How Much Should You Spend on an Engagement Ring
“Will you marry me?” These are the four most important words a man can ever say to his partner. If you watch a lot of movies, you know that the words need to be accompanied by something - a ring.
While the movies will show you how the ring fits the woman’s finger perfectly, they skip out the preceding part – buying the engagement ring. It is not only tricky but also requires you to do a lot of math!
When buying engagement rings, the first question that comes to mind is, how much do you spend? Here is everything you should know about this topic.
So, What about the Three Month Salary Rule?
For many years, men who were to be engaged followed the ‘three month salary rule’. This rule, as the name suggests, stipulated that a man should spend three month’s salary on the ring he buys for his fiancé. Many men, especially in the West, saved up for months and bought an exorbitantly priced ring. Are you planning to follow this rule?
Whoa! Whoa!
Do you know that the three month salary rule is only a marketing gimmick? There is no hard and fast rule to how much money you should spend on your engagement ring. You could spend all your savings (not a wise move), a part of your savings or nothing at all! Yes, the last only applies to men whose mothers or grandmothers have given them a family ring to propose to their loved one with.
To understand how much you should be spending on an engagement ring, you need to first understand a few other things.
What Determines the Cost of an Engagement Ring?
An engagement ring typically has two parts; the metal and the gemstones. When it comes to precious metals, gold and platinum are the most favoured ones for an engagement ring. Gold rings have a traditional appeal while platinum rings have a more modern edge. Between the two metals, platinum is much more expensive. However, it is also more long lasting, durable and less prone to scratches.
Diamonds rings are the most common and favourite picks of many couples. If you want to go the unconventional route, you could also pick emeralds, rubies, or sapphires. These are considered precious gemstones. All other gemstones are referred to as semi-precious stones. No matter what stones you choose there are four factors that determine its value - cut, colour, clarity, and carat.
Cut - A stone can be cut in a number of different ways. When it comes to engagement rings, the round cut, emerald cut, and square cut are the more preferred ones. This is one aspect of a gemstone that you should not cut corners with. The cut of a stone determines how it sparkles and affects the look of the whole ring.
Color - The color of diamonds ranges from clear to yellowish. The lesser the colour, the higher the price will be. For all other gemstones, look for a stone that has a bright, saturated colour. Pale stones as well as those that are too dark are not highly valued.
Clarity - When a gemstone is mined, it may contain natural inclusions. This affects the clarity and luster of the stone. It is also one of the key elements that determine how a stone is to be cut. The clarity of a stone is graded from I1,2, 3 to SI1,2 to VS1,2 to VVS1,2, FL and IF.
Wondering what these terms mean?
The terms I1, 2 and 3 refer to stones that have obvious inclusions that are visible to the naked eye. These should be avoided. SI1 and 2 refers to stones with inclusions that may be visible to the naked eye but are definitely visible under a microscope. VS1 and 2 stands for Very Slightly Included. These inclusions are invisible to the naked eye. VVS or Very Very Slightly Included inclusions are miniscule and are difficult to see even under a microscope.
Stones graded as FL are flawless while those graded as IF are internally flawless. These are the most expensive gemstones.
Carat - Carats and carrots may sound similar but have nothing in common! The carat size of a gemstone refers to its weight. This can range from 0.25 to 5.0. Cut and carat are interrelated. A bad cut can make a stone look smaller while a well cut stone can appear much larger than it actually is.
Consider the Preferences of the Wearer
An engagement ring should be something your fiancé will be proud to wear. Hence, it must be something she likes. For this reason, many men choose to shop for an engagement ring with their partners. If you are planning a surprise proposal, ask her friends if she has mentioned anything about her ideas of an ideal ring or if there is someone else’s ring that she has admired. The preferences of the wearer should be taken into consideration. This will also give you an idea about how money to set apart for buying your engagement band.
Don’t Break the Bank
Now that you know how the value of a ring is determined, take a look at your finances. The engagement ring is only the first of many purchases that will go towards your wedding and your future life together. Hence, do not empty your savings on this. Think about your current income, your expenses and lifestyle.
If you are planning on buying a ring on EMIs, think of how much money you can afford to put away each month. Remember, at the end of the day, it isn’t the cost of the ring but the moment that will be remembered for a lifetime.
How Can You Get the Best Deal?
The amount you want to spend on your engagement ring is completely up to you. What we do have for you are a few tips on how to get the best ring within your budget.
Shop around - Don’t settle for the first ring you see. Browse through designs both offline and online. Ask as many questions as you would like and buy a ring only when you are completely satisfied with it.
Shave off a few points - Carat size is one of the largest price influencers. Buying a stone with a round carat size such as 1.0 or 2.0 is much higher as compared to one that measures 0.9 or 1.9 carats. The difference between the two is visible only to a jeweller. Hence don’t feel bad about shaving off a few points on the carat size.
Leave the solitaires aside - Solitaires refer to rings with a single gemstone. Instead of these rings, look for rings with a cluster of stones. These give a similar look at a fraction of the price.
So, are you ready to buy the ring that will mark the beginning of your future?
