Diamond Jewellery, Wedding & Engagement Rings
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How Much Should I spend on an Engagement Ring?

How much should I spend on an engagement ring?

This is a question that we often get asked in store as people want a guideline of what would be a realistic price to get that special engagement ring. This is totally understandable, it is usually something you have not done before and so want some guidelines as to what you will be up for.

This  depends on many factors and over the years there have been guidelines put out by jewellers, such as one to two month’s salary, which may be good for the jewellers but, in reality, you will know what you can afford and are comfortable with spending.

From our experience, the majority of couples would currently spend between $2,000 to $5,000 on a quality engagement ring. But, we realise that it is important for us to be flexible in providing a preferred style of ring to suit your pocket.

How to make sure you get it right?

1. Agree beforehand

Together, discuss what you are wanting and how much you want to spend.  This joint decision involves you both. Your partner gets what they want and you know you can afford it. Sounds like a good basis for a lasting relationship when purchasing a major item!

2. Propose using a replica sample

Some people like the element of surprise and we also cater for this. Usually, there has been some discussion as to the style of ring and whether your partner prefers white or yellow metals.

If you’re still not sure, at Clarity Diamonds, we have replica samples of many of our diamond ring styles. You can propose using an engagement ring as a surprise, and return again to  discuss the details of the actual ring with your fiancée. This gives the element of surprise but the flexibility of you both having input into the final design without the risk of getting it wrong .

3. Spread the payments

Hire purchase is also something to consider. Although not for everyone it does have some advantages e.g. you can often get it interest free (use the jewellers money and save your interest). You can also take the opportunity to get the perfectly matched wedding ring at the same time with extended time to pay it off .  This makes sure the wedding ring has the same metals, the diamonds are the same grading, and they fit well together.  This option also gives you a chance to get a good credit rating for the future.

What Options Most Influence Price?

The Metal

What the ring is made of will also determine the price but care should be taken not to minimise the importance of using quality materials that will wear and look better over time. Taking the cheaper option may prove to be false economy in the long run.

The Diamonds

The quality of diamonds is another major influence in the cost of the ring. The current trend is to go for a lower grade giving a bigger display of diamond for your money. However, there may be a limit to how far you want to go before there is an obvious yellow or brown colour and noticeable marks in a diamond that detracts from its brilliance. It is important to ask questions about the diamond grades when looking at rings. Ask for the GIA (Gemological Institute of America) grading terms so that you can compare apples with apples. Don’t settle for – “they are very nice stones”!

Summary

Generally, there are no hard and fast rules as to how much you should spend on an engagement ring. The guidelines above should help you in making a decision that is right for you and we stress the importance in dealing with professional jewellers such as Clarity Diamonds. We are able to give you the advice you need, are flexible in what we are able to provide and help you to make an informed decision that you will both be happy with.

Still not sure, contact us for advice on where to start.

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Our Background

Edwin Edmonds specialises in supplying diamond jewellery to discerning people. He is well qualified to assist you in your diamond selection. Continue reading...

Address

Clarity Diamonds Ltd
By Appointment Only
Christchurch, Canterbury

Tel: 0800 4 RINGS
Tel: 03 982 2982

Email: info@claritydiamonds.co.nz