Purchasing an engagement ring is a significant step for many couples. But, the financial aspect of it can be overwhelming, which takes away the fun and adds stress to the process. Perfect Engagement Ring
According to statistics, the average cost of an engagement ring in the United States was $5,500 in 2020. However, this price range can vary depending on a couple’s lifestyle, income, and personal preference.
Your main goal should be to find the sweet spot between your partner’s expectations and your financial situation. You can create an ideal budget by considering a few factors as you look for the perfect engagement ring to symbolize your commitment.
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Consider Alternative Gemstones
Although diamonds are a classic, many couples today are opting for alternative gemstones, such as moissanite, due to their striking resemblance to diamonds appearing clear, white and brilliant. One of the benefits of moissanite rings is their affordability. Moissanite is lab-grown and manufacturing advances allow it to be less expensive, allowing you to maximize your budget with a larger diamond-like centre stone.
Moissanite is an affordable alternative that doesn’t require you to compromise on cut, colour, or clarity. Its aesthetic qualities and environmental friendliness with no mining involved, contribute vastly to its popularity among couples today.
Ditch Backdated Spending Rules
A traditional engagement ring price rule requires the proposer to purchase a ring worth three months of their salary. This rule stems from a 1930s DeBeer’s advertising campaign aimed to increase the sale of diamond rings. According to the American Gem Society, this campaign increased diamond sales by 50 percent within three years.
Following backdated spending rules can put unnecessary pressure on you and your partner. If you’re looking for a ring with financial constraints, ditch the traditional rules and create a comfortable budget.
Customize A Ring Based on Your Budget
A custom engagement ring allows you to choose the details of the ring’s elements, such as the carat and clarity, based on your budget. Custom jewellers will craft your ring based on your expectations, which provides more than a price advantage. They can also ensure that no details are lost, as your ring will be created with care and attention in every step of the fabrication process.
Look into Lab-Grown Diamonds
Lab-grown diamonds are created in the lab using extreme pressure and heat. The technology allows manufacturers to create high-quality diamonds at a lower cost, making diamonds more affordable for buyers.
Choosing lab-grown diamonds instead of earth mined diamonds can help you lower your costs and still gift your partner a beautiful ring.
Repurpose a Family Heirloom
Your family may possess an heirloom that they would be willing to pass down to you for your special day. If your family allows, you can incorporate that heirloom into a custom engagement ring. This will save you a large sum of money and be a great way to carry on a tradition while inviting a new family member with a proposal.
Repurposing a family heirloom can add more meaning to an engagement ring, but it is essential to follow the proper etiquette and discuss it with your family before making any changes to the jewellery.
Looking for an engagement ring with financial constraints can seem overwhelming, but it doesn’t have to be. You can take a few steps to choose the perfect engagement ring with a limited budget and still put a smile on your partner’s face.