If you found the love of your life and ready to propose, the next step is to find the perfect engagement ring. An engagement ring may be one of the most important jewelry purchases you'll ever make, and with so many beautiful designs, finding the perfect ring take some time.
It's traditional to present the engagement ring to your girlfriend when you propose, and over 50% of men follow that tradition. However, today it's becoming more common for the couple to choose the ring together. By allowing her to choose the engagement ring herself, you can be sure that she'll love the ring.
While choosing the ring might be difficult, it can also be difficult to decide how much you should pay for an engagement ring. Contrary to common belief, there isn't a set rule about how much an engagement ring should cost. There are a lot of factors that go into determining how much you should spend.
Traditionally, people determined their engagement ring budget based on their two-month salary or more. That guideline originated from DeBeers, diamond jeweler and producer, in 1947 as a way to expand the diamond engagement rings market and make them more accessible. The idea caught on and is still used by many as the rule for purchasing a ring.
In reality, the cost of an engagement ring should be based more on what you can afford. Simple engagement rings can cost as little as $100, and the most expensive rings can reach $1 million or more. While million dollar rings may be beyond many couples' budgets, the average price runs from $3,500 to $4,000 in the U.S. How much you spend is a personal preference and determined by your current and future expenses, disposable income (how much money you have left per month after all your bills are paid off), and risk level (how much debt you feel comfortable having). Here are some expenses to consider:
- Wedding Rings Budget: How much you want to spend on wedding rings will help in determining your engagement ring budget - unless you plan to have a fairly long engagement, two years or more. A longer engagement means that you will probably have the ring paid for before you need to purchase the wedding bands. If you're going to be getting married soon, you should consider the combined cost you can afford to pay for the engagement and wedding rings.
- Wedding and Post-Wedding Expenses: Other expenses that should be taken into account is the overall cost of the wedding, such as the wedding dress, venue, etc. Then there's the honeymoon which can cost thousands of dollars. And, consider post marriage expenses, such as new furniture and a new house, unless you already have those things.
- Investment Aspects: One thing that you should remember is that an engagement ring is an emotional and symbolic investment rather than a financial investment. It's a symbol of lasting love and the commitment of uniting two people together. It's not an investment that you can simply sell if you need money in the future because of its personal representation as well as low return in investment. Knowing that you'll have this ring for a long time, consider something that your future partner will adore for a lifetime - that part may be really hard to figure out - so you can either include her in the process or ask her close family and friends. Also, because a ring is an investment, people generally choose a good quality ring for its durability and craftsmanship.
Buying an engagement ring requires a lot of planning and can be quite a lengthy process. Thus, consider the following when choosing an engagement ring: disposable income, risk level, overall wedding expenses including wedding rings, length of engagement, and emotional and symbolic investment qualities. Then you both will feel more comfortable and happy with your engagement ring purchase.
GoldenMine has a large selection of gold and platinum engagement rings that fits any budget. Once you're ready to make that purchase, check out our fine engagement ring collection at www.goldenmine.com/engagementrings.