How Much Money Should I Spend On An Engagement Ring?

How Much Money Should I Spend On An Engagement Ring?

Are you planning to buy a wedding ring this year? How much amount are you intending to invest on the same? Most people do not have any idea of how much to spend on engagement rings or any other wedding jewelry piece. Some people say that one may spend their 2 months’ salary on a diamond engagement ring. This fact may or may not be 100 percent true.

The Average Engagement Ring Cost

In the United Kingdom, the average engagement ring price is around 2100 Pounds. This number is based on an average of 100 recent sales of both men’s and women's engagement rings. The individual costs of the engagement ring ranged from 600 to 10000 Pounds.

Diamond Engagement Rings Myths

There are some common myths regarding how much to spend on diamond rings. These include the 3-months salary rule and many more. Let us understand each one of them in detail.

1.      The 3-months’s salary rule

This is possibly the most common myth regarding diamond engagement rings for women and men. Many people say that the amount of money you invest in a diamond engagement ring must be equivalent to your 3 months’ salary.

The good news is that there is no specific rule on how much you need to spend on Diamond Engagement Ring Sets. The 3-months rule was instigated at the beginning of the second world war as a marketing initiative. During that time, a lot of diamond marketers strived to raise their diamond sales.

This vintage rule must not make you frightened. Also, 3 months’ salary seems different for every individual based on their job or position.

2.      It is not important  to consider the 4 Cs

While selecting women’s or men's engagement rings, it is very important to consider the 4 Cs: cut, clarity, carat, and color. The 4 Cs will guarantee to be beneficial during your hunt for the perfect engagement ring.

Nowadays, a lot of individuals have exaggerated the procedure of purchasing diamond engagement rings. Just step into a jewelry store, anticipate getting the best diamond ring, and you are done. However, you aren’t done yet.

Buy an engagement ring as if you are buying a car. The procedure of buying a car involves a lot of things than the procedure of buying a diamond engagement ring. You do great in-depth research before buying a car, and you don’t simply walk inside a showroom and grab the car key.

Rather than buying a ring in a hurry, take time to research the diamond rings that are under your budget. This way, you can find the right engagement ring for your about-to-be wife or husband.

3.      Insurance is not necessary

An engagement ring insurance is something that is usually ignored. It is always important to consider insurance while preparing your budget. Many of us think that it is not necessary to insure a jewelry item. However, while you consider the average engagement ring cost, insurance is still worthwhile to consider.