In this day and age most couples are already living together prior to marriage. Surely then the decision should become one that is discussed and made by the couple, taking into consideration, income, debt, wishes for the near future etc. This is probably a very sensible option, however there are still many guys out there who want to plan and design the engagement entirely by themselves.
So how much is too much to spend on an engagement ring?
The answer really should depend entirely on your financial situation. On average, a guy will spend about $5,229 on the engagement ring, some guys spend a lot less and some spend a whole lot more. Five grand is going to get you a really nice ring, platinum, or 18k gold and a very good quality diamond, between half carat to 0.70pts of carat weight.
One thing that is really important to remember is that this ring is going to be worn every day for a life time, so finding a ring design and diamond size that works with your partners employment and life style is very important.
Another important point to remember is that although lots of small diamonds flashing around the sides of the ring look really beautiful in the shop, a few years down the road wear and tear will mean the claws holding all of those diamonds will need to be checked, regularly to ensure they have not been knocked and that the diamonds are still secure. Over time gold and platinum do wear so re-tipping claws is probably going to be necessary about every ten years depending on how hard your partner is with her jewellery. If you have bought a ring with a hundred small diamonds down all sides of the band, that is going to be quite a cost you will need to factor in to your ring maintenance.
If you are worried that not spending a lot on the engagement ring is going to cause a lot of grief then it is definitely worth having a conversation with her family or friends - if possible. Perhaps you are misjudging how important a flashy engagement ring really is to her.
Choosing a diamond is a whole other matter. In my experience she prefers quality over size. A large diamond that is dull because of a poor cut will never ever sparkle, no matter how much you polish it. Also unsightly black carbon does not go away, in fact the more she wears it the more obvious it will become. When we are upgrading diamonds for women who are not satisfied with what they got - and yes that does happen - it is usually a better quality diamond that really sparkles that they choose. So look for at least a very good cut and a diamond with very little black inclusions on the table ( the flat top ) of the diamond.
It is definitely best to have a budget and to stick to it, and utilize interest free terms. If you can pay a small amount every week over three years, interest free, rather than loading your credit card with huge interest bearing debt - then go for it! But if you have cash then you should be able to negotiate a good deal, because even though it says interest free there are always charges the finance company makes the jeweller pay added on to the price. Duty free is also another very good option to consider.
I cant give an exact amount you should pay for the ring. But I can tell you this - don't spend more than you can really afford. If she is truly the one it is your life-time commitment to her that will really matter.
If you have a budget in mind stick to it, shop around, and ask jewellers to find the very best diamond they can for your budget. A good jeweller will go that extra mile to serve you, will not try to make you spend more than you can afford, and will provide after sales service i.e. free ring cleaning, polishing and security checks.
The internet has definitely enabled easier methods of shopping, email us, tell us your budget and desires, we are always here to help!
Happy Diamond Shopping!