How Much Should You Spend on An Engagement Ring?
An engagement ring is often the first big investment a person makes. So how do you figure out how much you should spend on an engagement ring? Well, you've come to the right place.
Catherine Angiel has been creating engagement rings in her West Village atelier for almost 30 years. She's bringing you first hand knowledge of the industry to guide you towards getting the most bang for your buck. We interviewed the designer to get a better understanding of what her average creation costs and what you can expect to spend when shopping for rings.
And remember, the holidays are fast approaching. The time between Thanksgiving and New Years is one of the most popular times to pop the question. If you're thinking about getting engaged this holiday season, it's important to consider the time it takes to make your engagement ring. On average, it takes 6 to 8 weeks to create a custom piece from start to finish. *Hint, hint* It's only 6 weeks until Thanksgiving. Time go get a move on!
Average Engagement Ring Cost
There is a lot of misinformation about the average cost of an engagement ring today. The truth is it differs state to state.
In NYC for example it has been Catherine's personal experience that the average client's budget is 10k and up.
"I advise my clients to think of how the wearer will grow into the size of the diamond in the future" says the designer Catherine Angiel. Engagement rings should be as personal and unique as the wearer and you can't find that just anywhere. "We take extra care to source the absolute best diamonds for our clients and create unique and timeless pieces that are made to last a lifetime." - CA.
The Diamond
The bulk of your money when buying an engagement ring will be spent on the diamond. "You want to make sure you're buying a diamond from a reputable source," says the designer Catherine Angiel. "Make sure you go to a diamond expert with years of experience who you can trust to guide you in the right direction."
The 4C's are important but there are so many other factors involved in selecting the perfect stone. For more information about diamond buying specifically, check out our blog post, Beyond the 4 C's. Catherine recommends thinking about the quality of diamond you're interested in purchasing in relation to your budget. Do some research about the average cost of a diamond. Are you willing to sacrifice quality to go with a bigger stone? Talking to an expert like Catherine Angiel about what you're looking for can help you understand and narrow down your options. Catherine gives her clients reference points about the cost of diamonds for the cut and size they're looking for and makes her professional recommendations.
The Setting
The other important component of an engagement ring, other than the stone, is of course the setting. Taking into account your significant other's personal style, metal color, including their lifestyle is important in determining a budget for the setting. The price of the ring setting will also depend on several factors; diamonds in the setting, hand engraved work, and waxes for complete custom rings. Machine made rings are less expensive then finely handcrafted ones, and there is a big difference in the outcome of the final piece.
Take a look at some of Catherine's engagement ring styles to get a better idea of the variations from simple bands to hidden halo designs.
Determining Your Budget
Here are some important factors to consider when determining your budget for an engagement ring.
Financial Situation
Whether you've saved for this moment or you plan to finance the entire cost of the ring, figure out what you're comfortable with if you'll have monthly payments going forward. Think about your current bills and your current income—and determine whether either will change (for better or worse!) in the foreseeable future.
Partner's Expectation
By now you should have some idea of what type of engagement ring your significant other is dreaming of, but if you don't, now's the time to find out. Your main goal should be to purchase a ring they'll love and feel proud of. You could ask your partner outright for ring options, or many couples go ring shopping together these days to figure out what they really want. "I have more engagement ring appointments with couples than I do with individuals these days," says Catherine Angiel. "I think it's a wonderful thing for a couple to do together. We can also still be very discreet about budget if the buying partner doesn't want to reveal that to their significant other. But it's a fabulous way to make sure you're getting what your partner really wants."
The Meaning Behind the Ring
A well thought out ring that speaks to your partner's individual style will be the most meaningful part. Infusing care, thought, and detail into the ring itself can speak volumes above a more generic style.
An engagement ring should be as individual and special as the person who will be wearing it. If you need more guidance on understanding how to determine your budget for an engagement ring, feel free to email us at cangiel@catherineangiel.com. Additionally, for diamond and engagement ring design appointments with Catherine Angiel, reach out to cangiel@catherineangiel.com for scheduling.
