How Much Should You Spend On An Engagement Ring?

Dec 21st 2023

How Much Should You Spend On An Engagement Ring?

Are you planning on getting engaged? Congratulations! This is such an exciting time but also a time that requires some planning. Finding the right balance between your engagement ring budget and sentiment is key to finding the perfect ring for the engagement to your significant other without putting yourself in a financially strained situation. We have a few tips to make this a seamless experience for you (and a few tips for purchasing the perfect Icing on the Ring engagement ring)!

Setting a Budget

More expensive does not always mean the better choice. The value of an engagement ring is not solely determined by its price tag. No matter how much you spend on the engagement ring, the part that makes it most special is that this symbolizes the incredible commitment that you and your partner are entering into. As you begin the engagement ring shopping process, take account of your finances. It is helpful to list out your income, expenses, and future financial goals to determine a realistic budget for the perfect engagement ring.

Average Engagement Ring Cost

At Icing on the Ring, we have a wide range of engagement rings so if you’re asking yourself “how much should an engagement ring cost?” you’re in luck because the answer is completely up to you! We have engagement ring prices starting at $450 and can increase as your budget allows for more decorative motifs or diamonds on the ring design you’d like. If you don’t see the ring of her dreams on our website or in store at our downtown Los Angeles showroom you have the ability to customize your partner’s dream custom engagement ring.

Quality over Quantity

It is important to think about your priorities when choosing an engagement ring. Is carat size the most important? Is the quality of the stone most important? Priorities will be different for everyone. This is where the “4 Cs” come into play - carat, clarity, color, and cut. These characteristics will determine the price of your diamond. A high color and quality diamond combination can often be more expensive than a lower color and quality diamond. Being able to see these differences in person is very helpful in your engagement ring shopping process and we always recommend a visit to our Los Angeles showroom.

Do you know what’s on your partner's engagement ring “must have” or wish list? Do they want a specific type of metal, stone, shape, or band? Do they want a 14k gold band or an 18k gold band? Do they prefer two-tone, white gold, yellow gold, or platinum? Communication is key when it comes to engagement ring shopping!

Another thing to keep in mind is the diamond type that you end up purchasing. Icing on the Ring offers earth-mined diamonds, as well as lab-grown diamonds, and moissanites. Choosing a center gemstone that works best for your engagement ring is a great way to keep your budget in check. Engagement rings are meant to be personal and speak to the style of the wearer. Who says you have to have a diamond engagement ring? We also offer many alternative engagement ring stones such as green emeralds, morganites, and sapphires. Using a colorful gemstone is a great way to ensure unique engagement rings!

Engagement Ring Myths 

When it comes to engagement rings, there are many myths and misconceptions floating around. This isn’t surprising because you usually aren’t educated on the topic of engagement rings until it comes time to purchase one. Let us break down some of these myths for you!

  • A common thought is that engagement ring shopping should only be done by the proposing partner. It is becoming increasingly popular for couples to visit our Icing on the Ring showroom together as they begin conversations about getting engaged. Trying on rings together can be very helpful because sometimes the style your partner thinks they want isn’t the one they fall in love with after trying on a few different styles.
  • Another common thought is that keeping the engagement ring simple is the least expensive option. Like we previously mentioned, this is where the “4 Cs” can make a big difference. If you choose a simple gold solitaire engagement ring that has pristine diamond, then you are going to easily notice an increase in price. The color and quality of the diamond is what will drive the price no matter how simple or extravagant the ring setting is.
  • One of the most popular myths is that the ring you use to propose to your partner is the ring they must stick with their entire life. This thought can lead to purchasers buying a ring that may be out of their budget. Many people upgrade their engagement ring later in life when it is a better financial time. Not sure of which ring design she loves? If you do not want to lose the element of surprise, Icing on the Ring has a special program of “proposal rings”, where you can take advantage of proposing with a temporary gold solitaire setting, with your choice of a center diamond. After the proposal, you both can visit the store together (or contact us for an online order) where you can design her dream ring setting together. Icing on the Ring also offers a lifetime diamond upgrade program where you can upgrade your diamond down the road, Icing On The Ring will honor 100% of your diamond purchase price (if purchased at Icing on the Ring) towards an upgrade to a diamond that is at least 50% more in value and is of the same type. *terms and conditions apply

Additional Costs and Purchasing 

Something many people forget when calculating their engagement ring budget is including engagement ring insurance in that total. Purchasing insurance is very important because life happens and you may find yourself in the position one day where you have misplaced or damaged your engagement ring. Luckily, insuring your engagement ring is typically only a cost of about 2% of the ring’s value paid annually.

And don’t forget - the part that makes a proposal really special is the love you and your partner have for each other. The engagement ring is just the cherry on top! Visit us in store at our downtown Los Angeles showroom or view our collection of engagement rings online from the comfort of your own home.

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