Deciding how much to spend on your engagement ring is probably the most hotly debated topic out there on engagement rings.
In truth, there really are no fixed hard and fast rules, but I do have some general guidelines for you to follow.
If you’d like to listen to a podcast about this topic check out this one-
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The first thing you should do (before going to the store), is to discuss the cost upfront with your partner.
This works both if you’re the one buying the ring or the one receiving it.
And it serves a dual purpose, it-
- lets your partner know how serious you are about your relationship.
- helps set a realistic budget on much much you as a couple can reasonably afford.
Once you’re talking money – whether it’s you or your partner buying the ring, you are both now on the same page.
Does it ruin the surprise?
No.
Just because you’ve discussed a budget doesn’t mean the timing is set.
De Beers advocates spending 3 month’s salary on a ring, but in this day and age, that is often not possible.
Whilst everyone would love to have a dazzling rock to adorn their finger, the truth is that most couples start off with a modest ring which can always be upgraded or replaced with a more costly piece for some special occasion in the future.
So how much should you spend?
Well, you’ll need the metal (the setting) and the diamond.
THE SETTING
The setting alone (without the diamond) will cost about R7,500 for a modern design in 18ct Gold.
Many folks opt for a 9ct white gold ring setting which will cost from around R4,500.
Our Alison Comfort Fit Engagement Ring is an example below.
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Alison Comfort Fit Engagement Ring
R4,500.00 – R10,999.00Approximately: US$315.00 - US$769.93 View Options -
Carter Classic Engagement Ring
R6,500.00 – R13,999.00Approximately: US$455.00 - US$979.93 View Options -
Destiny Engagement Ring
R6,900.00 – R14,399.00Approximately: US$483.00 - US$1,007.93 View Options
THE DIAMOND
Engagement ring Diamonds typically fall in the R7,500 to R100,000 range.
What! Why such a big range?
Well, there are many variables involved in the pricing of diamonds (which we’ll go through in a future lesson).
The long and short of it is to look at your finances and budget how much you can realistically afford.