How to Spend Responsibly on your Engagement Ring
In 2015, the average amount couples spent on an engagement ring was between $4000-6000. And in a article recently published on The Bustle, the pinnacle on Engagement ring spending in 2016 is at an all-time high, the average cost peaking at $5,978.
If you’re spending that much on a ring, wouldn’t you like to know that you’re getting your money’s worth? Considering that one of the leading causes for divorce is financial strain, I should say so.
So, let’s break it down and give you some helpful tips to guide your Engagement Ring purchase.
Supreme tip #1: Do you have a budget? Have you given some thought to what you’re comfortable spending? You MUST give this some thought before you go shopping. Over-spending is not the goal here, purchasing a token of your love and commitment at a price your comfortable with is.
Keep in mind that the actual sweet-spot for spending on an engagement ring and not putting strain on your relationship seems to be between $500-$2000 dollars. If you’re comfortable spending more, that’s up to you. (And it’s okay to split the cost of the ring with your sweetheart! Just have an open, loving conversation about it!)
Supreme tip #2: In most cases, up to 2/3rds the price of the ring is your investment in the diamond, so let’s get you in the know about diamonds.
Do you know about the 4C’s? Color, Cut, Clarity, and Carat Weight? If you don’t, go do some Googling. There are about a ba-gillion articles out there about the 4C’s that explain what each means. I don’t go into them in depth here because I don’t want to waste your time on defining jargon. Instead, I want to teach you some tips about how to THINK about the 4C’s and how to choose the right diamond for you and your soon-to-be-fiancé.
In my mind, two of the “C’s” are more important that the others: Color and Cut.
Color is graded on an alphabetical scale from D-Z. “D” being the best, “Z” being the worst. Unless I’m working with a couple that has very specific budgetary constraints, I won’t even consider a diamond graded less than a G-H in color because stones with lesser ratings start to look “dingy.” You can sacrifice slightly on Clarity, getting a diamond with mid-range clarity, and as long as it has a bright, white color, your diamond will still look quite brilliant.
“Cut” doesn’t just refer to the shape of the diamond (although it is important to know which shape diamond your fiancé would prefer), “Cut” refers to how well the diamond is faceted and how well the diamond manages the light that is being refracted through it.
“Cut” is graded as “Ideal, Excellent, Very Good, Good, and Fair.” If your diamond is cut poorly it won’t matter what Clarity rating it has, your diamond will have no fire or sparkle because the light is either being refracted out of the stone too soon or getting “stuck” inside the stone. As long as your budget allows, I would not purchase a diamond with a less than “Excellent” Cut rating, but some “Very Good” stones still have plenty of sparkle.
Now, to be fair, if your fiancé wants a larger stone (a stone with a heftier Carat Weight), you may need to compromise on the other 3C’s because diamonds are mainly priced by their weight.
So, take the time to figure out which of the 4C’s might be most important to you and your fiancé, and adjust your budget and expectations accordingly. You don’t need a stone with excellent ratings in all 4 categories as long you know which ones to prioritize.
Supreme tip #3: Even though the ring is all about the diamond, your proposal isn’t really about the diamond at all. So, put some thought into the design of the ring!
If your fiancé is a classic, simple person who just wants a beautiful diamond in a classic solitaire setting (again, do some Googling), that is perfectly fine.
BUT, the design in the ring is where the meaning comes in! Do you and your fiancé have any inside jokes that can be turned into a design element? What flowers does she love? What are her hobbies? Where was your first date? Where were you when you realized that she was your person and you fell madly, deeply in love with her? What’s your love story?
Having the answers to these questions can yield all kinds of interesting design ideas that can be incorporated into a ring and give it that one-of-a-kind, special, you’re-the-only-one-for-me feeling.
So, give these questions some thought because, in all honesty, you can spend a little less on the diamond, incorporate these special design elements, and give her an absolutely show-stopping ring.
Okay, now that you are armed with a bit of education, don’t be afraid to go out there and browse.
BUT, if you want some more information, I have a couple additional resources for you:
-If you want a slightly more in depth look at the 4C’s, I’ve put together a 4C’s Visual Guide to give you some more tips. Simply follow the link and download the guide.
-AND if you are thinking about proposing soon but don’t yet know your fiancé’s ring size, I have Three Tips to Covertly Get Her Ring Size. Again, just follow the link.
Good Luck with your Ring Hunting!