How much to spend on proposal ring
BASIC KNOWLEDGE - HOW MUCH SHOULD YOU SPEND ON AN ENGAGEMENT RING
HOW MUCH SHOULD YOU SPEND ON AN ENGAGEMENT RING
Diamonds as engagement rings has been a norm for the past few decades, if not longer. While, this age-old tradition have not changed and many ladies might be envisioning and expect their diamond ring, this bring us to a serious
- How much should an engagement ring actually cost?
What is the average cost of an engagement ring?
An engagement ring is often seen as once in a lifetime opportunity. With that in mind, it can be pressurizing to set a budget on the cost of the diamond ring. However, it is recommended that you only spend what is comfortable for you & your partner without affecting your daily lifestyle. It has been reported that the national average spending for an engagement ring would cost about $6,000. That being said, this amount would vary from couple to couple depending on their priorities. Hence, the challenge in determining the price guide on the average spending.
| COUNTRY / REGION | AVERAGE DIAMOND RING SIZE |
AVERAGE SPENDING (USD) |
AVERAGE DIAMOND SPECIFICATIONS |
| United States (US) | 1.0 carat | $6,000 | H-L color, VVS-SI1 clarity |
| United Kingdom (UK) | 0.6 carats | $2,600 | I-K color, VVS-SI1 clarity |
| Europe | 0.5 carats | $1,500 | H-J color, VVS-SI1 clarity |
| China | 0.5 carats | $2,000 | D-F color, VVS-SI1 clarity |
| Malaysia | 0.4 carats | $1,500 | F-G color, VVS-SI1 clarity |
| Hong Kong | 0.7 carats | $4,000 | D-G color, VVS-SI1 clarity |
| Taiwan | 0.5 carats | $2,000 | D-F color, VVS-SI1 clarity |
| Japan | 0.3 carats | $2,500 | D-F color, VVS-SI1 clarity |
| Singapore | 0.5 carats | $2,500 | D-G color, VVS-SI1 clarity |
*disclaimer: These finidings are concluded from data in recent years
Although these are the average spending across the country, the budget of your engagement ring does not have to be based on what others are spending. Bear in mind that these statistics are simply just numbers. Even if you do not spend the average amount it does not equate to loving your partner any lesser as the engagement ring’s true value emphasizes on the quality of the diamond ring & the effort you’ve put into rather than the amount you’ve spent.
Moreover, you will notice that within Asia countries the average carat sizes are smaller than 0.7ct generally as Asian ladies typically have much smaller build than those residing in western countries.
The proportion of carat weight to finger profile varies depending on the individuals as there are also many ladies with petite hand profiles located in western countries like US or Europe.
What are the common thoughts or 'rules'?
One of the biggest misconceptions when attempting to calculate the cost of the engagement ring, is the 2- or 3-months’ salary rule. Although a lot of people may be familiar with this quote due to one of the marketing campaigns laid out by De Beers, you should not confine yourself to this statement unless you are financially equipped to accommodate to that whilst not having to restructure your necessary spending for your daily commodity.
In present times, many are getting engaged in their late twenties or early thirties after graduating from school. This could mean student loans and finances are unpredictable for them to spend a considerable amount on an engagement ring. Hence, it is always good to set a comfortable price range for yourself rather than setting too high an expectations for yourself. Otherwise, this could land you in a difficult predicament where you may find yourself going into debt while paying for a diamond ring.
One other misconception that most people have is that a custom engagement ring cost more. However, some local jewelry stores does offer free customization and have in-house designers to help you out. In essence, the actual cost of the ring would depend on the amount of gold used and the amount of diamonds on the band (if any). With this in mind, it is alright to explore further in her preferences or style and try not to limit yourself based on the idea of ‘higher cost’, as in actual, custom jewelry can be affordable as well.
On the other hand, some other jewelry stores charge based on design and each different changes would be an additional charge. Additional services like the viewing of 3D prints of wax casted molds might also incur extra fees. It is always good to research more beforehand as expectations might not always be granted depending on the different diamond retailers you opt for. Ample research beforehand gives you more idea of what you can expect, and a baseline would form naturally.
JP NOTES
Envisioning the details or concept you have in mind can be a challenge without the necessary technology or skills in design. Many jewellers tend to take advantage of this aspect & tend to charge additional or unreasonably for their input. Furthermore, with the additional investment placed on just the designing aspect, one might also feel inclined to settle for a design knowing it can still be improved to avoid the excessive cost. Therefore, customization services in JannPaul are all free-of-charge from constructing an entirely new concept, to the vizualization process we provide virtually through high definition 3D renderings. With the aid of modern technology using 3D printing, we are also able to provide a wax mold ring casted from your finalized ring design before proceeding to the actual crafting of the ring to guarantee ultimate satisfaction.
Most people around us might also prioritize size over quality where they would try to maximize the carat weight, where a larger size always seems to be the correct solution. Despite this, there are many various factors to consider like her finger profile or how the qulaity would differ when you try to priortize Carat weight over the other Cs (Cut, Clairty, Colour).
Recommendations
There are many common misconceptions that people have due to successful marketing campaigns like, owning a 1 carat diamond ring or spending two to three months’ salary on their solitaire diamond ring.
While, there is no correct or wrong answer to this question, there can be a few ways to set you on the correct path.
While doing your research online, there may be various average prices that you might come across which might sway you or scare you a little. However, the thing about engagement rings is that, the bigger diamond does not always seem to be better or rather the price should always be based on several factors of your own
- financial situation, her ring preferences, what actually suits her best, manipulating the 4Cs.
Your financial situation should always be of your main concern as you would have to take into account weddings, housing plans or certain bank loans that you are tending to. As such work out a price range for yourself first and drop by a few local jwellery stores to gain some insights of the prices. It is always recommended to start early because plans might change and doing more groundwork before diving into the purchase can save you a little heartache in the future. This is largerly due to the fact that you might find better jeweller that can bestow you with a better-quality diamond.
In addition, knowing her ring preferences would come in handy as well. As being thoughtful of her design preferences does not equate to splurging on an expensive diamond ring. Take cues from her Pinterest account or the accessories she usually wear would give you some ideas to get you started and a concept of the diamond ring would naturally take form.
Using these cues, you may approach a local jeweller for some recommendations and a price gauge, and you would be able to arrange your budget accordingly.
JP NOTES
Always remember that the value of the engagement ring does not depend on how much you have spent on it, but rather the amount of effort & thoughts you have placed into finding the perfect diamond ring for your fiancé. As such, out of the 4Cs of a diamond, one should always place their priority on the Cut, as that is the key factor in purchasing a diamond of the highest quality. Nothing displays the amount of effort you have placed into sourcing the best proposal ring better than allowing her to have a Super Ideal Cut diamond ring as it provides the highest possible light performance, known to outshine every other diamond in the world.
For example, if she prefers something classic, a solitaire diamond ring would do the trick. This would give you a little more to spend for her main diamond. Alternatively, if she prefers a little more bling to her ring like having accent stones (side diamonds), naturally, these rings require more diamonds which is slightly pricier than a classic solitaire ring. Although, her opting for a ring with side diamonds does not mean that you have to fork out more for the ring, instead, you can portion your budget based on her preferences. You can always speak to a local trusted jeweller and have them provide you with some options and recommendations. This gives you a different perspective and some hints of how to work with your planned budget.
It is also not recommended to overspend on the engagement ring where it would leave you in debt as being reasonable about your hefty purchases would set you up in a comfortable position the start of your marriage.
Finding Out the Size of the Diamond That Best Suits Her Finger Profile – what actually suits her best?
One of the major factors to take into account to finding a suitable diamond size for your partner would be her ring size. Although many ladies would admire a beautiful 1 carat diamond, trying it out on their own fingers may be a different story altogether, especially for ladies with petite hands.
Generally, the most suitable diamond size would begin with finding something suitable to her finger in terms of proportion. Using an average Asian ring size 7 as a guage (US 4.5), diamonds sizes that would appear to be proportionate would typically fall within the range of 0.3-0.5 carat size as the contrast to the small hands can make the diamond appear to be larger than it is.
On the other hand, for slightly larger hands, taking an Asian ring size 13 (US 6.5) for example, would usually go well with diamond sizes along the 0.5-0.6 carat size range due to the nature of having longer or wider fingers. These are the average diamond sizes preferred for a comfortable daily wear.
JP NOTES
In order to get the perfect diamond ring for your fiancé, it is always important to get a good idea on the type of ring she might fancy. As this would allow us to guide you further & venture deeper into understanding her preferences as well as finding out what might be suitable for the proposal ring beginning with the selection of the highest quality of diamond, to customizing a unique ring design tailored to her personality that would allow her to cherish it for a long time to come.
Although for ladies who are more accustomed to wearing jewellery on a daily basis, a larger carat weight is also a possible option regardless of the ring size. As long as it does not look too overbearing like having a 2-carat diamond on an Asian ring size 7 as that would usually prove to be inconvenient for daily usage. However, if the solitaire diamond ring is only going to be worn during special occasions such as dinners or events, this would create more opportunity to get a diamond of a larger carat weight as well.
Instead of worrying about your tentative budget, it is always good to shortlist a few trusted jewellers to help you out. As purchasing a diamond based on the 4Cs or just the certificate alone is truly not adequate because you may end up with a less that brilliant diamond. There are many various factors that affects the shine and brilliance of the diamond, and not many jewellers will tell you that. Hence, rather than worrying about your budget, it might be a good idea to start researching on purchasing the best diamond that would outshine the rest.
