Engagement Ring Budget

“Three month’s salary”, “two month’s salary”, “how much is she worth to you?”—we have heard it all and at least once a week we are asked the question—how much should I spend on an engagement ring? The real truth is that there is no right answer. Ultimately it is the buyer’s choice and the buyer’s choice alone. That said, there are a number of factors that play into how much one should—and can—spend on the perfect ring. This post won’t give a definitive answer but will focus on suggestions to help decide which budget works best!

As great and black and white as the two to three-month rule sounds, it doesn’t always apply or make sense to people’s financial situation. Instead of falling back on outdated clichés we recommend our clients consider their finances and decide what they are most comfortable spending. Buying an engagement ring is a very personal and private purchase and as a team, we work to respect and bring beauty and quality to every budget.

Determining a Budget

So, what is the best way to determine the budget? One must first consider a number of things. Besides the limits or freedoms of bank account, one must work to understand their fiancé-to-be’s expectations and personal style. What is her dream ring? Does she have a Pinterest board available to peruse for inspiration? Has she mentioned her ideal ring to anyone? Her BFF? Her mum? Maybe she has mentioned a particular shape of diamond, a coloured stone, a particular metal! Chances are there are clues somewhere, so first and foremost, become a detective. Bringing these inspirations will help navigate towards what a realistic budget is. Most women will be happiest receiving the look/style/shape they were hoping for over size. Choosing size sometimes means losing quality because of budget, which can drastically change the overall look of the ring. (Refer to our Diamond Buying Guide for more details!)

Our last suggestion is to choose to work with a reputable company who has a Graduate Diamond or Graduate Gemologist on staff. A knowledgeable Graduate Gemologist can find room to lower cost and advise which corners can or should not be cut. We know which diamond shapes cost more than others due to popularity, which shapes can be bought at lower colour or clarity grades without visual effect, we have the knowledge to advise that choosing a 1.99 carat stone over a 2.00 carat won’t look different visually but could save the budget—most important, we take the time to share our knowledge, apply it to the budget, and achieve the desired look without breaking the bank.

A good jeweller will work to deliver what you want within your budget. It’s our job to help you manage your expectation while not compromising on quality or going beyond your budget. Though there is no right answer, no simple three-month blanket rule, the best strategy is to know what she likes and work with a graduate gemologist like myself to maximize that budget.

I can’t wait to help you make her dream ring a reality!

– Keely

Diamond Illustration