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Getting engaged is a joyous occasion. However, you’ll have a lot to consider leading up to the moment you pop the question. When and where will you propose? What will you say and who will be there? All good questions. But, before anything, one question that you need to answer is how much do you want to spend on an engagement ring?
If you wonder how much to spend on an engagement ring, you’ve come to the right place. In this guide, we break down the rules that many people follow when selecting the perfect ring before they get down on one knee. Plus, we provide a range of what kind of prices you will find for Verragio semi-mount rings and wedding ring sets.
How Much to Spend on Engagement Rings: The “Rules”
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Money shouldn’t be a taboo subject. Many studies agree that being open about your finances is important for a happy marriage. At Verragio, we believe being honest with your jeweler is essential too. This way, your jeweler can point you toward an engagement ring that fits your budget and makes your soon-to-be-fiancé happy from the start.
Let’s break down the “rules” on how much to spend on engagement rings to get an idea of what kind of budget to allocate.
The Salary Rule
When deciding how much to spend on an engagement ring, using your salary is an excellent place to start.
One rule is to spend three months’ salary. This proportional salary rule originated from a 1930s De Beers marketing campaign to increase sales during the American Depression. In the beginning, De Beers forged the idea that a diamond engagement ring, the ultimate symbol of love, should cost one months’ salary. By the 1980s, this number grew to become two months’ salary. Now, the cost of the engagement ring of the person’s dreams has increased to three months’ salary.
However, this rule is not set in stone. Three months’ salary is intended as a guide to help people find the perfect engagement ring. However, there are many financial considerations and factors that come into play for each individual, which can either increase or decrease this golden rule. Whether you choose to scale back or raise your funds toward the piece of jewelry is a decision that is entirely yours to make.
Often, people looking to purchase an engagement ring land somewhere in between. Splitting the difference between a one-to-three-months’ salary offers a happy medium that allows couples ease of mind without breaking the bank.
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The Average Ring Cost Rule
Another way to choose how much to spend on an engagement ring is to look at the average cost. According to WeddingWire’s 2020 report, approximately half of couples spent $5,000 on an engagement ring, while 20 percent spent more than $10K.
Of course, the features of the engagement ring, from the stone type, jewelry brand and the Four C’s — cut, color, clarity and carat weight — can all impact the cost.
The Spend-What-Feels-Right Rule
If you and your partner are shopping for an engagement ring together, it’s always a wise idea to talk about personal finances together and decide what rule to abide by. Whether you choose a two-month salary price or purchase an engagement ring of average cost, spend what feels right. Each relationship and person should consider their current finances and future endeavors, whether that is a wedding, house or honeymoon.
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Verragio Ring Costs
Verragio semi-mount rings range in cost and depend highly on the diamond you choose to crown it with. The type of gold you choose, for instance rose gold engagement rings, can affect the cost of an engagement ring. The amount of customization you make to your dream engagement ring can increase the price too.
You can find Verragio engagement rings starting at $1,500, going up to over $11K. And Verragio’s matching wedding ring sets have a starting price that can range anywhere from $5,600 to $11,600.
Verragio’s engagement rings and wedding bands are world-class jewelry of the finest quality. When you buy a semi-mount ring or band from us, you buy a symbol of your love that will last forever. Still, a professional and reputable Verragio jeweler will help you find something within your budget and ensure you select the most beautiful stone possible.
Contact us to learn more about our engagement rings and locate a nearby Verragio jeweler to find the perfect design that agrees with your budget.