2 MONTHS SALARY FOR AN ENGAGEMENT RING?
SHOULD YOU SPEND 2 MONTHS SALARY ON A DIAMOND ENGAGEMENT RING?
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Jewelry stores always say you need to spend at least 2 month’s salary on a diamond engagement ring.
That’s the guidelines they give you and so that’s what most guys will probably aim for…
But is this just?
Guys have no idea how much money to spend on an engagement ring. All they know initially is that they have to buy one, and that it’s going to be expensive.
But 2 month’s salary? That seems high…
Let’s find out…
The average income
According to Ask.com, the median income (figures out better than the average income) across America is $27,041 per individual (at the time of this post). That works out to roughly $2,253 a month.
$2,253 x 2 months = $4,506
So if $4,506 is average for 2 months salary, is that what most people are spending on a diamond?
In my experience, I’d have to say NO! That’s a little high.
The average diamond ring sale…
The average diamond ring sale for new brides-to-be, is probably closer to $3,000, if not a little less ($2,500). But, interestingly enough, the most common diamond carat weight sold on the market is just 3/8 carat weight (a little bit bigger than 1/3 CT). A 3/8 carat (38 point) diamond will usually sell for around $999 – $2,000 (depending on cut, color, clarity and carat weight).
As you can see, that is pretty shy of the 2 month mark.
So then where does this average price increase come from that we’ve been seeing? Well, it stems from an educated public…
People know by now to look closer at diamonds and quality. They know that the 4C’s are important and are taking the time to learn before they shop, compare and buy. Shows like 20/20 have done a great job with opening people’s eyes. This is awesome for everyone. The customer gets a better diamond and the jeweler gets a bigger sale.
See how that works?
No matter what, 2 month’s salary is pushing the envelope a bit. I’m sure it’s just a clever (smart) marketing ploy that was started by who-knows-who (DeBeers?) But it does work. Guys are spending a little bit more… But then again, I’m also sure this is driven by what women want.
What do women want?
Women generally don’t want a small diamond (like the 3/8 carat). They want a BIG carat weight! The bigger the better.
3/8 is small and it will look small on her fingers. One carat (or closer to it) is the place to be. :)
Should YOU spend more money?
Sure! Why not?
She’s going to wear this ring every single day for the rest of her life. What else could you buy or wear that will still look brand new in 80 years from now? Nothing!
Diamonds are beautiful, stunning and shine like a million stars in the sky. They are highly durable (unless you accidentally chip them). They will never wear down. You’ll be able to pass this on for generations to come.
Plus, it will constantly remind you of your dedication, loyalty and commitment.
Diamonds are worth every penny!
You couldn’t put that kind of money into any other inanimate object and have it last as long or look as good.
Think about it, it will never tarnish, dull, scratch, wear down, rust, corrode, stain or rub away… A diamond IS forever!!!
That’s why diamonds are so expensive…
They are the ultimate gemstone to cherish and treasure. They will last and endure just as long as you do. What better gift to give your fiance than the gift of everlasting love and beauty?
With this ring I thee wed…
It has to be perfect doesn’t it?
I always say, “spend more!” If you’re thinking about spending $2,000 on a diamond engagement ring, spend $3,000 instead.
A couple hundred dollars more won’t matter much in the long run (when it comes to making payments). But it makes a huge difference on her finger.
The last thing you ever want to do is regret it. If you get her a small diamond, she’ll know it. Her face won’t lie. You’ll see the disappointment in her eyes…
Bigger stones really do get bigger reactions, bigger smiles and bigger hugs.
I’m not saying go ape wild (or go broke). I’m just saying move up to the next carat weight, that’s all. Instead of buying her 1/3 carat, buy her 1/2 carat. Instead of 3/4 carat, swing for the 1.00 carat. But do remember one thing: Don’t skimp on quality.
Clarity and color are very important and shouldn’t be overlooked. I recommend G-H or higher in color and SI1 or higher in clarity (like in these diamonds here). You only get one chance to buy this ring, better make it a good one.
The last thing you ever want to say is “I should have gotten her the bigger diamond“.
What will 2 month’s salary get you?
Let’s take a look at what 2 month’s salary ($2,500 – $3,000) will get you (view them all here). I think you’ll be surprised…
$3,000 could get you some awesome, awesome diamonds. Diamonds that are WAY above average in both cut, color, clarity and carat weight… Well, I should say, if you buy your diamond from the right place. It’s a fact, some jewelry stores overcharge you and you could get something much bigger if you know where to look and shop. I say, Shop online!
James Allen is probably one of the best places to buy a diamond online. They are the only jeweler to show you the actual diamond you’re buying under 20x magnification (priceless for peace of mind) BEFORE you buy it. No other online jeweler does that.
Plus James Allen gives you a no questions asked 100% full refund if you’re not completely satisfied. You can’t beat them or their prices. Just compare them to any jewelry store in the mall…
Take a look at some of the diamonds and rings I’ve found doing an extensive search on James Allen (You can search by price, carat weight, or keep adding in filters to narrow the search down).
.70 CT, VS2, H, ideal cut diamond price: $2,500
.60 CT, VS1, E, excellent cut diamond price: $2,500
P.S. VS1, E is my favorite color and clarity!
3 Stone diamond ring price
If you buy a wedding set, or a ring with more than one stone, you can get a BIG LOOK for a much less price. Use these mountings:
Three stone diamond engagement ring: $1,500
With this center solitaire:
.60 CT, VS1, F, princess cut diamond price: $1,500
Those 2 combined would be $3,000! :)
So what do you think?
Have I justified spending 2 month’s salary? I think so. It’s not a bad guideline and considering how much you would spend on a car that will be worthless in 10 years… I’d say the money for a diamond is well spent.
Do realize that the 2 month’s salary in this post may be different than your 2 month’s salary. But for a grand or two, you can still get some unbelievable deals. Check out these diamond solitaires that will knock your socks off…
.50 CT, VVS2, D, excellent cut diamond prices: $1,900
.70 CT, SI1, G, excellent cut diamond prices: $2,400
.70 CT, VS2, H, excellent cut diamond prices: $2,600
.56 CT, VVS2, D, excellent cut diamond prices: $1,900
(prices good at the time of this post)
So whether it be $2,000 or $10,000, do what feels comfortable. Spend a little bit more now so you won’t regret it later. And buy from a store that gives you the best deal for the best quality.
P.S. If you use “RINGSUM” at checkout you’ll save an additional 10% off your ring mounting price from James Allen!
See, that just saved you more money… Makes you want to buy a bigger stone, eh? :)
Let me know what you end up buying and if you think 2 month’s salary is fine, or just way out of line.
I’d love to hear from you.
James Allen is a leader in diamonds. Their real time interactive diamond inspection is the best in the industry. View and rotate any diamond under 20x magnification. Their prices, selection, lifetime warranty, 24/7 customer support and hassle free returns are unbeatable. Visit James Allen today.
Blue Nile is the largest and most well known respected diamond dealer online. They are highly trusted, have a huge inventory, and low low prices (compare anywhere and see for yourself). If you want to save money, or build your own ring, this is the place to shop. Visit Blue Nile today.
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