Average Engagement Ring Budget

[the other Jake]

So it seems there are alot of people are curious about what the average engagement ring budget is (I had no idea when I began ring shopping) so I thought I'd help them out and do a poll so people can tell their budgets anonomously... Obviously this poll will be biased towards the high end due to pricescoper standards, but it can definately serve as a guideline.

*give me a bump if needed*

 

[Cehrabehra]

if we didn''t purchase a ring 15 years ago, then the stone I bought this last year isn''t really an upgrade LOL So... do you want the $$ or the "didn''t get a ring"???

 

[the other Jake]

Think that falls into didn''t get a ring... after you''re married its an upgrade

 

[Cehrabehra]

Date: 2/3/2007 1:40:36 PM
Author: the other Jake
Think that falls into didn''t get a ring... after you''re married its an upgrade

you can upgrade from nothing? hahaha it woulda been so much more fun to click that bubble at the bottom LMAO!!!

 

[jayreneepea]

I chose $3,000 - $5,999, but that was in 1994. I think the year a stone was purchased is kind of important here.

 

[the other Jake]

If you want you can index your price to inflation...

We'll use 3% a year.

To do that: 1.03^ (number of years ago you purchased your ring) * orignial price

For example- a $3,000 dollar ring purchased 10 years ago

1.03^10 = 1.344
3,000 * 1.344 = $4,032 in today dollars

 

[:)]

I also think things like age of getting married, types of occupations/salaries, cities lived in, social circle, etc etc would play too much into it to really get an accurate poll just based on #s also.

 

[the other Jake]

True but an average is callled an average for a reason- It takes a bunch of non-uniform factors and finds the middle. Of course everyones situation is different, but the purpose of the poll is to find an average amount. The person can do with that info what they please including completely disregard it.

 

[Adylon]

Is this wholesale price or retail?

 

[kcoursolle]

Date: 2/3/2007 2:24:08 PM
Author: Adylon
Is this wholesale price or retail?

purchase price right?

 

[the other Jake]

Date: 2/3/2007 3:41:16 PM
Author: kcoursolle

Date: 2/3/2007 2:24:08 PM
Author: Adylon
Is this wholesale price or retail?

purchase price right?

Yea just the actual cost.

 

[the other Jake]

A normal distribution... interesting.

 

[diamondseeker2006]

Date: 2/3/2007 1:47:06 PM
Author: the other Jake
If you want you can index your price to inflation...

We''ll use 3% a year.

To do that: 1.03^ (number of years ago you purchased your ring) * orignial price

For example- a $3,000 dollar ring purchased 10 years ago

1.03^10 = 1.344
3,000 * 1.344 = $4,032 in today dollars

Gosh, you must know some kind of new math that I never had! I don''t get what you''re doing with 1.03^10= 1.344????

 

[pyramid]

He is doing 1.03 to the power of 10 .....1.03 x 1.03 x 1.03 x 1.03 x 1.03 x 1.03 x 1.03 x 1.03 x 1.03 x 1.03 = 1.344 (meaning the first number is multiplied to the power of the second number) As it is 10 years the second number is 10 so he has to multiply the first number by itself 10 times.

 

[jayreneepea]

Date: 2/3/2007 7:06:45 PM
Author: Pyramid
He is doing 1.03 to the power of 10 .....1.03 x 1.03 x 1.03 x 1.03 x 1.03 x 1.03 x 1.03 x 1.03 x 1.03 x 1.03 = 1.344 (meaning the first number is multiplied to the power of the second number) As it is 10 years the second number is 10 so he has to multiply the first number by itself 10 times.

Or use the X^Y (X to the power of Y) key on your calculator.

 

[:)]

Date: 2/3/2007 2:03:06 PM
Author: the other Jake
True but an average is callled an average for a reason- It takes a bunch of non-uniform factors and finds the middle. Of course everyones situation is different, but the purpose of the poll is to find an average amount. The person can do with that info what they please including completely disregard it.

Take into account that people coming onto pricescope are a skewed population and that will confound the results - it will not be a true representative population of general 'average' which is what I think when people ask the question they really want to know.

 

[Kaleigh]

My hubby was given a family stone, and that''s what he proposed with, Therefore I couldn''t vote..... You should add another category to the poll??? Many people propose with a family stone, family heilroom, and the like.

 

[diamondseeker2006]

Date: 2/3/2007 7:17:36 PM
Author: jayrenay9

Date: 2/3/2007 7:06:45 PM
Author: Pyramid
He is doing 1.03 to the power of 10 .....1.03 x 1.03 x 1.03 x 1.03 x 1.03 x 1.03 x 1.03 x 1.03 x 1.03 x 1.03 = 1.344 (meaning the first number is multiplied to the power of the second number) As it is 10 years the second number is 10 so he has to multiply the first number by itself 10 times.

Or use the X^Y (X to the power of Y) key on your calculator.

Haha! My calculator is not that sophisticated! It doesn''t have that function! Which is just fine since I didn''t know what it was anyway!

Anybody want to calculate $1800. for 30 years? It scares me to think what that amount would be! I might need to upgrade my upgrade!

 

[Cehrabehra]

Date: 2/4/2007 1:10:56 AM
Author:

Date: 2/3/2007 2:03:06 PM
Author: the other Jake
True but an average is callled an average for a reason- It takes a bunch of non-uniform factors and finds the middle. Of course everyones situation is different, but the purpose of the poll is to find an average amount. The person can do with that info what they please including completely disregard it.

Take into account that people coming onto pricescope are a skewed population and that will confound the results - it will not be a true representative population of general ''average'' which is what I think when people ask the question they really want to know.

I don''t think people coming INTO PS is skewed really - but then they''re never the same LOL

 

[the other Jake]

Date: 2/4/2007 1:08:57 PM
Author: diamondseeker2006

Haha! My calculator is not that sophisticated! It doesn''t have that function! Which is just fine since I didn''t know what it was anyway!

Anybody want to calculate $1800. for 30 years? It scares me to think what that amount would be! I might need to upgrade my upgrade!

$4,369

 

[the other Jake]

Date: 2/4/2007 1:10:56 AM
Author:
Take into account that people coming onto pricescope are a skewed population and that will confound the results - it will not be a true representative population of general ''average'' which is what I think when people ask the question they really want to know.

"So it seems there are alot of people are curious about what the average engagement ring budget is (I had no idea when I began ring shopping) so I thought I''d help them out and do a poll so people can tell their budgets anonomously... Obviously this poll will be biased towards the high end due to pricescoper standards, but it can definately serve as a guideline. "

That was stated at the start of the poll

 

[jaz464]

Date: 2/4/2007 1:15:22 PM
Author: Cehrabehra

Date: 2/4/2007 1:10:56 AM
Author:

Date: 2/3/2007 2:03:06 PM
Author: the other Jake
True but an average is callled an average for a reason- It takes a bunch of non-uniform factors and finds the middle. Of course everyones situation is different, but the purpose of the poll is to find an average amount. The person can do with that info what they please including completely disregard it.

Take into account that people coming onto pricescope are a skewed population and that will confound the results - it will not be a true representative population of general 'average' which is what I think when people ask the question they really want to know.

I don't think people coming INTO PS is skewed really - but then they're never the same LOL

I was thinking the same thing. For people getting their very first e-ring, I think the average would be pretty accurate. It is the people who stick around after or find this forum later and get into the upgrades that make the averages high I think.

 

[jaguar]

Well I am in the market for a ring for the first time and I am looking to spend ~$10K.

 

[diamondseeker2006]

Date: 2/4/2007 1:16:58 PM
Author: the other Jake

Date: 2/4/2007 1:08:57 PM
Author: diamondseeker2006

Haha! My calculator is not that sophisticated! It doesn''t have that function! Which is just fine since I didn''t know what it was anyway!

Anybody want to calculate $1800. for 30 years? It scares me to think what that amount would be! I might need to upgrade my upgrade!

$4,369

Oh, thanks! That''s not as much as I expected it would be, but I have that diamond insured for $5000, so it is actually very close to the actual value. So I''d say you are on target with the 3% figure.

 

[colorkitty]

$4000. We had no budget. That was just what we wound up spending, and we got robbed. Not just because the ring we bought is worth about half that, but because we weren''t making the income at the time I feel is enough to justify such a large luxury purchase. I chalk it up to being young and stupid.

 

[risingsun]

We spent about $4000 on the e-ring and another $1500 on the w-ring. That was in 1994. Now, I'm in the process of an upgrade and the estimated amount of the whole shebang will be about double...sounds about right to me