How much should an engagement ring cost?

You’re ready to start the ring-shopping process with or without the help of your fiance-to-be. But before you set foot in a physical store, you’ll need to have an understanding of how much a ring typically costs. Our guide below breaks it down for you so you can walk into any store — or shop online — within your means and still find a stunning selection of engagement rings in your price range.

How much is the average engagement ring?

The average cost of an engagement ring varies significantly depending on location, retailer, and personal preferences. In the U.S., the national average is around $5,500, though you may spend significantly more or less. With a shift toward alternative stones like moissanite and lab grown diamonds, couples these days are redefining what an engagement ring should cost.

Factors that influence the average cost

What goes into the price of a ring? Some of the factors that contribute to the price of a ring include the type of gemstone, their quality and size, the cut and metal choice, among others. Similarly, solitaire settings tend to be more affordable than intricate halo or pavé designs. You’ll pay more for a natural diamond than a moissanite gemstone, and platinum will set you back more than a white gold band. And a 2-carat engagement ring will set you back much more than a .5-carat diamond.

How much do wedding rings cost compared to engagement rings?

While engagement rings often take center stage, wedding bands are also an investment into your commitment. On average, a wedding ring for a bride costs between $1,000 and $2,500, while men’s wedding bands range from $500 to $1,500.

Understanding the price difference

Engagement rings generally cost more than wedding bands due to the center stone. Whether you choose a plain metal band or something embellished with small stones, wedding rings are often simpler in design and therefore often more affordable. H3: Wedding band costs for different metals & styles

Platinum wedding bands are typically the most expensive, while white, yellow, and rose gold provide slightly more affordable options. Simple bands are more affordable than those with diamond accents or custom engravings. And alternative metals like tantalum will also cost less than platinum and slightly less than a gold men’s band.

How many carats should an engagement ring be?

Carat weight is one of the most talked-about aspects of an engagement ring. The average diamond size varies based on budget and preference, with most engagement rings featuring stones between 1 and 1.5 carats.

What’s the most popular carat size?

A 1-carat diamond is the most popular size for engagement rings, striking a balance between affordability and visual appeal.

Does carat size impact price more than quality?

While a higher carat weight increases the price, diamond quality factors like cut, clarity, and color can be even more critical in determining overall beauty and value. Learn more about the four Cs here.

How much should an engagement ring cost traditionally?

The cost of engagement rings has changed dramatically over time, mostly influenced by economic trends and evolving consumer preferences. Forty years ago, for instance, natural diamonds were the de facto engagement ring choice. These days, many couples are opting for lab grown diamonds and lab created gemstones, from moissanite to white sapphire, which lowers the cost of the investment.

The evolution of engagement ring pricing trends

Historically, engagement rings were more modest in price, but marketing and societal shifts have increased spending over the decades. Lab grown diamonds and alternative gemstones are now providing more affordable options and proving increasingly popular.

Cultural & regional differences in ring budgets

Spending expectations vary by culture and region. Some societies prioritize larger diamonds or more opulent gold settings, while others focus on sentimental or traditional aspects of the ring.

How much should an engagement ring cost? (Is 3 months’ salary still the rule?)

The idea that an engagement ring should cost three months’ salary is widely debated, with many opting for a budget that better aligns with their financial situation.

The origin of the 3-month salary rule

This guideline was popularized by diamond company marketing campaigns in the mid-20th century and has since become an outdated norm for many couples.

Should you follow the traditional rule or set your own budget?

Rather than adhering to old-fashioned rules, you should set a budget based on your financial priorities. A meaningful, well-chosen ring should align with personal values rather than arbitrary spending expectations.

At Helzberg, we’re here for all of life’s meaningful moments, from ring shopping, to a wedding, to your life together. Our Love and Marriage Studio gives you access to a sparkling selection of engagement rings, wedding bands and anniversary gifts that fit your budget. Each piece is an investment into your future, and our Education section gives you all the tools you need to determine their ring size, decide whether to purchase insurance and learn more about pairing wedding bands with engagement rings.