Engagement ring shopping can be tricky, with the pricey nature and the sophisticated settings–classic, vintage, solitaire, and halo–just to name a few. Given how fast the jewelry world and contemporary trends have evolved in the past two decades, first-time buyers are likely to make rookie mistakes about how much they should spend on an engagement ring for their significant other.
Set your budget ahead before buying an engagement ring.
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The Average Cost of an Engagement Ring in 2022
According to popular market statistics, couples typically spend 16.7 percent of their wedding budget on jewelry. The average couple in the USA spends about $1,000 to $5,000 on an engagement ring. However, due to the pandemic and the financial stress it brought along, more people are noticeably shifting towards budget-friendly engagement rings. How Much to Spend on an Engagement Ring You can check out Sunny Eden™️ for more information.
Engagement Ring Shopping Hacks You Should Know
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1. Who’s Paying? What is the Budget?
The famous “three months’ salary” rule suggests that you should put three months of your salary towards a diamond ring for your beloved. That said, this so-called “rule of thumb,” coined by the diamond industry back in the Depression Era, is nothing more than a marketing trick. Simply put, if investing that much money in an engagement ring will cause you major financial concerns, then just don’t listen to it. Price doesn’t matter much. It’s a personal choice, after all.
Online engagement ring budget calculators are a great way to consider your salary, taxes, lifestyle costs, etc., and help you work out a tentative and more feasible budget for your ring. If you’re planning on surprising your partner, this is a discreet way to go about it.
2. Why not Switch to Cheaper yet Better Lab-grown Diamond Centerpieces?
While being a much more affordable alternative, lab-grown diamonds are optically and chemically identical to mined diamonds. Not only do they cost 30%-40% less than natural diamonds, but they are also highly customizable, offering you a plethora of options in color, cut, and size–another thing that really sets lab diamonds apart from their natural equivalents, on top of their tantalizing affordability. Lab-produced diamonds are also, needless to say, more environmentally friendly as naturally mined diamonds are sourced using forced labor which ensues a whole range of civil conflicts, human rights violations, death, and sexual exploitation. So come and hop on the environmental bandwagon while it’s not too late!
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3. Which of the Diamond 4Cs is Most Important to You?
This is the tricky part when it comes to diamond ring shopping. Everyone knows the 4Cs of diamonds–color, clarity, cut, and carat- and buyers often end up convinced that they have to get a ring with a center stone that has all the perfect 4Cs, costing them a fortune.
We suggest you prioritize your C. Drop the seemingly critical carat weight of 1 and go for a slightly smaller diamond, like a 0.95-carat. This alone will save up to 20%. Focus more on the cut because that determines the shine (the refraction of light) – a well-cut diamond can make the flaws in color and clarity go invisible and appear larger than its actual carat weight.
Finally, be open to alternative and contemporary shapes and settings of rings that truly catch your eyes within your budget.
4. Custom-made or Store-bought Engagement Rings?
A custom-designed piece of jewelry is certainly coveted by all. Couples get to create something unique and beautiful to symbolize their everlasting love. From having engravings of their initials and selecting specific and unique stones to customize the metal of the rings, buyers are spoiled for choices. Do you want to get your hands on one customized piece as well but worry about it being too expensive? There are many companies available in the market offer affordable yet classy custom rings designed from scratch by you and your significant other. Everything is absolutely tailor-made, from the center stone created from carbon in your hair to the engagement ring itself. You can spend the money saved from choosing a lab diamond instead of a natural one to get a more exquisite ring setting!
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Places to Buy Engagement Rings
1. Online Vendors
Over the last decade, the lab-created diamond business has made its presence known online with its much more affordable pricing and highly diversified options. Unlike other ordinary lab diamond dealers who sell mass-produced man-made diamonds made from generic carbon, also you may find some brands that specialize in wedding jewelry featuring none other than lab-grown diamonds made from carbon atoms isolated from human hair. Same budget, a bigger diamond that has an origin as unique as you and your better half.
2. Diamond Districts
As the name suggests, diamond districts are places where diamonds are manufactured, cut, and polished on an industrial level. Manhattan’s Diamond District, Philadelphia’s Jeweler’s Row, Rhode Island’s Jewelry District, and Chicago’s Jeweler’s Row are a few such places. They have multinational company outlets and a wide range of shops.
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3. Local Vendors
Depending on your region, local vendors can have very different prices. For instance, places like LA and New York will have higher markups on jewelry than Kansas or Oklahoma because there is a significant difference in the cost of living. The good news is that such purchases incur no shipping expenses.
4. Industry Trade Shows
A trade show or exhibition is usually meant for companies to promote their products and services. You may have heard of tourism, technology, and corporate fairs, but did you know there are also diamond industry trade shows?
Due to its nature, such trade shows are bound to have a conglomeration of dozens of diamond shops, companies, and independent vendors, all willing to showcase their products. This means thousands of designs and styles to choose from, and you also have the opportunity to compare prices, talk to experts in the field, subscribe to loyalty programs, etc.
The best engagement ring is the one that suits you the best.
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The Bottom Line
While many wedding customs and traditions may have started with sexist and classist intentions, today, the world is moving towards a more just end; we are putting things on more equal terms.
We no longer need social validation and a wedding that breaks our banks. Similarly, when it comes to engagement rings, what matters is the love and commitment for your other half, not the diamond’s price tag. Gone are the days when love’s value had to be evaluated and declared with blood diamonds.
Your love is unique and deserves to be celebrated how YOU want it to.
