Average budget for ERings

[Samantha Red]

I am sorry about this, posting again, but I am so excited to have found this site, and I have so many questions. I also apologise for repeating anything that has been asked before. I live in the UK and I suspect that budgets for ERings are slightly different to the US. I would be interested to know of rough budgets that people generally expect in the US for their ring. It doesn''t have to be the dollar value. Various multiplications of salary seem to float around as well. If there are any other UK PSers out there, I would be really interested to hear from you too.

Thank you so much for putting up with me, I will settle down - honest

 

[belle]

you may want to try doing a search. there have been several threads and at least a few polls on the subject.

if you are trying to decide on budget, the main consideration should be what you are comfortable spending and what you can afford. forget formulas based on salary and what other people spend, you need to do what is right for your situation.

best of luck!

 

[Lorelei]

Ha Sam - I too am from the UK. Budgets are generally larger in the States for e-rings it appears, depending on which opinions you have, there was an article someone posted here a long time ago where the average e-ring diamond in the States was a 3rd of a carat, but a carat is a popular size with many. But...PS is a unique place where us blinghounds congregate to share our passion and not really indicative of the real world USA with some of the mongo rocks floating around here ( it seems to me anyway!)

As Miss Belle says, try a search, there are many threads on the subject in the archives and they make for some interesting reading!

 

[ringlover]

mine was 60K because i initially wanted a tiffany ring, then it went down to thirty, i ended up getting something in the mid twenties, he kept reminding me it was my money too which really put things in perspective!

 

[Samantha Red]

Date: 1/9/2007 11:34:57 AM
Author: ringlover
mine was 60K because i initially wanted a tiffany ring, then it went down to thirty, i ended up getting something in the mid twenties, he kept reminding me it was my money too which really put things in perspective!

That sounds amazing. Are there any pictures of your ring anywhere. I would love to see it.

 

[Jas12]

Our budget was 20K (including the wedding band as well) and we stuck to it.

I think the average (in canada at least) is around a few thousand. It''s completely up to you and your FI, and should be about what you can afford and how important a diamond is to you.
We thought about it this way: one can easily drop twice that much on a new car, and it can''t be handed down to children or worn every day, retain monetary and symbolic value ect--so we chose to put money into this rather than another object. That argument worked for us

....

 

[E B]

Pricescope''s average isn''t even CLOSE to the U.S. average, so keep that in mind. According to this website, $2,982 is the average amount spent on an e-ring here in the US.

Our budget was $4,000, and I believe we went over by around $300.

 

[tuanle55]

My rule is spend money that you have. Never finance anything except housing. I don''t believe in financing cars, TVs, jewelry, etc. Use money to grow more money and buy what with what you have. Knowing the average budget of what people spent doesn''t do anything other then maybe make you happy that you have more then the average person. I already know I make a lot more then the average person but I know I''m nothing compare to many of the people I see here on pricescopes spending an insane amount of money on their e-ring.

 

[WindyCitySparkle]

Ditto - there is no "average." Among certain age groups and demographics you can see some rough ideas, though. For example, for doctors/lawyers in their mide to late 20s who are making around $125,000 per year I would say the average is $10,000. Some spend more, some spend less - it''s all about what you''re comfortable with.

 

[San Diego Bride]

as others have said, there is no particular average. each couple makes their own decision. we are both physicians in our 30''s and set our budget at $5,000 for my engagment ring. some thought it was high, others thought it was low. for us it was perfect. we could pay cash and i received a ring that i love and never take off. i have seen many gorgeous rings here for a lot more money, and many for a lot less as well. there are also some gorgeous colored gemstone engagement rings that i wish we had considered.

 

[Cehrabehra]

for first rings I''ve seen literally everything from 500 to 50,000 here! I''d say 75% at least maybe more fall betwen 5k and 15k with most of those under 10k.

 

[grapegravity]

My bf didn''t have a budget... and since I''m still engaged and already have an upgrade on the ER , the upgrade ER costed my bf 2 months salary ~ $15k Cdn..

I believe normally the average budget are around 3 to 6 months of the guy''s salary in my area...

 

[Moosejaw]

I spent 14k total for the wedding band and stone/setting.

My ring was 200 bucks.

-G

 

[just_looking!]

Hi! I'm also from the UK, but my husband and I are working out in the middle east.

Are you planning on buying in the UK or getting something sent over from the States? We looked at UK rings, but Pricescope spoilt me with 'ideal cut' diamonds and the information just didn't seem to be available on UK based diamonds.

If you were planning on importing then look up the threads on VAT and customs as you may get a shock!!

Another alternative is to buy in the US whilst you are on holiday.

My ring was a bit of an epic as I got the side rubies, centre diamond and setting from 3 different places in the US, had it appraised at another and this meant that in order to get it in time to show the relatives in the UK, my then fiance and I flew to Florida to pick it up. I quite enjoyed the experience, but my job involves project management!!

Thanks to Wink Jones, Richard Homer, Leon Mege and Richars Sherwood for putting up with my demands and emails!!

In early 2005 my ring came in at about $7,5k, but appraised for nearer $12k. Pretty good value for custom cut rubies, 1ct F colour ideal cut stone and custom platinum setting. My curved wedding band in white gold was just $30!! At the time I was thinking of getting a pave band made, but I like the simple band so much I've kept it. White gold wears faster than platinum so it doesn't hurt my engagement ring.

The ring that my husband proposed with is a simple white gold $30 4mm band that I wear much of the time now that I'm working on a construction site for 60hrs per week. I'm a little sentimental so it's nice to be able to wear all my engagement / wedding rings regularly!

I don't intend to upgrade my engagement ring so it was really important to me that it was just what I wanted. My husband is quite detail oriented too so he gave some input and let me organise it. His wedding ring is a custom tungsten and platinum band from Boone Rings costing around $650.

Hope that helps!?

 

[Lorelei]

Date: 1/9/2007 6:10:28 PM
Author: tuanle55
My rule is spend money that you have. Never finance anything except housing. I don''t believe in financing cars, TVs, jewelry, etc. Use money to grow more money and buy what with what you have. Knowing the average budget of what people spent doesn''t do anything other then maybe make you happy that you have more then the average person. I already know I make a lot more then the average person but I know I''m nothing compare to many of the people I see here on pricescopes spending an insane amount of money on their e-ring.

I think it is all relative, the money spent on some of the e-rings here might seem ''insane'' to some, but it depends on what is important to the wearers and how much disposable income they have. What is right for one person isn''t necessarily for another, if you can afford to spend a huge amount and get enjoyment from the diamond you bought with that money, then it is a good investment in my opinion.

 

[colorkitty]

I think the idea that it should be based on salary is wrong. It should be based on savings. How many people do you know making 6 figures who don''t have more than a grand or two in their bank account? I know tons. It seems like a lot of income until you check out the cost of living in the areas that usually command these salaries. To add a 16K ring to that (2 months salary) because we''ve been conditioned to believe we can afford it, that''s insane. That puts a lot of pressure on men with decent incomes to perhaps go into debt to put a ring on her finger that doesn''t make it look like he cheaped out. It''s not insane for a couple making less than that to spend 16K on a ring if they have 50K in savings. It''s all about the savings.

 

[Lorelei]

There are some with great wealth who might spend what is considered insane amounts on a ring by the average person, but they can easily AFFORD it. Buy what you can comfortably afford whether it is half a millon dollars or a thousand dollars. Everyone is different and has to be comfortable to purchase within their individual means and preferably they can afford to pay for it with their savings rather than borrow money for it.

 

[Fashionvictim]

When we get my diamond, we discussed the budget will be 4-5K

 

[Cehrabehra]

Date: 1/10/2007 7:50:27 AM
Author: colorkitty
I think the idea that it should be based on salary is wrong. It should be based on savings. How many people do you know making 6 figures who don''t have more than a grand or two in their bank account? I know tons. It seems like a lot of income until you check out the cost of living in the areas that usually command these salaries. To add a 16K ring to that (2 months salary) because we''ve been conditioned to believe we can afford it, that''s insane. That puts a lot of pressure on men with decent incomes to perhaps go into debt to put a ring on her finger that doesn''t make it look like he cheaped out. It''s not insane for a couple making less than that to spend 16K on a ring if they have 50K in savings. It''s all about the savings.

I agree with most of this colorkitty except the last line - it isn''t just about savings, it is also about priorities. some people would rather have a boat than a ring

 

[Cehrabehra]

Date: 1/10/2007 12:00:51 AM
Author: grapegravity
My bf didn''t have a budget... and since I''m still engaged and already have an upgrade on the ER , the upgrade ER costed my bf 2 months salary ~ $15k Cdn..

I believe normally the average budget are around 3 to 6 months of the guy''s salary in my area...

3-6 mos? OMG I think that''s insane!!! 6 months? I mean unless you''re making 300k so you have plenty left over - jeeeez!

 

[Maisie]

When my hubby and I got engaged two years ago we spent £450 on a .25ct Princess Solitaire. We are married now but he always said he would buy me a bigger Diamond.

He has offered me a budget of £3000 which is this years bonus. I can't believe he is giving me that much! Its a lot of money to us so I am really desperate to make the right choice when we buy it.

In the UK we don't seem to take diamonds as seriously as you do in US. I was very uneducated before I found PS - now I am more clued up I am definitely going to buy the best value I can afford.

We have been told by Customs and Excise that the duty payable upon entry into England will be approximately 30% of the cost of the ring including the shipping cost. Even after paying this the ring will still be cheaper than buying one here. The mark up is extortionate!!!

I am also excited to have found out that some companies let you trade up! This is fabulous!! I will get my rock one day!!

Maisie

 

[grapegravity]

Date: 1/10/2007 11:12:23 AM
Author: Cehrabehra

Date: 1/10/2007 12:00:51 AM
Author: grapegravity
My bf didn''t have a budget... and since I''m still engaged and already have an upgrade on the ER , the upgrade ER costed my bf 2 months salary ~ $15k Cdn..

I believe normally the average budget are around 3 to 6 months of the guy''s salary in my area...

3-6 mos? OMG I think that''s insane!!! 6 months? I mean unless you''re making 300k so you have plenty left over - jeeeez!

yup... one of my friend who just got married past Sept., her ring was from scott kay and her husband spent 6 months salary on it... Really nice!

 

[shawee]

We paid cash for my ring, our budget was between 5-6K. We stuck with it. I know getting the perfect ring is a really big thing but you also need to be sure that your fiancee can really afford such a purchase. We love to travel and eat out and we just purchased a 50" plasma, PS3 and we are going to re-do our kitchen and bathroom... so we both agreed to spend a decent amount on the ring but still be able to do everything we love.

 

[allycat0303]

I''ve ALWAYS wondered if that salary rule was before or after taxes

. I live in Quebec, and in the highest income bracket we are taxed 55% of our salary, so that makes a big difference. Which is why I don''t think there are any rules to spending on the e-ring. I think it''s a balance between what she wants, what he wants, and what the couple can afford. At the time that he purchased my ring, he had no set budget. I had a mental budget of what I thought was reasonable (which has since been totally corrupted by hanging out at PS too long

), the gals here and their ginormous rocks... But when he bought it, it was less then 1 month salary. Now considerably less then that. I think that''s why the *upgrade* was invented

 

[winternight]

^^^
I''ve sort of wondered that about the salary ''rule'' myself. I would assume post-tax. How does someone spend 6 mos. salary on a ring? Is that is you have no other expenses? How long would that take, even if you''re saving 30% of your annual salary that''s still 2 years of savings.

As for us, my fiance makes six figures and we''re looking at a budget of 10k. (Okay I don''t even want to think about what I could get with 6 mos.)

 

[grapegravity]

Date: 1/10/2007 1:57:27 PM
Author: winternight
^^^
I''ve sort of wondered that about the salary ''rule'' myself. I would assume post-tax. How does someone spend 6 mos. salary on a ring? Is that is you have no other expenses? How long would that take, even if you''re saving 30% of your annual salary that''s still 2 years of savings.

As for us, my fiance makes six figures and we''re looking at a budget of 10k. (Okay I don''t even want to think about what I could get with 6 mos.)

Well, according to my knowledge, they were both University students and he basically had no expense since his parents paid for everything.. So he had internship for one year and basically he spent half of that saving to the ER right after they graduate from school..

 

[Cehrabehra]

Date: 1/10/2007 2:09:42 PM
Author: grapegravity

Date: 1/10/2007 1:57:27 PM
Author: winternight
^^^
I''ve sort of wondered that about the salary ''rule'' myself. I would assume post-tax. How does someone spend 6 mos. salary on a ring? Is that is you have no other expenses? How long would that take, even if you''re saving 30% of your annual salary that''s still 2 years of savings.

As for us, my fiance makes six figures and we''re looking at a budget of 10k. (Okay I don''t even want to think about what I could get with 6 mos.)

Well, according to my knowledge, they were both University students and he basically had no expense since his parents paid for everything.. So he had internship for one year and basically he spent half of that saving to the ER right after they graduate from school..

oh, okay - well if I had everything paid for and my yearly salary was 20k and I spent half on a ring that''s one thing - but if you''re taking care of yourself, paying for housing and car and food etc. that''s nuts!

 

[rockbie]

I wanted a 2 carats ideal cut and F or higher in color. That would work out tobe about 20K or or more but my fiance only want to spend 10k. I know we both can afford 20K without borrowing. but he thinks that would be too much to spend on a ring and he also wouldn''t want me to chip in. I offered but he said he has his pride.. I compromised but told him that after 5 years I will upgrade. The good thing is now I am very happy with my 1.61 E.
It all depends on what she expects, what he wants to spend and what you both can afford. Just don''t let the whole thing stress you out.

 

[Larissa]

In Fall 2004 my British partner spent £700 (or, at the time, around $1,350). We bought a .47 carat estate piece with .24 sidestones.

It is my understanding that this is considered high for my peers in London (where I live). And I easily have one of the biggest rings on the tube/train every morning.

However, this is small with a VERY low budget for the South of the US (where I grew up, in Atlanta). Most of my peers there have 1-2 carat rings and spend closer to $10K.

We chose to buy the ring in the States because it was cheaper. The same size ring in the States would have cost us about £1,250 in the UK...so pretty much double the price...especially now as the dollar gets weaker and weaker as compared to the pound and euro (take advantage of the US''s failing economy if you can!!).

 

[colorkitty]

Well, according to my knowledge, they were both University students and he basically had no expense since his parents paid for everything.. So he had internship for one year and basically he spent half of that saving to the ER right after they graduate from school..

But you made the statement that 3 to 6 months was average and normal in your area. You used Canadian dollars. Do you live in Canada? Because I was under the impression that engagement rings were much smaller in Canada than the US. Just curious. Maybe I''m wrong about Canada?