Ask the Expert – How Much to Spend on an Engagement Ring
Question: What is the Average Price to Pay for an Engagement Ring? Traditionally a man should spend around three months salary on an engagement ring, but ultimately the amount you spend on an engagement ring boils down to how much you can afford without breaking the bank and piling up a huge amount of dept. Buying an engagement is an exciting time and the one you pick symbolises love, devotion and commitment to the promise of marriage. The question that many ask is – How much should I spend on an engagement ring? The idea that men should spend three months salary on an engagement ring developed from a marketing ploy run by the diamond industry in the 1940s with the message “Diamonds are forever”. If you love the thought of spending lots on an engagement ring but simply can’t afford it another option is to buy a relatively modest priced diamond engagement ring at first and then years later if you have more money to spare, you can upgrade the diamond engagement ring. It can also be a nice way of renewing the engagement and marriage.
Where Should I buy an Engagement Ring? One important point to remember when buying an engagement ring is that if you buy off a top high street jeweller you are likely to be paying at least a 100% mark up plus VAT – to cover expensive overhead. However if you buy either off a less well known jeweller either on the high street or on the internet, the likely hood is that you will pay a lower prices for a diamond engagement ring that matches the exact same quality as a top jeweller. Remember to do your research by reading diamond buying guides and shop around either at online jewellers or high street jewellers to compare price and quality that matches your budget and diamond requirements.