When the time comes to shop for an engagement ring, there are many things that you’ll need to consider. Cost is one of the factors that will play a big role in the design of the ring, the size and clarity of the stone and the overall quality of the ring. You will likely have heard about the engagement ring cost rule at some point in the process. Many people will tell you that you need to spend two or three months’ salary on your ring. This rule has managed to stick around for many years, despite being somewhat of a misconception.
In theory, there is nothing wrong with saving for a ring and having a clear budget in mind. In reality, the two or three-month salary rule is not as straightforward as it looks on paper.
What to Know About Engagement Ring Cost
The biggest problem with this rule is that every single ring is unique. As we mentioned above, numerous factors will come into play when determining the cost of an engagement ring. Simply going into a jewellery store and seeing what you can get for your budget is not going to work. To work out a realistic budget, it helps to first know a few things that will influence the cost of the ring.
Pre-made vs custom
Pre-made rings, like those you will find at a jewellery store, may seem to cost less at a glance. They are not always the most affordable option, however. There are also downsides to choosing a generic ring. Custom-made rings allow you to have a lot more choice when selecting the quality of the diamond, the size of the stones, the metal, the style of the ring and other factors that can lower or increase the overall cost. When you work with a jeweller, you will also have a chance to give them an idea of how much you can spend. The jeweller will then make recommendations based on your budget.
Cheap vs quality
You may be tempted to search for cheap diamonds online or through other sources. There is more to choosing a diamond than price alone. You could save a lot by choosing a slightly lower carat that has no visible difference from a higher carat to the naked eye. Choosing diamonds from certified specialists is essential. If you have to pay a bit more, remember that diamonds are an investment. Cheap diamonds may not be real if there is no certification. Once again, working with a professional jeweller is the best way to be sure that you are getting quality stones and metals. Your jeweller will explain carats to you and help you make the best decision. You will also have a better idea of other factors in the 4 Cs of diamonds that influence costs, such as clarity, cut and colour.
Ultimately, there is no set rule on how much you will spend. Rather than using an outdated rule, first, consider the type of ring you want, then speak to an engagement ring specialist such as Cape Diamonds to help you design the perfect ring that suits your budget.