The Average Cost of an Engagement Ring in 2024

Emerald Cut engagement ring with diamond halo

A question we get asked a lot is ‘What is the average cost of an engagement ring?’ And if you’re planning to get engaged in the next few years, it’s important to start thinking about budgeting for the perfect engagement ring.

It’s important to remember that the cost of a ring should ultimately be based on your personal financial situation and what you feel comfortable spending. In this blog post, we’ll take a closer look at what you can expect when shopping for an engagement ring in 2024.

Is 2 months’ salary for an engagement ring a rule?

According to industry experts, the average cost of an engagement ring is expected to be around $6,000. However, it’s important to remember that the cost should ultimately be based on your personal financial situation and what you feel comfortable spending.

Some people swear by the “2 to 3 month salary” rule, while others prefer to set their budget based on other factors, like the quality of the diamond or any personal preferences.

Whatever your approach, remember that at the end of the day, the ring is simply a symbol of the love and commitment you share with your partner. So whether you go for a simple solitaire or a sparkly halo setting, the cost of the engagement ring should always be something that feels comfortable and special to you both.

3 carat diamond ring with diamond accented setting
3 carat diamond ring with diamond accented setting

Factors that impact the cost of an engagement ring

If you’re searching for the perfect ring, you may be wondering how much you should budget for this special jewelry piece, and who will be paying for the ring. Well, it’s no secret that the cost of an engagement ring can vary widely, depending on a number of factors. From the carat size and quality of the diamond to the type of metal and setting, there are plenty of variables to consider when shopping for a ring.

But don’t fret if you’re working with a tight budget – finding a beautiful and meaningful ring is possible without breaking the bank. Just remember that a cheaper engagement ring doesn’t have to mean sacrificing beauty or style.

a. Carat size

Choosing the right carat size can be a tough decision, but don’t worry, we’re here to help.

Carat size refers to the weight of the diamond, and it’s one of the most important factors to consider when selecting your dream stone. It’s worth noting that carat size doesn’t necessarily determine a diamond’s quality, as there are other factors such as color, clarity, and cut that all play a role in its value. However, carat size does affect the price, so it’s important to balance your desired size with your budget.

No matter what size you choose, remember that the most important thing is finding a diamond that speaks to you.

Watch Our Fun Diamond Size Matters Video

b. Setting type

Setting type is an essential factor to consider when choosing an engagement ring. It can enhance the overall beauty and appeal of the diamond, making it stand out on the finger.

With so many different options available, it’s important to take the time to explore the various settings and find the one that best fits your style and personality. Settings are available in a wide variety of materials and can even feature two-tone designs. The band can have an elaborate design or be as simple as you’d like. Whether you prefer a classic solitaire or a more intricate design with diamonds or other accent stones, there’s a setting out there that’s perfect for you.

So, let your creativity run wild and discover the perfect engagement ring setting to symbolize your love and commitment.

Engagement Ring Settings with white backdrop
Engagement Ring Settings in white, yellow and rose gold.

c. Quality of the diamond

When it comes to choosing a diamond, the quality of the stone is paramount. After all, you want your investment to shine bright for years to come. But what makes a diamond high quality?

There are a few factors to consider, such as clarity, cut, color, and carat weight. A high-quality diamond will have excellent clarity, with few to no visible blemishes or inclusions. It will also be expertly cut, maximizing the stone’s brilliance and overall beauty. And of course, the color and carat weight will also play a role in determining the diamond’s quality.

When shopping for your perfect diamond, be sure to do your research to ensure you’re getting a high-quality stone that will last a lifetime.

Tips for staying within budget when buying an engagement ring

Buying an engagement ring can be a thrilling (and, let’s be honest, slightly overwhelming) experience. And if you’re trying to stay within a budget, it can be even trickier to navigate. But fear not! There are plenty of ways to find a beautiful and meaningful ring without breaking the bank.

Rose gold setting with brilliant round diamond ring
Rose gold setting with brilliant round diamond ring

Whether it’s choosing a cheaper material, opting for a smaller stone, or shopping around for deals and discounts, there are plenty of tips and tricks out there for finding the perfect ring at a price you can afford. So don’t stress! With a little bit of planning and some savvy shopping, you can find a beautiful and affordable engagement ring that will make your partner’s heart sing.

Four Budget Friendly Tips When Ring Shopping:

  • Many engagement ring shoppers love platinum rings. However, this can add more to the price. If staying within a budget, yellow or white gold is a cheaper alternative. Engagement rings made out of sterling silver are an option too.
  • If you need to stay within a smaller budget, it is totally doable. Choosing a smaller diamond size can help reduce the cost significantly. A smaller diamond can still shine bright and make a huge impact.
  • Consider an alternative gemstone as the main stone instead of diamonds. Not only are they often more affordable, but they also offer a wider array of colors and styles to choose from. Moissanite engagement rings are skyrocketing in popularity as to the untrained eye, they look similar to diamonds without the hefty price tag.
  • Another option is to look for vintage or antique rings, which can offer a one-of-a-kind look at a lower price point.

Finally, be sure to look for monthly sales and discounts. With a bit of creativity and patience, you can save money and still have a stunning ring to symbolize your love.

Find the perfect engagement ring for your budget!