It is likely you have heard the widely-stated guideline that your budget for an engagement ring should be approximately two months of your salary. However you may be unaware that this “rule”, which has been around for the past few decades, was actually created in the late 1940s by an advertising company at the behest of the world’s largest diamond producer.
There is symbolic significance to engagement rings and they are expected to last a lifetime, but each couple is unique. There should be no rules or guidelines regarding the budget you set. Ultimately, it is important that you feel comfortable with the amount you are spending. Engagement rings are often purchased for more than two months' salary, and some people spend much less than that.
The amount of money you should spend on a moissanite engagement ring will depend on your financial situation, your fiance-to-be's preferences and style, and whether you would prefer a Forever One Moissanite or a premium Moissanite.
Your moissanite engagement ring in Canada will be of the highest quality and value if you purchase it from a reputable online jeweler like AGI Design. We offer excellent prices on moissanite engagement rings, such as the gorgeous "Abigail" oval moissanite engagement ring in a white gold pave setting or “Nora” platinum engagement ring. If your budget is on the higher end, consider a custom engagement ring with a lab grown diamond.
To illustrate how much prices can differ based on the moissanite size and material of the engagement ring we have provided some of our own statistics.The average price of the engagement ring in our collection is $2000. A stunning classic ‘‘Eva” 1ct round moissanite engagement ring in 14k gold is available for $1300, or an elegant “Emory” 2ct oval Forever One engagement ring in platinum is available for $3800. And this ring is one of the expensive rings among our engagement rings.
Although it can be interesting to learn how much on an average other people spend on engagement rings, try not to get swept up in the comparisons and stick to your own situation.
There's no set price for a ring. There is no one size fits all, so your fiancé's tastes and expectations might be totally different from another person's.
The Best Way to Determine Your Engagement Ring Budget
How much would it be appropriate for you on average to spend on your engagement ring? Depending on your personal preference. It is your decision, not someone else's, and you know your fiancé-to-be better than anyone else.
Having said that, there are a few factors you should consider before shopping for an engagement ring. The following factors have been listed, along with how each should be considered in determining how much you should set aside for the wedding ring.
Get a sense of what she expects
There are many women who have dreamed of their proposal and ring since they were children. In order to ensure that your special moment is nothing less than spectacular, it is important to select a ring that meets their expectations. If you feel comfortable, discuss finances and ring expectations with your partner in an open and honest manner. When it comes to spending money on jewelry, it is usually helpful to be on the same page and understand how each of you feels about it.
Here are some things to consider when it comes to ring expectations:
- Their favorite moissanite shape
- A jewelry setting's color (white gold, yellow gold, rose gold or platinum)
- Choosing a setting that matches their style (i.e. solitaire, vintage or halo)
- You may want to incorporate family heirlooms, rings, or birthstones
- The way they will show off the ring to friends, family, and social media
- The frequency with which the ring will be worn
- Try asking a family member or close friend for details about the style of ring or moissanite they prefer. Consider several options and listen to your intuition when in doubt.
Take your financial situation into consideration
It's not just about the engagement, but also about the wedding (check out our wedding bands section for wedding band prices) and your future together. Make sure you consider what you're able to afford so your marriage is in a financially favorable position.
Your thoughtfulness when designing a ring for your special someone will be noticed, regardless of how much your budget is. The time and effort you put into choosing a beautiful, personalized ring will pay off in the long run.