How Much Should My Engagement Ring Cost?

A Question lots of couples ask themselves. As a wedding photographer, I’ve seen a broad range of engagement rings and heard many couples' stories about how they chose the perfect one. Here’s some advice to help you with your decision regarding budget.

Set a Budget That Works for You

The first and obvious step is to set a budget that aligns with your financial situation. There's no one-size-fits-all answer to how much you should spend on an engagement ring. The old rule of spending three months' salary is outdated and doesn't suit everyone's financial circumstances. Consider what you can afford without causing financial strain.

Understand the 4 Cs

Familiarize yourself with the 4 Cs of diamonds: Cut, Clarity, Color, and Carat. These characteristics determine a diamond's quality and value. Decide which aspects are most important to you and your partner. For instance, some people prioritize a larger carat size, while others focus on the diamond’s clarity and cut. So this one’s is all about preference.

Research Different Ring Styles

your partner prefer a classic solitaire, a vintage halo design, or a modern minimalist ring? Pay attention to the jewelry they already wear for clues about their style. Visiting jewelers together can also help you understand what they like.

Consider Alternative Gemstones

Diamonds are traditional, but they aren't the only option. You might want to consider alternative gemstones like sapphires, emeralds, or rubies, which can be just as beautiful and often more affordable. These stones add a unique touch to the engagement ring and can be a great way to reflect your partner’s personality. Also don’t forget that there are now also Lab Grown Diamonds available for a much lower price than ‘’natural’’ diamonds and the crazy thing is that Lab Grown Diamonds are LITERAL diamonds meaning they have the same exact chemical structure, same hardness, everything. The only difference is that they haven’t been dug up.

Don't Forget About the Setting

The setting of the ring plays a major role in its overall appearance and durability. Choose a setting that complements the diamond and suits your partner’s lifestyle. For example, if they lead an active lifestyle, a bezel setting might be more practical than a prong setting.

Plan for the Long Term

An engagement ring is a significant investment, so consider its long-term value. Think about whether the ring can be resized or modified in the future. Some couples also plan to upgrade the ring over time, so keep that possibility in mind when making your choice.

Get Insurance

Once you've purchased the engagement ring, protect your investment by getting it insured. Insurance can provide peace of mind in case of loss, theft, or damage.