How to Budget for a Stunning Diamond Engagement Ring That Will Last a Lifetime

When it comes to shopping for diamond engagement rings, budgeting is key! Whether you're a first-time buyer or looking to upgrade, it's important to ensure that you're getting the most out of your investment. King of Jewelry, a luxury diamond jeweler based in Los Angeles, understands this and is here to help you budget for a stunning diamond engagement ring that will last a lifetime. In this blog post, we'll explore the statistics behind budgeting for an engagement ring, as well as provide you with useful tips to help you find the perfect diamond ring for you and your partner.

The Average Cost of an Engagement Ring

If you're wondering how much you should budget for an engagement ring, the average cost of a diamond engagement ring is about $6,000 in 2023. However, the majority of engagement ring shoppers spend between $1,000 and $4,000 on an engagement ring, according to the King of Jewelry. Interestingly, despite the economy and the pandemic, research by The Knot indicates that people are not reducing the amount they spend on luxury engagement rings. About 20% of engagement ring shoppers will spend $5,000 or more on their rings. 

When budgeting for a wedding, it's important to remember that approximately one-fifth of the budget is spent on engagement rings and bands. So, it's essential to take this into account when deciding on your budget for a wedding ring. However, even with these expenses, buying a stunning diamond engagement ring that will last a lifetime can be a sound investment. With proper care and maintenance, it can retain its value or even appreciate in value over time.

Factors That Affect the Cost of an Engagement Ring

If you're budgeting for a wedding ring, it's important to know what factors will affect the cost. Luxury engagement rings come in a variety of styles, with various factors contributing to the final price tag. Here are the main factors that can influence the cost of an engagement ring:

The Center Stone: 

One of the most important factors in determining the cost of a diamond engagement ring is the center stone. Carat weight is the biggest determinant of price, with larger diamonds being more expensive. The grading of your diamond can also impact cost, as higher quality diamonds will cost more. Another consideration is whether to go with a natural or lab-grown diamond, with lab-grown diamonds often being less expensive.

The Design of the Ring: 

Design elements can greatly impact the cost of an engagement ring. Fancy shape center stones, like oval or marquise cuts, may cost more than a traditional round cut. Adding halos or trilogy stones can also drive up the price.

Metal and Setting:

The choice of metal and setting style will also influence the cost of an engagement ring. Platinum is the most expensive metal, while white gold is a more affordable option. Different band and setting styles, like pave or channel settings, can also affect the final price.

Finishing touches like engravings or other customizations can also contribute to the cost of an engagement ring.

Remember, buying an engagement ring is an investment, so it's important to carefully consider your budget and the factors that affect cost before making a purchase. With a little bit of research and planning, you can find a stunning ring that fits your budget and will last a lifetime.

How To Set a Budget for an Engagement Ring 

If you're budgeting for a wedding ring, it's important to remember that a luxury engagement ring doesn't necessarily have to break the bank. Here are a few tips for shopping for an engagement ring on a budget:

  1. Determine your budget: The first step to shopping for a budget-friendly engagement ring is to figure out how much you're willing to spend. Stick to your budget and resist the temptation to go overboard.
  2. Look for sales and discounts: Many jewelers offer sales or discounts on engagement rings, especially during the holiday season. Be sure to check out their websites or visit their physical stores to take advantage of these deals.
  3. Opt for a simpler design: Engagement rings with intricate designs or numerous stones tend to be pricier than those with a simpler design. Choose a classic and timeless design that still looks stunning and saves you money.
  4. Buy online: Shopping for an engagement ring online can often be more affordable than shopping in-store due because you are more likely to find what you want. Just be sure to research the company beforehand and read reviews from previous customers.

Remember, budgeting for a wedding ring doesn't mean sacrificing quality or style. With these tips, you can find a stunning luxury engagement ring that won't leave you in debt.

What Are the Most Popular Cuts and Settings For Engagement Rings? 

The choice of a cut and setting for an engagement ring can completely change the look and feel of the ring. While there are numerous cuts and settings to choose from, here are some of the most popular ones for engagement rings in 2023.

Diamond Cuts

  • Round Cut: This is the most classic and timeless cut for diamonds, accounting for approximately 75% of all diamonds sold. A round-cut diamond has a circular shape and its brilliance is unparalleled. It is a popular choice for engagement rings due to its classic and elegant appeal.
  • Princess Cut: This is the second most popular cut, accounting for about 10% of all diamonds sold. It is a square-cut diamond with pointed corners that gives the ring a contemporary and modern look.
  • Oval Cut: The oval cut diamond is becoming increasingly popular as it offers a unique alternative to the round cut. It is an elongated shape that makes the diamond appear larger than it actually is, making it an excellent choice for those looking for a big and impressive diamond.
  • Emerald Cut: This cut has an elegant and sophisticated look that is favored by many. It is rectangular with step-like facets that give the diamond a hall of mirrors effect. It is a perfect choice for those looking for a more vintage and unique feel.

Ring Settings

  • Halo Setting: This is one of the most popular settings for engagement rings. It features a center diamond surrounded by a ring of smaller diamonds, giving the ring a more dramatic and glamorous look. It also enhances the size of the center diamond, making it appear larger than it is.
  • Solitaire Setting: This is a classic and timeless setting that features a single diamond on a simple band. It showcases the beauty of the diamond without any distractions, making it an excellent choice for those who prefer simplicity.
  • Pave Setting: This set features a band that is encrusted with tiny diamonds that appear to be paved onto the band. This gives the ring a very glamorous and sparkly appearance, making it a popular choice for those who love bling.

Find the Engagement Ring You Are Looking For at King of Jewelry

No matter your budget, King of Jewelry has the right engagement ring for you and your fiancé. Shop online to see our exquisite collection of engagement rings for men and women. There are also custom options available.