Spending on Diamond Engagement Rings – How Much is Enough?
Diamonds come in all shapes, sizes, and price ranges. While the dazzling brilliant cuts in an engagement ring are enough to take your breath away and render you incapable of reasoning, it helps to remain realistic. Most of us would love to splurge generously on our diamond engagement ring favorite precious stones, but sadly, our debt, income levels, and future goals do not allow that.
Hence, it is essential to realize how much to spend on a diamond engagement ring. Other factors to consider are:
- Will the diamond engagement ring retain its value over the long haul?
- Are any specific diamond varieties that support communities and offer employment opportunities in remote parts?
Regardless of your budget range, there are several guidelines and factors to consider for every price point for a diamond engagement ring at Diamonds-USA.com. This article will feature our discussion with David Braverman of Diamonds-USA.com. This gentleman’s profession revolves around helping couples find the diamond engagement ring of their dreams.
He has years of experience in the diamond industry and advises budget establishment and navigation info for the diamond engagement ring purchase. Below are top five shop tips from the diamond expert on diamond engagement rings:
Investment and an Asset – Picking the Right Budget
We cannot describe the diamond engagement ring as a commodity technically. But when it comes to mined diamonds, the narrative is far different. Mined diamonds are purely a natural resource and come only in limited supplies. While they are traded worldwide, says David, getting your hands on one is not easy.
David Braverman, the Founder of Diamonds-USA.com, one of the first virtual diamond retailers, shares his insights. He says that diamonds have always proven to retain a high value over a long period historically. This is why loose diamonds and diamond engagement rings are one of the most features of family heirlooms.
Diamonds are also the most popular gemstones that individuals pass down over generations. Even Ron Kane, the Managing Director of Diamonds-USA.com, agrees with David and describes diamonds as an alternative asset.
He says that natural diamonds have an incomparable storage value in the long term. However, like other investments, you must consider factors like the year of purchase, the timeline for selling it, and whether your stone is from the obscure category.
If you purchase a high-quality, one-carat diamond engagement ring, you have a higher chance of selling it reasonably. On the contrary, when reselling, you will fetch a meager sum if you buy a marquise or heart-shaped diamond with increased clarity, low color grade, and intense fluorescence.
Social Impact
According to the two diamond experts at Diamond-USA.com, the social impact of your purchases is a significant consideration too. Natural diamonds are primary wealth storage undoubtedly, and their industry finances the livelihood of ten million people worldwide.
The industry provides them with qualitative jobs and opportunities for education, healthcare, and other social programs in even remote regions. Combined with the industry’s conservation efforts, it also protects three times the land space used for mining
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Averages are a Poor Base
David advises buyers to refrain from basing their budget on averages. In America, a diamond engagement ring costs around $5,000, as per The Knot’s 2020 Jewelry and Engagement Study. Moreover, the study explains that nearly 25% of the purchasers spend approximately $1,000 to $3,000 on a diamond engagement ring.
However, the average is far greater in progressive cities like Chicago and New York, where purchasing larger diamond rings at a higher cost is the norm.
A Realistic Budget to Stay Debt-Free
A buyer must primarily consider their financial status to establish an appropriate budget for their engagement ring purchases. They must consider things like:
- Will they be financing the ring?
- The level of savings, expenses, debt, and income they bear presently
- The best monthly payment form they can afford
Buyers need to remember the true objective of purchasing the ring. Simply spending more to impress friends and acquaintances is a grave mistake. Instead, buyers must realize that buying a diamond engagement ring at Diamonds-USA is a life-altering decision. They must factor in their shared values for the decision, explains Ron Kane from Diamonds-USA.com.
The buyers must also consider the other wedding expenses, home ownership investments, family plans, and other budgeting decisions. Sound advice is to look at the bigger picture than merely a linear trajectory of engagement, wedding, family, home, etc.
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What You Need to Know About Diamonds
Ron Kane, sales manager at Diamond-USA.com, explains that a buyer must consider a diamond engagement’s heirloom and sentimental qualities. This will ultimately have a major influence on a buyer’s style preference and budget allowance.
With little foresight, buyers must envision wearing their diamond ring twenty or thirty years later. Would they wish to pass it down? With factors like these, the best budget range becomes apparent.
At Diamonds-USA Jewelers, the average ring price falls between $5,000 to $7,000. What it all trickles down to is what matters the most to the couple. Their budget allocation depends entirely on their discretion and their comfort factor.
Couples must choose a budget they can comfortably afford without falling into debt. Also, they must ensure that the funding they pick does not adversely affect other aspects of their life.
In simple words, purchasing a diamond ring is a very individual and personal choice. Hence, couples must prioritize what they value in a ring. From the quality to the size of the central diamond, they must identify what they value most.
To determine what appeals to them the most, couples must research some educational content. They must also learn in detail about the 4Cs of diamonds to better understand the gemstone’s dynamics.
Once they have listed their preferences and reached a mutual consensus, they must look for options that fit their budget range. Simultaneously, they must also ensure that their ring choices tick all the vital boxes.