Factors That Affect Engagement Ring Prices

You may have heard the old saying about how the man should scrimp and save to come up with the equivalent of two months’ worth of his salary to pay for an engagement ring. This line of thinking may have been great 50 or 100 years ago, but it’s pretty outdated today. The fact is that with the proliferation of credit into society today, even those with a low monthly income can afford to purchase a truly stunning (albeit expensive) ring for their special someone. Rather than focus on how much you should be paying, you should instead focus on engagement ring prices and getting the best value for your money. There are several factors that come into play with engagement ring prices, and these are:

1.    Diamonds. Perhaps the biggest factor affecting the value of a ring is the diamond itself. The value of diamonds varies significantly, and you will want to take time to educate yourself on how diamonds are valued if you want to get the best deal on your purchase. Generally, this is determined by the “four C’s” of cut, color, carat weight, and clarity. If you are on a budget but still want to make a big impact with your ring, you may opt for a larger carat size with a lower level of clarity.

2.    Settings. The setting will also affect engagement ring prices, but this can be misleading. For instance, a Tiffany setting purchased from the originator of this style, Tiffany and Co., will be truly pricy in and of itself, regardless of the diamond you choose. However, you can purchase this same setting from a lesser-known jeweler and enjoy a similarly stunning effect from the setting but without the high price tag.

3.    Metals. The metal you choose for the setting will play a big factor in engagement ring prices, too, but not quite as much as you might think. Sterling silver is often among the more affordable choices while gold and platinum are more expensive. However, this will not affect the price quite as much as the diamond will. If you want to save a little money on the metal aspect of the price, you will be better off opting for a thinner ring and choosing the metal you really want rather than switching to a different metal.

These are among the primary factors that come into play with engagement ring prices. If you are on a budget or want to stay inside a certain price range, you will find that playing around with these various features can help you find the perfect ring for your bride-to-be without breaking the bank. The fact is that you certainly want to give her a ring she will love and treasure for the rest of her life, but you also will have a big wedding to pay for not too far from now, so often it is critical to keep the price of your ring within a certain budget so you can give your bride-to-be the wedding she has been dreaming about.