Choosing the perfect diamond ring for your partner is a special moment because it is a diamond ring that they’ll wear forever. There is a budget for all diamond ring buyers but of course, a larger budget will buy you a better quality of Diamond Ring. In today’s blog on how much should I spend on a diamond ring, we’re going to give you some tips when it comes to buying a diamond ring for your partner.
How much should you spend? Let’s dive in…
Spend three months’ salary
If you’ve asked anyone the perennial question, “how much should I spend on a diamond ring?” you may have been informed that three months’ salary is the target. Of course it all depends upon your financial situation and whether you’ll be acquiring a small personal loan to help you buy the ring. Either way, consider how much you earn and how long it will take for you to save. On average, people spend around £2000 -3000 on diamond engagement rings and the top end being around £5,000.
Spend one month’s salary
The idea of spending one month’s salary related back to a very successful marketing campaign in the 60’s. Before then diamond rings and especially diamond engagement rings were not popular until this marketing campaign came about; which suggested a diamond ring should cost a month’s salary. As you can imagine, the increased spend prompted the sales of diamond rings to increase by 80% which is just astounding! If you’re in a financially sound situation then buying a diamond ring from a month’s salary is do-able, if not, save.
Calculate over all salary
There’s no point spending above your means and then having to pay for it for a long time after. It’s wise to sit down and have a think about your year’s salary and how much it will allow you to spend. There’s a very useful article on how much should I spend on a diamond ring that calculates just how much according to your salary.
The question isn’t really “how much should I spend on a diamond ring?” – more “how much can I spend on a diamond ring?”.
Ask your partner
Not every partner wants the most expensive diamond ring on the market or expects their loved one to spend big. It’s the look, style, colour and cut that are more important than ‘how much’, and as we said earlier, highly priced diamond rings are generally better quality. However, diamond rings are a popular commodity nowadays which means it has forced jewellery to remain price and quality competitive compared to say 60 years ago. Have a conversation with your partner and discuss your financial situations so that you can both make the decision on how much to spend on a diamond ring together.
Talk to your diamond dealer
A good diamond dealer will help you answer the “how much should I spend on a diamond ring” question by identifying a diamond ring suitable for your taste and your budget. Take us for example; we deal directly with site holders meaning we cut out the middle man. In doing so, we can offer you diamond rings at a lower cost and not many diamond dealers can do that!
It’s our competitive edge and it’s why we’ve got a long line of happy customers who’ve experienced value for money when choosing to spend with us and that’s priceless!
A diamond dealer should show you an array of their collection to suit all different types of budgets so don’t feel pressured to pick the first and most expensive one that you see. A diamond ring is an investment and should be considered wisely.
Things to consider when thinking about how much to spend on a diamond ring:
What shape of diamond do you want?
There are so many shapes of diamonds to consider and here they are:
- Round diamonds offer lots of sparkles
- Princess diamonds are classic and angular
- Cushion diamonds fit well with vintage settings
- Radiant diamonds are an alternative to princess and cushion for those like rectangular shaped diamonds
- Asscher and emerald diamonds are transparent and appear elegant
- Marquise, oval, and pear-shaped diamonds are more memorable shapes, and help fingers look longer
- Heart shaped diamonds are popular with romantics
Round diamonds are hugely popular and a staggering three-quarter of the all diamond purchases are made up of Round diamonds.
The general rule is that you can save up to 40% if you purchase a non- round diamond!
Size Vs Quality
Both factors are important when buying a diamond ring but ultimately if you’re on a budget then you’ll have to decide between the two if you want to keep costs down.
Which will come first, size or quality? Well they say size is everything but in a diamond ring – it can be the first thing someone notices. However we’d say quality over- rules here because if a diamond has been cut wrong then it makes the diamond dull and it won’t sparkle!
What’s the point of having a diamond if it doesn’t sparkle?
We hope that we’ve provided you with some assistance when it comes to answering your question on how much should I spend on a diamond ring.
Feel free to contact us if you’ve any questions – we’re always here to help!