While many people ask the question ''How much should you spend on an engagement ring?'' the real question should be ''How do you get the best engagement ring for your money?"
According to an article published by American Express in February 2022 "a one carat engagement ring typically costs around $5,500 USD, but most couples spend over $6,000 USD and 7 percent spend over $10,000 USD."
So what do you do if your budget can't stretch to $5,000, but you still want that magical 1 carat diamond ring or a ring that is more intricate than a solitaire? Many believe the best way to buy an engagement ring is via online retailers where the average cost of an engagement ring tends to be around 30-40% lower than at a local jewellers. The reason for this price difference is not in the quality of the product, it merely comes down to the associated overheads and operating costs or running a local store or large store network. It is far more costly for a retailer to set up a shop in a key position on the high street than it is to service a customer online via their website. Therefore a jewellery shop that has an online only presence will be able to sell you the same or similar ring at a lower price than a high street retailer is able to.
Other popular trends that are emerging are based around the expression of individuality. When individuality becomes the key decision making factor, budget becomes less relevant with couples opting for unusual shapes, gemstones, settings, colours and styles over achieving a spend threshold to show their love. In recent years, more couples are opting for Moissanite diamonds or lab diamonds because they are affordable and often considered to be more socially responsible and environmentally friendly as they are not mined from the earth like traditional diamonds are.
How to get the best engagement ring for your money:
- Consider a Moissanite diamond vs a traditional diamond. A Moissanite diamond gemstone is typically 10-15% (one-tenth) of the cost of a mined diamond of equal size and quality.
- Seek out a reputable online only retailer who will have lower operating costs and can therefore sell you the same size and quality gemstone for around 30-40% less than a local store is able to.
- Read customer reviews on the retailer and the products. When shopping online there are many review options available including photo and video reviews.
- Don't be afraid to wait for longer delivery times. You often get the best prices if you are willing to wait for delivery. Products shipped directly from suppliers reduce costs for the retailer and therefore make your ring more affordable without sacrificing size or quality. Delivery times directly from suppliers typically take around 20 - 30 days.
- Look out for free shipping offer or promotional codes. If an online retailer doesn't offer free shipping as standard, have a look on coupon code websites where you will often find free shipping promotional codes.
- Silver is the new gold. With silver being a key trend on the catwalks for 2023 its not only fashionable, it's also durable and more affordable than other metal choices making sterling silver an excellent choice for jewellery and engagement rings. Many engagement rings are made entirely from 925 sterling silver or with a 925 sterling silver base metal with gold plating in either white gold, yellow gold or rose gold to achieve the colour and look to match your preference and style.
- Sign up to your chosen retailers email newsletter. It is common practice for online retailers to offer an incentive to first time customers ranging from a free gift to money off your first purchase.
Men's Engagement Rings
Men's engagement rings are becoming increasingly popular, as more couples are opting for non-traditional engagement and wedding jewellery. Traditionally, engagement rings have been associated with women, but modern couples are breaking these gender stereotypes and choosing engagement rings that suit their personal styles and preferences.
Men's engagement rings come in a variety of styles, materials, and designs. Some men's engagement rings also incorporate diamonds or other precious gemstones, while others feature unique designs or engravings.
When choosing a men's engagement ring, it's important to consider your partner's personal style and preferences. Some men may prefer a traditional band with no embellishments, while others may want a more elaborate design. It's also important to consider the durability of the ring and the material it's made from, as well as the budget you have available.
Overall, men's engagement rings offer a unique way to express your love and commitment to your partner, while also breaking down gender stereotypes and embracing individuality. When choosing a mens engagement ring, the same guides apply, look for 925 sterling silver, moissanite diamonds, online retailers with good reviews, free shipping options and something different to capture his style and personality.
