What Should the Cost of an Engagement Ring Be?

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From selecting the ideal location, the perfect words and the best choice of ring, the quest to conquer your maiden’s heart seems full of pitfalls from the very beginning. But, this momentous and joyous investment will be remembered for as long as the both of you will live and this following article will provide all you need to know about the significance of a stone in a promise and how to make the best selection for yourself.

Why do diamonds cost so much?

Finding a diamond mine is a hard to find as a diamond mine and then the development and engineering applied to extract the diamonds is another great process. The costs of maintaining and operating a mine can reach as high as $100 million each year and this is before paying the important salaries for the workers.

Then the grueling task of sifting through monstrous tons of rock and earth to find a very small stone is in itself a needle and haystack operation. Once the the small gems have been extracted from the ground they will be weighted and valued by experienced gem dealers. Jewelers and diamond cutters require years of experience before they can be allowed to cut a diamond stone and with good reason. Then the costs for moving and transporting these stones can accumulate at every step in the long journey from mining facilities to the jewelry boutiques near your city.

This is why a gemstone like a diamond is so very rare and also very valuable, each stone represents a considerable amount of dedicated time, effort and commitment to a very meticulous process — much like any good relationship will be.

So how much should I spend on a diamond?

According to current market prices, an attractive ring with a fine style can cost you anywhere from $1000 on upwards. This price includes the cost of a fairly priced diamond, metal work, setting and design. Of course, as you can imagine the value and quality of any aspect of the ring can be increased significantly — for a price.

To make sure you get the most value out of your engagement ring, experts and the experienced will suggest you focus on the quality of the stone. If you are looking to spend more, carefully balance the cuts, colors and clarity of your diamonds for optimal brilliance and beauty.

If you are looking to get the most for your budget, consider applying a few “tricks” that can maximize the effect of the stone while remaining a cost-effective choice.

— A slightly smaller gem will have a considerably reduced price. Rather than traditional 1 carat, consider a 0.95. The price drop can be as great as 20%. Look at the diamond with slightly less clarity, sometimes and inclusion may be small enough to not detract from the beauty of the stone but present enough to lower the cost of the stone. Furthermore, never underestimate the power of the right cut and setting to maximize the brilliance, color and even size of a diamond.

If you have a particular style you really like but are faced with a steep price, ask your dealer about other items with a similar style. You may find the same beautiful design in titanium, silver or a lower carat of white gold instead of platinum.

In the light of the aspect that a diamond and an engagement ring is more than a valuable trinket and a symbol of your personal commitment to your significant other, the price should be well suited to your budget and the value and style well suited to the message of endearment you hope to express.

Following are a few more “rules of thumb” that you can reflect on as you decide on the best ring and value for your purpose.

The “Brides.com” Rule

According to reports by the experts at Brides.com, the value of an engagement ring should be equivalent to three-month’s salary. Anyone with the resources to obtain such a bauble is either affluent or economically savvy, and the “Bride.com ring” is a testament to this capacity for wealth.

The “De Beers” Rule

You may be more familiar with the rule stating that a ring should be equivalent to a full month’s wages. This was the traditional concept disseminated by the De Beers Diamond conglomerate during the times of the great depressions when the cost of diamonds required some serious savings to attain. This concept suggested a good price for a wide variety of decent options. Almost a century later, the rule of thumb is still in practice.

The “Split the Difference”

If the “Brides.com” rule will mean a few more months savings, and the “De Beers”rule seems a little skimpy, consider the happy medium in the “Split the Difference” rule. Two-months is a good option for those looking to invest a small fortune without running their financial plan on the rocks from square 1.

The “Rule of Averages”

The median price for engagement rings across the US is a good place to benchmark the cost of a good engagement ring for a citizen of this point in time. According to reports from 2013 place this number at a nice round $4000. Of course, you can head north or south of this figure to certain degree depending on the particulars of your situation.

The “Forget the Rules” Rule

We abide by this rule for a good reason, everyone is strapped for cash these days and the decision for how much should be spent on this significant symbol should be the choice of the consumer alone. It can sometimes help to get the receive the input of your intended, if you believe this will make the decision easier on you. At the end of the day, you will be shouldering this purchase and the most important message you can send to your intended is that when you make decisions you are proud of them and stand by them.