What Every Groom Needs To Know About Spending On Engagement Rings

Ready to search for an engagement ring? When it's time to take your dedication to the next level, you'll no doubt want to make the proposal perfect with a unique and beautiful engagement ring your beau is going to love. As everybody knows, this is one moment you'll remember and cherish for a very long time, so it's essential to get it right!

Diamond rings - do your research first!

As you start to shop for a diamond engagement ring, it's easy to get confused by the endless array of rings in different shapes, sizes and price brackets. Soon enough, you'll find that doing some research goes a long way when it comes to selecting and deciding on how much to invest on an engagement ring.

Engagement ring prices

If anything is certain, it's that diamonds remain a big investment. According to The Knot 2020 Jewelry and Engagement Research study, the average cost of an engagement ring is around USD$5,500. If you're choosing just how much to spend on an engagement ring, there are a number of factors to think about before jumping in.

So, how much should an engagement ring cost?

One research study found that one-quarter of all people buying engagement rings tend to invest between $1,000 to $3,000 on the item. In reality, 11% of ring consumers are investing under $1,000. It's important to remember that $5,500 is a nationwide typical drawn from respondents all over the nation and is affected by a multitude of elements.

The Mid-Atlantic region of America for example, has the greatest average investment, which sits at an average of $7,600. Westside USA residents were behind, averaging $5,400 on their cheap engagement rings. In areas like the Southeast, the Midwest and the Northeast, the average spend was typically on par with the nationwide average at $5,2500, $5,400 and $6,000, respectively.

Engagement ring types

Out of the many popular engagement ring types, while coloured stones like emeralds and sapphires might bear historical significance, our study discovered that diamonds still reign supreme. Couples are very much still opting for diamonds with 86% of ring buyers requesting this as their centre stone.

Overall, about two-thirds of all engagement rings have a centre stone that's between a half carat and 1.5 carats, and 43% of all rings were a round cut. About 58% of rings consisted of a diamond center stone with side accents, while 25% had a particular solitaire diamond.

Posted by Vanessa Roberts