating something truly one-of-a-kind.
Create a custom design
With a higher budget, you can design a custom ring that perfectly reflects your partner's style and personality. This option ensures a one-of-a-kind piece that's as unique as your love.
Indulge in high carat weight
If size matters, this is the budget range where you can invest in a higher carat weight. A larger stone can serve as a stunning centerpiece for your engagement ring.
Think of color and clarity
For certain shapes, color and clarity become key! For step cut facets, like Emerald cut diamonds, opt for a higher clarity grade. For some elongated shapes, like Marquise diamonds, choose colorless or near colorless for optimal shine.