How Much Do Engagement Rings Cost

How Much Do Engagement Rings Cost

If you are trying to figure out how much are engagement rings, then you might be feeling a bit overwhelmed. After all, some of the crazy prices of these diamond rings will leave your mind blown. 

When it comes to buying rings, you don’t have to worry about the old myths of how much you should spend on engagement rings and wedding bands. At the end of the day, what you choose to spend on a ring is entirely up to you. 

However, to help ease your mind a little, it is good to have an idea of the prices of the rings. Whether you are considering buying an engagement ring or you are just curious about the price of engagement rings, continue reading. This article will highlight what you need to know about how much engagement rings are, including a few ways to cut down the cost of an engagement ring. 

How much are engagement rings?

You may be wondering, ‘how much do people spend on engagement rings?’. Well, the price of the engagement ring you want can entirely depend on how much you would like to spend on the ring. While it is the norm for people to choose to have diamond engagement rings, it does not mean that this is the only type of ring that can be used as an engagement ring. 

Quite a few people have started to move away from this tradition and have considered other options for their engagement rings. Some popular rings used as engagement rings include emerald rings, moissanite rings, and even simple ring bands. It all depends on the type of person you buy the ring for and what they like. 

Engagement rings made with certain emeralds, moissanite or precious metal

bands are considerably cheaper than diamond rings. The price range of these rings can start from as low as CA$300.00. However, this depends on the type of ring that you choose to go with. 

Another choice is to use an antique ring that may be passed down in the family as an engagement ring. This type of ring would usually not cost anything because it is just a ring that belongs to your family. However, it does not mean that an antique ring is not valuable because you may not have paid for it. 

How much do diamond rings cost?

A diamond engagement ring is the more traditional choice of a ring to propose with. If you are unsure about what your partner would like, you can never go wrong with a diamond ring. After all, it is well-known that diamonds are a girl’s best friend. 

While a diamond ring may be a bit more expensive than other types, the price range for diamond rings varies. This means it is possible to find a diamond ring that will suit your budget, whether you are looking for a more affordable or pretty expensive ring. 

However, exactly how much is a diamond ring? The price range for diamond rings can go up to millions of dollars; however, a rough estimation of the cost of a quarter carat diamond ring starts from CA$1000. This price range will vary depending on quite a few factors that are discussed below.

How much do wedding rings cost? 

Similar to engagement rings, the cost of a wedding ring will depend on the

type of ring that you are looking for and your budget. Different types of rings are used as wedding rings. This includes eternity rings, infinity rings, wedding bands, and more. 

According to the Brides’ American Wedding Study, the price of a bride’s wedding ring estimates at around CA$1415.73. In contrast, the average price of a groom’s wedding ring estimates at around CA$656. 

Key factors that affect the price of a ring 

The price range of engagement rings can vary quite a bit. These rings can cost you anywhere from a few hundred dollars to millions. The price of an engagement ring depends on the type of ring and what ring is made of. Before purchasing an engagement ring, it is a good idea to understand factors that affect its price. 

Metal type

Different types of metals will have different price points. The rarer a metal is more expensive. Factors like durability and price should be kept in mind. The five common precious metals are typically used in engagement rings, including: 

  • Platinium is one of the more durable types of metal used for rings and is also one of the most expensive. Platinium is more expensive than other types of precious metals because it is rare, and it is much harder to work with than other precious metals.
  • Yellow gold - the colour of yellow gold is what makes this metal still quite a popular choice of metal used for wedding and engagement rings. Yellow old can be a bit expensive because of the production costs that come with this precious metal. However, yellow gold is cheaper than platinum but not as rare or durable.
  • White gold - white gold is quite a popular choice for engagement and wedding rings because of its light colour. This gold metal type is more durable than yellow gold; however, there is typically not much of a price difference between the two metals. 

  • Rose gold - white rose gold may not be the most traditional choice for engagement rings it is still quite popular. This type of precious metal is a little less expensive compared to yellow and white gold because of the copper incorporated in the metal. Rose gold is also more durable than yellow gold and is often preferred over white gold by people who are allergic to nickel. 

  • Sterling silver - even though sterling silver is probably the least sought-after metal used for engagement rings, quite a few people choose to go with this type of metal for their rings. One of the main reasons for this is because of how much more affordable this type of metal is. However, rings made with sterling silver are not very durable and have a shorter lifespan than rings made with other metals. +
  • Diamonds

    One of the most significant factors that affect the price of engagement rings is the diamond that is used in the rings. It is no secret that the bigger the diamond is, the more expensive the ring will be. However, the size of the diamond on the ring is not the only factor influencing the price. The main factors of diamonds that influence the price of engagement rings are the Four Cs, which include: 

  • Cut - refers to the facets and angles of the diamond. Diamonds that have a more flawless cut will be a bit more expensive.
  • Clarity - refers to how clear the diamond is and its lack o blemish.; the higher the clarity, the more expensive the diamond. 
  • Colour -  refers to how colourless the diamond is. The more clear-coloured a diamond is, the more expensive it will be. 
  • Carat - is the weight of the diamond. A diamond that weighs 200 milligrams is about a 1-carat diamond. The heavier the diamond is, the higher the cart level the diamond will be, which means the more expensive it will be as well. 
  • Design 

    The type of design you would like for your engagement or wedding ring to have will affect the ring's price. Certain designs with more diamonds or a more complex setting may cost a bit more than a ring with a simple setting. This is also the case if you would like to choose to design your ring. Sometimes it may cost a bit more to do this, but it depends on the jeweller. 

    Brand

    The brand of the ring you choose to buy will impact the ring's price. More popular brands tend to have more expensive engagement rings. This especially applies to luxury engagement ring brands that are known globally and have a long-standing reputation. However, engagement rings that are higher quality but are sold by less known and even local brands will have more affordable rings than a few of the rings sold by these luxury brands. 

    Location 

    The place you choose to buy your ring from, which includes the country and the city, does impact the price of the ring. While this factor may not always apply to all engagement and wedding rings sold, it does apply to some. It is popularly known that certain countries like Dubai, Switzerland, Belgium, and France tend to have cheaper rings. This does not mean that the ring is of less quality, but the jewellery, including engagement rings, tends to be cheaper in these countries. 

    4 Ways to cut the cost of an engagement rings 

    It is essential to keep in mind the price of an engagement ring should be based on what you can afford despite the well-known saying that an engagement ring should cost at least three months’ worth of your salary, which is quite outdated. 

    After all, the last thing that you should be doing is spend tons of money on an engagement ring and end up not having enough to start a life with the person that you are choosing to marry. To help you find your future fiancé’s dream engagement ring without breaking your bank, here are four ways that you can cut the cost of an engagement ring: 

    1. Skip the diamond 

    The best way to cut down the cost of an engagement ring is to skip the diamond engagement ring. Diamonds are more expensive and contribute to the majority of the price of your ring, which is why it is always a good idea to consider some alternative. 

    Many popular stones are used in engagement rings, including moissanite, sapphire, emerald, morganite, ruby, onyx, and opal.  

    1. Be strategic about the Four Cs.

    When cutting down the cost of an engagement ring, the best way to do this is to be very strategic about the Four Cs of the diamond you choose to have. Diamonds that have the highest level of cut, clarity, colour, and carat may be rarer and more valuable. Often people who do not know much about diamonds will not be able to understand the different levels. For example, if you would like a bigger diamond with a higher carat number, you can get a lower colour diamond, which will make the ring a bit more affordable. 

    1. Consider a preset ring.

    Typically, choosing a preset ring will be cheaper than having a custom engagement ring made by a jeweller. Another benefit of choosing to go with a pre-set ring is that you do not have to wait for your ring to be made. Choosing to go with a preset ring also allows you to take out all the stress of trying to create the perfect ring from scratch.  

    1. Consider an antique ring. 

    One of the most cost-efficient ways to get a valuable engagement ring is to go with an antique one. Whether this means you choose to purchase an antique ring from a store, or you are passing down a family ring. While antique rings are much more affordable, these types of rings hold a lot more sentimental value. 

    Final thoughts 

    Beautiful engagement rings do not need to break your bank. At the end of the day, the perfect engagement ring. The price of engagement rings will vary depending on what you are looking for in a ring. Certain key factors affect the price of an engagement ring, including the type of metal, the diamonds in the ring, the brand of the ring, and more. 

    Remember to consider how to cut down the price of an engagement ring when browsing for your dream ring. Now that you have the information you need about the cost of engagement rings, you will be more prepared to find an engagement ring that will suit your budget and impress your future fiancé.

    Back to blog

    Leave a comment

    Please note, comments need to be approved before they are published.