Deciding to buy an engagement ring for your loved one is not just a commitment, but also a financial responsibility. As the prices of engagement rings soar high, couple should have an exact idea of the type of ring that they want, and the budget that they can allocate for the ring.
Engagement Ring Costs
The average costs of engagement rigs can vary as per the quality of the stone as well as the metal and design used. However, most of the jewelers and diamond industry experts estimate that couples spend between 5,000 and 5,500 dollars on an average on engagement ring. This figure can change a lot though, and even the average cost is increasing these days.
The marriage trends in the country have changed a lot. Many couples now get married at an older age when compared to the couples before a decade. This means that the couples are more likely to complete college and have good financial stability when they start to search for an engagement ring. With the higher paying jobs, they might go for costlier diamond engagement rings, which can also result in a higher average price. In addition, the changes in engagement ring designs also incorporate more diamonds and other precious metals, increasing the average costs of engagement rings.
Things Affecting Engagement Ring Prices
Apart from the trends in the diamond industry, many factors can affect the prices of engagement rings and the average cost. The 4 C’s of diamond quality have the biggest impact on the price of the diamond. However, couples can also make use of other alternative characteristics to find affordable engagement rings. Let us look into the details of the factors affecting the price of engagement rings.
Quality
The quality of the diamond is very important in having a beautiful ring. However, couples should investigate the quality of the metal, craftsmanship, and accents. More and more couples are now knowledgeable about the quality of diamonds and so they go for the higher quality and higher priced rings.
Carat
Carat is the weighing system used by jewelers to refer to the weight of the diamond. More carats means heavier diamond, and naturally, its price will go high proportionately. In fact, the price of the diamond jumps drastically with the increase in carat. For instance, a diamond weighing 0.96 carat can be considerably cheaper than a 1 carat diamond, even though the visual difference will be very much indistinguishable.
Engagement ring costs are calculated after taking into account the total carat weight of the ring. Therefore, choosing a ring with a small center stone does not mean that the ring will be affordable. The price of the ring also depends on the other stones that are paired with the centre stone.
Cut
The shape and cut of the diamond affects the price of the ring depending on the level of difficulty involved. As per the diamond experts, princess and emerald cut stones are the least expensive among all diamonds, as these cuts follow the crystalline shape of the diamond; the cuts like oval, heart, and pear are costlier because of their complex shape. There are also the trademark cuts like the Asscher and Hearts on Fire that are exclusive, and so, more expensive.
Customization
When you go for custom-made engagement rings, you will need to spend more money than choosing the generic ones. This is also true for embellishments like diamond ring wraps and engagement ring engravings. These embellishments can also increase the average cost of engagement rings.
Clarity
The clearer a diamond, the more expensive it will be. It can be difficult to find truly flawless stones and they will be much sought after. Mildly flawed stones will be treated to conceal the imperfections. Note that the presence of small inclusions and flaws can cut down the price of diamonds, even if the inclusions are not much apparent when enhanced with accent or side stones.
Color
Colorless diamonds are very rare and expensive, whereas the tinted, cloudy, or shaded ones are available at affordable rates. The price of the diamond will decrease as the color becomes more and more noticeable. Diamonds can be treated in the laboratory to reduce color and these are available at a much low price when compared to the naturally colorless versions.
Couples also choose platinum or white gold to help brighten diamonds that are slightly tinged. Then there are the fancy colored diamonds, like blue, pink, and green, which are more expensive than the colorless or white diamonds. This is because the fancy colored diamonds are very rare.
Jeweler
The price of the engagement ring will also depend on the jeweler. Artisans, designers, and specialty jewelers usually have high priced engagement rings than the retail jewelers and the mass-market stores. Couples can also choose to buy loose diamonds or some wholesale style to have a good saving on the diamond engagement ring.