What To Spend On Engagement Ring in 2021 (How To Budget For It!)


    If you looking to figure out what one should spend on engagement ring or the engagement ring cost that you should plan for in 2021, then we have your answer in this easy 4 Step Guide.

    Now, the average engagement ring cost, according to The Knot 2020 Jewelry and Engagement Study, was $5,500 in 2020. However, keep in mind that’s a national average! Buying a ring in 2021 should be within your financial means while budgeting for an engagement ring rather than any national average. It’s very important to first agree, as a couple, on how much to spend on an engagement ring that would be a comfortable choice for both of you. 

    If your partner loves all things simple, you should consider a minimalist engagement ring. However, if your other half has her heart set on a sparkly center stone, then pick a lab grown diamond ring that checks off.

    With the right budget strategy, you can get a bigger carat weight compared to a mined diamond when you choose a lab grown diamond ring from LovBe. The bottom line is that you can get the desired look in any budget if you know what to look for when choosing an engagement ring.

    Step 0: Figure Out Your Budget, Finances and Partner’s Preference 

    Depending on cut, carat, color and clarity, you would end up spending $1700 (and upwards) on a classic one-carat lab grown diamond ring.

    You want to knock your bride-to-be’s socks off with the perfect engagement ring, but first you need to know what you can realistically afford to spend on engagement ring. After all, your relationship is more than just the ring!

    Proposal is not the end goal here. It is, for sure, the first major step in your relationship, but wouldn’t it be nice if you could have more money to saved for, say the wedding reception, where you would be joined by your closest friends and family, to mark the start of your journey as a married couple? Or a luxurious honeymoon-of-a-lifetime?

    You can also seek options to finance the engagement ring cost to make it an easier purchase, including low monthly payments or no-interest financing. Ask LovBe Diamond Concierge or read more on payment methods here.

    How can you make an engagement ring even more meaningful? Think about what your partner values the most and choose your ring. From diamond colors to shapes, everything has special meaning.

    For instance, white diamonds represent a lifetime of togetherness, yellow represents treasured companionship while pink shows deep tender love. Observe your partner, their jewelry choices. Talk to them about their preferences (or ask friends) and understand what they like the most. It’s important you get their choice right, before everything else!

    Step 1: Educate Yourself With 4Cs of a Diamond

    What you will spend on your engagement ring will primarily depend on the carat weight of the center stone, the 4Cs (cut, color, carat weight and clarity) of the chosen diamond and even choice of diamond shape. With majority of brides preferring the round shape, the demand for the shape is high and is definitely going to cost you a premium. You can swing a better carat weight if you switch to princess, pear or radiant shape diamonds.

    The most popular shape for engagement ring is the round brilliant diamond.

    We would recommend that you choose diamonds with carat weight below the traditional cut-off points. For instance, a 0.96 or 0.97-carat diamond will look almost identical in size to a 1-carat diamond (will also depend on the setting you choose for the diamond) and will cost lower than a 1-carat diamond.

    spend on engagement ring
    1 Carat oval diamond, Excellent Cut, E Color, VS2 Clarity
    spend on engagement ring
    0.96 Carat Oval Diamond (Excellent Cut, G Color, VS2 Clarity)
    engagement ring cost
    0.90 Carat Oval Diamond (excellent Cut, F Color, SI2 Clarity)

    The savings can be used towards an intricate setting (like halo or with tiny diamond accents, that can add a fabulous sparkle and enhance the overall size of the center stone).

    If you are going for the traditional white diamond, the diamond’s cut should be prioritized over color. An excellent cut diamond intensifies the shine while hiding any blemishes. So, you can go higher on the diamond’s cut while balancing out the color and clarity to streamline your engagement ring cost. Look for a diamond that is “eye clean”- remember slight inclusions won’t be visible without magnification. You will find good value in F-G-H color diamonds with VS2-SI2 clarity options

    Step 2: Choice of Ring Setting

    spend on engagement ring
    Engagement Ring With Paved Diamonds

    While the center stone gets the spotlight, the choice of setting can be tailored to your budget and preference perfectly. Try LovBe’s Ring Builder and you will be able to find hundreds of ring settings within a defined budget and setting style.

    engagement ring cost
    Petite Pear Halo Engagement Ring

    Many modern brides prefer timeless styles such as the solitaire with a single lab grown diamond on a simple metal band. If your chosen center stone is say under one carat, then we would recommend picking out a petite halo or paved band settings can help you accentuate the size of the center stone.

    You may think her ring size doesn’t matter because you can always have the ring resized but keep in mind certain types of ring designs can be a challenge to resize. So, keep this in mind when shopping.

    Step 3: Choice of Precious Metal

    Your partner’s preference for the kind of metal (and remember to check for any alloy allergies, if any)— whether it’s white gold, platinum, yellow gold or rose gold — will factor into the engagement ring cost too. 

    When choosing the metal of the ring, consider 14K gold if you need to stick to a strict engagement ring cost budget. While platinum is a gorgeous, durable and on-trend metal, it will set you back by minimum $500 as compared to 14K gold options. If your loved one wants a silver sheen to their ring, consider white gold. Besides aesthetics, 14K white, rose or yellow gold is more durable due to the addition of alloys and thus resistant to tarnish, corrosion and rust.

    9 Things To Keep In Mind When Buying Engagement Ring Online

    Take note of the special offers & special shopping sales like Cyber Monday and Valentines day sales to really get you best value for your money. And remember that get free shipping (no minimum purchase) and with that 60-day free returns, lifetime warranty and a lifetime diamond upgrade program, no matter what you choose to spend on engagement ring.

    So, shop stress-free.



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