At a time when so many young people are facing an uncertain global economy, steep student debts, troubled job market, and steep housing costs, some may be questioning the necessity and long-term value of a diamond ring. Some can’t help thinking how money spent on a diamond might work harder if invested elsewhere. However, the majority of couples still prefer to find a diamond within their budget rather than opting for either Lab-Grown Diamonds or Moissanites (which we believe are both certainly viable lower cost and non-conflict alternatives) -- you can refer back to our previous articles on Lab-Grown Diamonds and Moissanites. Recently there is an increasing trend on lab-grown diamonds, however to this date, like symbols of commitment, endurance, and everlasting love -- diamonds, real diamonds, still seem to be the top preference, with the lab-grown diamonds trailing behind.
There were times when popular consensus held that an engagement ring should be worth two months’ salary (a formula heavily promoted and originated in the 1980s). Today, that figure is likely lower. According to a report from Jewelers of America (a reputable trade group, using data from a variety of jewelers), couples are currently spending about 25% less on engagement rings than they did in the mid-2000s before the economy collapsed (couples spending an average of $4,000 on engagement rings, plus another $100 for her wedding band, plus another $500 for him). Today’s budgets are more likely to be set according to what can be paid off on credit. For the most part, most couples regard their budgets as tight (especially with wedding ceremony expenses to follow…) and the cost of a ring as a major expense as well as a significant purchase.
According to The Knot’s 2019 Jewelry & Engagement Study, the national average spent on an engagement ring in the U.S. is at $5,900 -- by region, the average spent is $7,500 in the Mid-Atlantic states; $6,900 in New England; $5,400 in the Southeast; $5,300 in the Midwest; $5,600 in the Southwest; and $5,500 in the West. The figures released by The Knot in its report (which by the way comes out every two years) consistently come in above the averages documented by industry sources., and reflect the company’s deep research into engagements and the jewelry that accompanies them.
Customers are often shy or reluctant to talk about their budget with their jewelers. They need to know they won’t be judged, pressured into spending more or taken advantage of. We fully understand such feelings of apprehensions, after all, we've seen it happen a lot, and can help you get the most bang for your buck, and get the job done under budget -- you can perceive us as your personal expert jeweler and jewelry advisor, so feel free to ask away.
Do you have a number in mind? i.e. a budget that you feel comfortable with? If you do, we can narrow down your options rather quickly -- if you haven't yet thought about a number, we will be more than happy to discuss a range of options, working with you to figure out a comfortable budget while balancing it with your expectations.
... and always remember that we're here to offer advice, and share our expertise and years of experience with you -- whether you need a complete engagement set, or only the setting without the center stone, a diamond that’s a little ‘spready’, one that faces up clean, or - for the insistent - the best quality for the best price, we’ll leave no stone unturned for you!