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How Much Should You Spend On an Engagement Ring

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Shopping for an engagement ring is both exciting and daunting.

But knowing your partner’s style and expectations from their engagement ring which they would be wearing for a long time will help narrow down your price range and even the styles, before you start looking. And we understand that you may not want to tip off your beloved that you’re about to make the big purchase, but it is strongly recommended to feel out how much your partner expects you to spend on an engagement ring ahead of time, so that there are no bad surprises.

Finding the perfect engagement ring for your perfect partner can be stressful if you have no definite clues on their style, but we’ve got your back. Once you are sure of the budget and have an idea on what that ring should look like, you can start to educate yourself by comparing the 4C’s (cut, clarity, color & carat) to appearance, durability, hypoallergenic factors, and many more which are all important things to keep in mind. LovBe’s Diamond Concierge is always at your service to answer any questions on LovBe diamonds and what are the best style options.

According to a recent survey by Ringspro, an engagement ring guidance website, couples spent an average of $5,225 in the U.S. in 2021. This doesn’t mean that this should automatically become your ring budget but use this as an idea of what “others” are buying.

The decision of finding the perfect ring can be rather emotional but let’s first explore logical factors that you should take note of before you decide your budget for the dream engagement ring:

1) CENTER STONE PREFERENCE: Before starting your ring hunting make sure you know about your partner’s personal preferences because it is she who is going to wear it every day. Most 2021 surveys reported that couples are overwhelmingly still opting diamonds, with 86% of ring shoppers requesting this as their center stone. Whether it is a higher color & exceptionally cut lab grown diamond, a gemstone, or her birthstone, the center stone preference is critical in deciding the ring budget. 

2) LIFESTYLE: Do your homework and figure your partner out. Talk and get an idea of what styles of rings she likes. If you can’t ask her yourself for fear you will spoil the surprise, then ask a family member or close friend who should be able to give you a better idea of what she wants. Be mindful of her daily routine and lifestyle — if she is in a profession or works in a place that requires her to use hands extensively then it would be an important consideration while selecting the ring setting and even the carat size of the diamond. Our gorgeous & ever classy six prong solitaire is a versatile style which can be paired with wedding bands of your partner’s choice. 

3) BE PRACTICAL: You certainly don’t want to appear cheap, but also shouldn’t start your married life together with a pile of debt. Since buying a ring is just the beginning, setting a budget is crucial. Talking with your partner about what kind of wedding you’d each like to have plays a part when engagement ring shopping, too. It’s important to assess your financial situation by asking these questions –

  • What is the total earning potential as a couple? Will you pool the income or maintain individual incomes?
  • Do you have the money in the bank or will you have to finance your purchase?
  • If financing is the only option, what credit is available and at what interest rate?
  • List down your next ‘big expenses’ after getting engaged? Is it planning a wedding, a luxurious honeymoon, planning for a baby, buying a house or something else?
    These should be kept in mind before you spend on step no. 1 i.e. the ring. 

4) SHOP ONLINE: You will find some great styles and deals on lab grown diamonds on sites like LovBe. With lower operational overheads, most online retailers are able to offer customers better prices and services that offline or local stores cannot. Talk to LovBe’s diamond concierge and let them show you the 4Cs which allow you to ‘size up’ the value of diamond you have been eyeing. This is a helpful framework to evaluate a diamond!

Free shipping, free returns (within 60 days), lifetime warranty, referral programs, diamond upgrade are just some of the benefits that you can get when you choose an engagement ring on LovBe. Follow through these steps and you would have a clear idea on what you should spend on your partner’s engagement ring.

It is after all about building a unique ring that she will want to wear forever and both of you will cherish together.