Engagement ring costs

posted 3 years ago in Rings
Post # 16
Member
858 posts
Busy bee

I think some of it may ne generational change. I feel that my yojnger friends are very “meh” about diamonds, whereas the middle aged women in my family are more likely tp commemt on a new engagement ring that has an aquamarine instead 

Post # 17
Member
2879 posts
Sugar bee

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MiaSuperstar :  I was JUST telling someone today that we have this skewed version of reality by being on social media and these boards (or at least I do!) and the majority of the population doesn’t have a 2 or 3 carat diamond on their finger. Most are significantly smaller, and a lot of people are leaning toward non-diamond alternatives like colored gemstones, Moissanite and lab diamonds. 

Post # 18
Member
813 posts
Busy bee
  • Wedding: May 2018

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techmom :  you don’t come across judgmental. Comments tend to be very emotional on the bee. Hard to explain but everyone feels very strong about some things and it always sounds so definite. (I include myself into this statement).

i just edited my comment before I read you answer. I totally agree with you! Companies make it seem like 16k isn’t even that much to spent on an ering. How frequently do I see causally advertised rings with a price tag of 35k+… they make it seem so normal to spent this much on a ring. It skews reality. In a bad and sad way. 

Post # 19
Member
8 posts
Newbee

@MiaSuperstar: A sample size of 1600 is fine and typical for a poll. This might be unintuitive if you don’t have a stats background, but a survey with 1600 sample size and representative sampling is more accurate than one with 16,000 or even 160,000 with very skewed sampling — and the Knot and other wedding websites’ surveys are skewed towards those who care a lot about weddings and related activities. 

AFAICT this is the first survey on engagement ring costs by an actual polling company which attempted representative sampling. It’s the best ground truth we have at the moment and I’m glad we have it, hopefully this will help those who felt pressured to spend more due to inflated numbers. 

Post # 20
Member
11 posts
Newbee
  • Wedding: May 2019

What is odd to me that in the article they compare average numbers to median numbers..

Post # 21
Member
716 posts
Busy bee

My fiancé technically spent about 6 weeks gross pay. He aimed for $6000 and the cost all in ended up being between that and $7k. Much higher than the $1900 number. I would say most people in my circle, personally, spend somewhere around $5k. That’s pretty standard from the friends I have who were married years ago and now in our late 20’s. 

What I would like to know is how many people finance their rings as I believe that is quite common regardless of the cost. People want it now, so they go this route. 

Post # 22
Member
661 posts
Busy bee
  • Wedding: November 2021

Seems low to me.  I think most people I know spent around 5-7k. 

Post # 23
Member
224 posts
Helper bee
  • Wedding: June 2021

This post made me think of this scene from The Office. 

But boyfriend originally bought a $5K ring from Clean Origin and when he told me the price I told him I wasn’t comfortable with that, so he returned it. I’m glad we did because I found the perfect ring for me on eBay for less than half that price.

Post # 27
Member
538 posts
Busy bee
  • Wedding: September 2020 - Summer Camp!

 We went with a moissy ring from Starsgem…. It was definitely less than a week’s pay for him. There are so many associated expenses with the wedding that we’d rather save where we can. I’m curious how the average wedding cost compares to someone’s salary!

Post # 28
Member
4808 posts
Honey bee

I don’t know of anyone who went by any rule based amount when deciding on how much should be spent on the ring.  I think most people figure out what they can afford.  And it’s not all based on salary.  When you are younger, you have less savings, when you are older, you hopefully have more.  I think that the rule of thumb should be to buy what you can pay off in cash.

Also, people prioritize things differently.  Personally, I could never spend thousands of dollars on a wedding dress when I only get to wear it once.  I don’t judge people who do because I know that they have prioritized that and it’s important to them.  I prioritized the ring because it’s something I get to wear everyday.  

Post # 29
Member
7800 posts
Bumble Beekeeper

I’ve never heard a single person IRL use the 3 months thing lol. It’s pretty ridiculous IMO. Spend what you’re comfortable with, regardless of how many weeks/months income it works out to be. 

That said, $1900 does seem pretty low, but it’s interesting anyways. 

Post # 30
Member
716 posts
Busy bee

View original reply
sharpshooter :  That’s a really good point- It would be pretty absurd for someone to determine what to spend on something based on their gross income. My fiance nets far less than that when factoring in his 401k, our health insurance, and other benefits. That’s obvioiusly before paying bills and whatnot. Someone could make 100k, but be left with 1/8 of it after all of their expenses while another has none and pockets 30k a year. 

Per my post a while back, it definitely is personal preference and I don’t believe is correlated with income as you’ve pointed out. Some can’t “afford” what they spend on a ring and others could have spent much more. Complete tangent, but I can’t imagine basing how much I love my ring off how much it cost.

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