When it comes to buying an Engagement ring, most of the people think about a “two-month” salary rule. Forget about the “Two Month Salary” rule and buy beautiful diamond rings for engagement without spending your two or three-month salary. If you have given a commitment to your partner and want to take your commitment to the high level, then make sure you are ready with a beautiful engagement ring and attractive proposal.
Are you getting bored with reading various posts about engagement or wedding rings? Still, you are wondering about your jewellery decision? Ahhh! If so, then you need to know How much should you spend on an engagement ring. Ignore the old two months salary rule because beyond this you can get to know more about engagement ring cost.
In this post, we’ll tell you about the average engagement ring cost in 2020 and highlight the important factors that you need to consider while selecting an engagement ring for your partner.
The first thing that you should consider while selecting your partner’s engagement ring is your budget. If you are going to buy an engagement ring, select a ring that you can afford because the two months salary rule was formed by the diamond company so that people spend more money on diamond rings.
It’s silly- even makes your financial condition weak- don’t spend more money on rings if you can’t afford it. It’s up to you and your love mate.
According to Jewellery & Diamond Industry study, it is found that the average cost of an engagement ring is $5,900.
The Popular Engagement Rings
Do you know what type of rings couples are purchasing these days? According to the recent study, it is noted that the majority of couples are purchasing new rings and still requesting diamonds. Emeralds and Sapphires have a great historical significance, but diamonds are on the top.
Stop here! Several stones are popular for engagement rings. Another factor that you should consider is the choice of metal. White gold is one of the distinguished metals among many ring shoppers and more than 54% of couples are choosing this metal for their partners.
Rose Gold comes on the second number in the list of most popular engagement rings. It is found that 14% of couples opted for this trending ring.
The Average Cost of Wedding Bands
Well, the engagement ring’s cost is indeed the biggest jewellery cost, but the wedding band’s cost is another important budgetary factor that you should consider while spending money on your engagement ring. According to the recent jewellery study, it is found that the female wedding band’s average cost is $1,100 and the average cost of a men’s wedding band is $510, according to TheKnot.
White gold comes on the top in the list of most popular and beautiful wedding bands for women and tungsten is the best option for men.
In Reality, How Much to Spend on an Engagement Ring
Well, before buying an engagement ring, it is important to set your budget first. Deciding your budget first will help you in taking better jewellery decisions. If you are ready to buy your partner’s elegant ring, then think about your priorities like- Do you want to buy a diamond ring for your fiance? Do you want a high-quality diamond? Are you willing to spend too much money on an engagement ring? Are you thinking to buy a simple band with some diamonds? If you want to get the answers to the above questions then you need to think about some factors that will determine how much should engagement ring cost.
Your Current Financial Status –Think about your current financial situation and then make a decision.
Your Partner’s Expectations – Don’t go with expensive engagement rings without knowing about your partner’s expectations. Know about your partner’s expectations, what type of ring she/he wants. Purchase a beautiful engagement ring that your partner will love and feel proud, don’t go with a price tag.
Buy a Meaningful Ring – Always buy a ring that will suit your partner’s personality because it is more meaningful than buying the biggest ring for your partner. Maybe your partner would like to buy an antique and traditional ring and skip diamond.