So, it has finally come time to ask your special someone the question we all hope to experience one day. But, trying to decide how much you should spend on the ring can be a stressful task. There are so many options to choose from, from different bands sizes to diamonds to cuts. And not to mention, you want to buy a ring that your partner will love and cherish for the rest of their life.
An engagement ring is not just a ring—it is a symbol of your love for each other. It is something your partner will look at every day and be reminded of the love you have for each other. To come back to the big question, though, how much should you really be spending on an engagement ring in 2022 from a jewelry designer in Pittsburgh?
Engagement Ring Factors
Here’s what you need to consider before you start shopping for jewelry in Pittsburgh
Before making the big purchase, there are many factors you will need to consider. To start, think about what your partner may want in an engagement ring. What diamond cut do they like? What color mental do they tend to wear? Once you’ve narrowed down your partner’s preferences, you will have a better understanding of what the cost of your perfect ring may be and which jeweler in Pittsburgh can check off all your boxes. Let’s discuss what you should be considering when shopping for an engagement ring.
Which color of metal would my partner like the most?
Would my partner prefer a custom-made ring or one that is already made?
Once you have a better idea of the ideal ring for your partner, you can talk through these preferences with a jewelry designer in Pittsburgh to figure out how much you may expect to pay for your perfect ring.
The Average Engagement Ring Cost
As of this past year, the average engagement ring costs around $6,000. While most couples set out to spend anywhere from $1000-$5000, once they start looking for rings, they often realize they may be spending more than what they had hoped for. This average price does depend on the respective region you live in. For example in the Mid-Atlantic region the average price is $7,900 but, in the Midwest the average price is $5,200. Here in Pennsylvania, though, the average price rounds out at $7,552.
Your Budget For an Engagement Ring
Though we have all heard of the three months salary rule, it is becoming less relevant today— especially among millennials. Generally speaking, the minimum budget to get a high quality ring should be $550. Now, figuring out the high end of your budget may be a little trickier.
To determine how much you are willing to spend for Pittsburgh jewelry, think about your and your partner’s financial situation. Of course, you should never put yourself in a position to go into debt for an engagement ring. Think of your current bills and financial obligations and weigh what payments on a ring you could realistically afford. When working with a jeweler in Pittsburgh, you can talk through different modifications of your ideal engagement ring to work within your budget. At the end of the day, you don’t want to end up with a ring that looks cheap, but you also don’t want to have a huge load of debt because you overspent on an engagement ring. Always remember that there is no “right” amount of money you should spend on your engagement ring, and your ring can always be upgraded in the future.
The Ring Quality
After setting your budget it is time to get down to the nitty-gritty—determining the 4 C’s (color, cut, clarity, and carat) of your ring. By themselves, each C is very important to the look and quality of your engagement ring. When put together, the 4Cs will determine the price you can expect to spend on your engagement ring. When considering the 4Cs, keep in mind that you can prioritize some elements of the diamond to find a high-quality gem while staying true to your budget. For example, choosing a ring with a smaller carat weight can significantly decrease the price of your engagement ring.
Where To Buy Your Engagement Ring
When choosing an engagement ring, you will have many choices on where you will buy it. While shopping for an engagement ring online, you may find that a ring will be cheaper than if you go to a custom jewelry designer in Pittsburgh. It may seem like this will save you money in the long run, but buying a ring online puts you at risk of buying a ring with a low-quality stone. Instead, consider working with a local jeweler in Pittsburgh to walk you through the process and help you find the best ring for you that fits within your budget.
Lisa Marie Kotchey Designs, located just northeast of downtown Pittsburgh, is a great handmade jewelry maker that specializes in bridal jewelry. We offer everything you could want and more from various metals to custom-fit rings to any cut you desire. Not only will we offer you a more personalized experience than a big retailer, but we will also work to ensure you receive your partner’s dream ring.
With all this information we hope this helps you have a clear understanding of how much you should spend on an engagement ring. Although figuring out a ring budget can be tricky, you now have all the tools to help you narrow it down. If you have any further questions about custom jewelry in Pittsburgh, Lisa Marie Kotchey is here to answer any you may have. Contact us today to get started in finding the perfect engagement ring for your partner.