Average Engagement Ring Cost Guide and Tips for 2023

The national average cost of engagement ring prices vary greatly. As per data up until 2021, the average cost of an engagement ring in the U.S. hovered around $5,000. However, many couples spend between $1,000 and $3,000, while others invest upwards of $10,000, especially for rings with higher carat diamond weights and exceptional clarity and color.

The most important part of the engagement ring is the center stone; depending on your budget, it should be the bulk of your budget. The next step after you choose the diamond is to choose the ring style. Engagement rings come in endless styles, Solitaires, Three stone rings, Halo Engagement rings, and cathedral rings to name a few.

Balancing the 4Cs: Cut, Clarity, Carat Weight, and Color. When it comes to choosing a diamond, the 4Cs are crucial. A diamond's cut refers to how well it's been shaped from its rough form. This affects how it reflects light, essentially determining its brilliance. Clarity assesses the absence of inclusions and blemishes, with higher clarity grades increasing the value. Carat weight impacts the size—more carats mean a larger diamond, but bigger isn't always better. A high-carat diamond with poor clarity (Not eye clean or seen with the naked eye) and cut won't sparkle as much as a smaller, excellently cut one. Color is graded from D (colorless) to Z (light yellow or brown). Diamonds closer to D are more desirable, but some color can be masked depending on the setting. Balancing these factors will depend on your personal preferences and budget. Some prioritize size, others clarity or color, and some the cut. It's about finding the right balance that suits your needs and those of your significant other.

Diamonds come in all shapes, some women prefer the classic round brilliant cut diamond, and some women like unique shapes like a pear shape or an oval cut diamond. Fancy shape diamonds are any shape then round such as emerald cut, radiant cut, oval cut, or pear shape. They come in all length-to-width ratios, elongated some square, and everything in between. Antique diamonds have been gaining in popularity & are one of the most ethical ways to buy a diamond. Please read our blog about diamond shapes to learn more.

After you have selected the center stone it is time to thing about the ring, 1st thing is to choose the style and metal. Engagement rings come in various styles, each with its unique charm and elegance. Here are some of the most popular styles:

The solitaire is the most classic style of an engagement ring. It typically features a single diamond or other precious gemstone mounted on a simple band. The stone could be cut in various shapes, including round, princess (square), pear, oval, or marquise.

Halo engagement rings have a center gemstone surrounded by a "halo" of smaller diamonds or other stones. This style can make the center stone appear larger and adds extra sparkle to the ring.

Pronounced "pa-vey", this ring style has diamonds or other gemstones set closely together, covering the band. The stones are held in place by small prongs to create a continuous surface of sparkle.

4. Three-Stone:

This style features three stones set together, typically with a larger center stone flanked by two smaller side stones. The three stones represent the past, present, and future of a relationship.

Vintage or antique-style engagement rings draw inspiration from different periods such as Victorian, Edwardian, Art Nouveau, Art Deco, and Retro era. They are known for their intricate detailing, like milgrain edges, filigree, and hand-engraved motifs.

In a bezel setting, a metal rim encircles the center stone to hold it in place. This style is very secure and can protect the stone from chips and scratches.

The tension ring style appears as if the stone is floating within the band, held in place by the tension of the metal. It's a modern and innovative design that allows more light to pass through the diamond.

Channel-set rings have stones — typically diamonds — that are set into the band of the ring in a continuous row. They are securely nestled into the band, providing protection and a sleek, smooth exterior.

Cluster rings feature a grouping of several smaller stones to create the illusion of a larger, single diamond. They can come in various shapes and designs.

The cathedral setting is one of the most elegant and classic engagement ring styles. The diamond is mounted with arches that stretch up from the shank, making the center stone the focal point.

These are just some of the many styles available for engagement rings. Remember, the best ring is one that suits the wearer's personal style and preferences. It's a symbol of love and commitment, and its style should reflect that.

There are several metals to choose from when it comes to engagement rings. Each one has its own unique characteristics, so the best one for you will depend on your specific needs and preferences. Here are some of the most popular options:

Yellow Gold: Traditional and timeless, yellow gold is a classic choice for engagement rings. The gold's purity is usually measured in karats, with 24 karat being the purest form. However, pure gold is too soft for everyday wear, so it is often mixed with other metals for durability. Engagement rings are commonly made from 14 or 18 karat gold. 

White Gold: This is gold alloyed with white metals like nickel or palladium, then plated with rhodium for a bright white look. White gold has the same properties as yellow gold, but offers a more modern appearance. The rhodium plating may wear off over time, requiring occasional re-plating.

Rose Gold: This is gold alloyed with copper to create a beautiful pinkish-red color. The amount of copper used will determine the color's depth. Rose gold is durable and less likely to show scratches due to the presence of copper.

Platinum: This is a white metal that's more durable and denser than gold. It's hypoallergenic, making it a good choice for those with sensitive skin. Platinum's color won't fade over time, unlike white gold, but it's also more expensive. 

Palladium: Palladium is a member of the platinum group of metals and shares many of the same qualities as platinum, but it's less dense and less expensive. It's also hypoallergenic and has a naturally white color that won't tarnish. 

When choosing a metal for an engagement ring, consider the wearer's lifestyle, preferences, and skin sensitivities. A jeweler can provide further guidance based on these factors.

While the "three months' salary" rule was once widely accepted, more and more people are abandoning this guideline in favor of a more individualistic approach. The key is to purchase a ring that you love and can afford, keeping in mind that an engagement ring is a symbol of love, not an indicator of worth.

Vivid Diamonds isn't just any jewelry store; they are a wholesale diamond supplier, which means they can provide a wide range of high-quality diamonds at significantly lower prices than traditional retail stores. Why pay retail prices when you can buy directly from the source? At Vivid Diamonds, they eliminate the middlemen, enabling them to pass the savings directly onto you. This means that you can purchase a superior-quality diamond that perfectly balances the 4Cs at a price that respects your budget.

Choosing the perfect engagement ring can be a daunting process. However, by understanding the 4Cs, setting a comfortable budget, and working with a trusted wholesaler like Vivid Diamonds, you can navigate this journey with confidence and joy. Remember, this ring is a symbol of your unique love story. Let Vivid Diamonds help you tell it in the most beautiful way.