Ideal Price for a Diamond Engagement Ring?
How much should I pay for a diamond engagement ring?
There is no set price you should pay for an engagement ring. It varies from person to person and should be determined by your own financial situation.
Common Method: Most people have probably heard that you should spend three months’ salary on an engagement ring. However, that is not always the best way to set a budget. Consider your monthly expenses and how you’ll pay for the wedding when determining a budget. There are also credit and special financing options at KAY to help you get the perfect ring.
Things to Consider: You’re not just paying for the diamond itself. You’re purchasing the metal setting and maybe accent stones, not to mention the craftsmanship involved. All of these factors, from mining to design, affect the price of the ring.
Decide which elements are most important to you, and which you can give a little on. For example, a 10K gold band will cost less than 14K gold. Choosing a smaller center stone or a center with multiple stones can also save you money.
Be sure to pay attention to the 4Cs during this process. Sometimes, a smaller stone that is higher quality is a better option than a larger, lower quality diamond.
At KAY, we know that everyone has a different budget, so we offer rings at a variety of price points. Browse online and visit your nearest KAY to see which options are best for you.