How Much Should You Spend On An Engagement Ring: A New Guide For 2021

How much to spend on an engagement ring- is a question with many possible answers. When it comes to setting a budget, there is no precise amount that could be considered to be perfect for an engagement ring.

Determining your budget for a ring depends on various factors, including the type of ring you are willing to buy and your financial situation. Whether you stick to traditional diamonds or go with something contemporary, you need to remind yourself that it is something that your partner will cherish for the rest of their life and it will represent your love for them. So however much you decide on spending, it should be something that your significant other will love wearing, and at the same time, it needs to be affordable for you.

You must be familiar with the famous "rule" that suggests that one should spend about 2 months' salary on an engagement ring. However, this rule was fabricated by a diamond company to get people to spend more money on diamonds.

The truth is spending more than you can afford is a reckless decision financially because the last thing you want is to walk into a new marriage with unnecessary debt and financial stress.

There sure are a variety of jewelry stores available both online and offline that offer a wide collection of exquisite engagement rings on your budget. Just remember, expensive doesn't always mean more beautiful. Serli and Siroan is here to save the day - walk in to find a meaningful ring for your soon-to-be fiance without breaking the bank.

How Much Amount Should Be Enough To Buy A Good Engagement Ring?

Everybody has a budget range for an engagement ring that they consider to be reasonable. But sometimes your expectations could vary from your partner's that could create a bit of friction in the relationship later. So, in order to be on the same page regarding the budget, it is wise to figure out how much your partner expects you to spend ahead of time.

It shouldn't necessarily be a direct discussion if you are looking forward to keeping it a surprise, you can also make efforts via a friend or any other indirect ways to sense how much they expect you to spend on an engagement ring.

A Ballpark Idea

Till now we have discussed that there is no set budget for an engagement ring as it varies as per the choice and financial situation of a person. But now let's discuss a general idea followed by many around the world.

According to a national survey, an average person spends around $2000 on an engagement ring, which is similar to the average monthly salary of people. This fact perfectly dismisses the two-month salary rule that we have been hearing about for ages.

If we talk about the cost range for an engagement ring then it varies from $1000 to $10 million!

Does an Engagement Ring have to be Diamond?

Just like the two-month salary rule, another successful marketing campaign has led us to believe that diamonds are forever or diamonds are a girl's best friend. It is true but only to a certain extent. Buying a diamond engagement ring might be a traditional idea but it’s not the only option that you have.

There are a variety of precious stones that are just as beautiful that deserve a chance too. Depending on the choice of precious stones you can buy something unique and special for your significant other.

If you are not comfortable with going with colored stones and want to stick with traditional diamonds then you can always go with lab-grown diamonds. They are a growing trend in the industry and present a cost-effective solution to budget-conscious clients. With Serli and Siroan you can customize your own engagement ring as per your choice of style, design, and overall feel.

Get More Bang For Your Buck

One of the most important aspects of engagement ring shopping is selecting a reliable and affordable jewelry store or a dealer that you know is not ripping you off. There sure are an overwhelming amount of jewelry stores available both online and offline but how would you know which one to go with? Well, if you are pondering on the same then your search ends here.

Experts suggest, selecting a dealer or a store with years of experience as well as good reviews in your best interest while buying for an engagement ring and as leaders in the industry Serli and Siroan has established their presence as the largest independent jewelry store in Canada with a collection of over 100,000 pieces of jewelry. Our rings are designed to fit varying budgets and we provide certified diamonds that will surely please your significant other. Contact us at 416-944-3863 to browse through our exquisite range of engagement jewelry handcrafted to perfection only for you!