In US society, engagement rings always have a special place. Couples put a lot of effort into choosing the best item that fits their budget and style. While diamond engagement rings always have a great demand, rings made of other gemstones have become quite popular. Prices vary depending on several factors.
What Is the Average Cost of an Engagement Ring in the Pre Wedding Season?
Engagement rings usually involve a higher price because they feature a large diamond or exotic gemstone with specific intricate details.
On average, the price of a standard-size diamond engagement ring is around $6350 in the United States. However, the cost can be between $500 and $45000. A majority of the couples spend an amount ranging from $1000 to $5000 to buy their engagement ring.
According to the American Wedding Study by Brides, couples had spent around $3756 on average on an engagement ring in 2020. This figure was less than half of the amount spent in 2018, $7829.
What Are the Factors That Influence the Price?
Some crucial factors play a key role in determining the price.
The Color, Clarity, Carat, and Cut of a Diamond
- Color: A top-quality diamond always has a crystal-clear appearance and thus has a higher price.
- Clarity: A diamond with fewer imperfections is more valuable.
- Cut: Round-shaped diamonds are higher-priced because making them requires more labor. On the other hand, princess or cushion-cut diamonds are less costly.
- Carat Weight: 50% of engagement rings have diamonds weighing between 1 to 2 carats in the US. The higher the weight, the more the price.
The Ring Setting
Diamond engagement rings come in a variety of settings. Solitaire engagement rings feature a single piece of diamond placed in the center. While it seems a less expensive option, a large diamond can increase the price.
Other gemstones like sapphire, amethyst, ruby, emerald, etc., are also used in solitaire rings.
If you choose rings featuring more than one stone, you may select infinity engagement rings. The price will depend on the weight of the diamond. Sometimes, people prefer having a center stone, which increases the price.
The Metal Band
Choosing a band metal is another influencing factor. While platinum is an expensive metal, it has more durability and needs less maintenance than other options.
Yellow gold is a more reasonable option, but scratches can develop quickly. However, the most popular band metal for engagement rings is white gold.
Choose a Top Retailer to Get the Most Reasonable Price
Whether you go for modern or vintage-style engagement rings, you have to spend several thousand bucks. Certifier retailers offer the most realistic prices. In addition, you will also have the option to negotiate the price when dealing with them.