So it’s that time of your life where you are looking to pop the question to your SO! Thereby, one of the decisions that you are to make is how much you should allocate to your Engagement Ring budget.
Do note that this is a subjective matter and the budget may vary from person to person. There is no ‘Rule of Thumb’ as to how much should be spent on an Engagement Ring. Let’s take a closer look into the factors you should consider.
- Financial Flexibility: THIS is probably the MOST crucial factor. The amount you are looking to set aside for the engagement ring should NOT put you on financial strain or debt. Set aside an amount that you are comfortable with spending, without having to sacrifice too much.
- Budget Sacrifices: Think about which aspect you are okay with foregoing in order to fit your budget. These aspects include; The Size, Cut, Color & Clarity of the Main Gemstone. You may prioritise color and forego the clarity or vice versa. You may choose to sacrifice size and go for a stone just under 1ct while keeping the other 3C’s high. Prioritising this will help you make a proper decision.
- Your Goals: Are you looking to get a ring that’ll be a head-turner and the centre of attention? Or are you looking to get a ring thats lowkey and subtle? The head-turner will definitely cost more than the subtle ring in most cases. Once you’ve made your mind on this, it’ll help you with your budget decision.
- Factors that affect Gemstone prices:
- Diamonds: The Four Cs (cut, clarity, color, and carat weight) affects the price of a diamond. The cut refers to the shape and polish, clarity relates to imperfections, color indicates the natural hue, and carat weight measures the diamond's size.
- Colored Gemstones: Color is one of the most important factor for colored gemstones, followed by clarity, carat weight, and cut. Vivid colors, combined with excellent clarity and significant size, enhance the rarity and value of gemstones.
When deciding on a budget, it is advisable to go for a custom-designed ring for the best value and quality. Many retail jewelers may promote items from their current stock, often employing deceptive pricing tactics. Mass-produced jewelry may not offer uniqueness or quality, potentially leading to an overpayment from the customer.
Collaborating with a skilled jeweler specializing in bespoke jewelry ensures personalized attention and guidance in selecting a ring that aligns with your partner's style and your budget constraints. Such jewelers possess expertise in diamonds and gemstones, enabling them to source high-quality stones for your jewelry, feel free to reach out to The Colored Stone Company for your Bespoke Engagement Ring needs.
To conclude, the decision on the engagement ring's budget is yours to make. Focus on selecting a ring you genuinely adore & aligns with your financial capacity. If you need further assistance or guidance, consider consulting with us to provide advice based on your circumstances.