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The Brilliant Edit
DIAMONDS & EDUCATION

How Much Should You Spend on an Engagement Ring

Reviewed by:  Last Updated: June 24, 2024 0Comments Estimated Reading Time: 14
Key takeaways
  • Average engagement ring cost is about $3,250; over one-third of couples spend more than $5,000.
  • Lab grown diamonds match mined quality while costing up to 50-60% less and avoiding mining-related ethical concerns.
  • Cost drivers include diamond size, cut complexity, clarity and color, designer branding, and certification; size often affects price most.
  • Set a clear budget, prioritize size versus features, understand the 4Cs, and shop sales to maximize value.
  • Buying from trusted online retailers like Grown Brilliance offers customizable options, certification for larger stones, and price match guarantees.

Couples planning to get married encounter various costs, one of the most significant being the engagement ring, which often costs thousands of dollars. A 2021 industry survey found that the national average cost of an engagement ring is $3,250, with over one-third of couples spending over $5,000.

Knowing how much to spend on an engagement ring means understanding your options, the value of a diamond, and your specific budget. At Grown Brilliance, we offer radiant engagement rings set with lab grown diamonds. These stones have the same cut, color, clarity and carat weight ratings as mined diamonds without the high price point. 

Learn what to consider when buying an engagement ring and how to find a dazzling ring with the perfect-sized diamond for an affordable price at Grown Brilliance.

How Couples Choose Engagement Rings, Then and Now

During the mid-20th century, diamond marketers suggested spending between 1- and 3-months’ salary on an engagement ring. This suggestion was intended to increase consumers’ spending on diamond engagement rings.  

While diamonds remain popular for engagement rings, today’s couples are increasingly interested in ethically sourced beauty and striking a balance between affordability and quality. Ethical concerns , such as political conflicts and poor labor standards, have plagued the diamond mining market. Lab diamonds have emerged as a more ethical alternative with a more accessible price point for modern brides and grooms.

Lab grown diamond rings match their mined equivalents’ size, clarity and quality while costing a fraction of the price, sometimes up to 50% to 60%. They are also produced in laboratory conditions and aren’t associated with unethical practices or political instability. Choosing a lab grown diamond engagement ring can be an excellent way to pick a beautiful, ethically produced stone without breaking the bank.

What Influences the Cost of a Lab Diamond Engagement Ring?

Several elements influence the final engagement ring cost when shopping for a lab grown piece. Consider the following when choosing your ideal piece of jewelry:    Size of Diamond: Larger lab-created diamonds require more time and complex technology to produce, which can increase their price. For instance, our Oval Petite Solitaire Engagement Ring, featuring a 1-carat stone, is priced at approximately $1,195. If you upgrade to a 4-carat lab-grown diamond, the cost is approximately $3,995. A mined diamond of similar size could be as much as $79,000. Specialty Designers or Collections: If you choose a lab-created engagement ring from a designer collection, it may be priced slightly higher than a diamond of similar size in a non-branded setting. For example, our Badgley Mischka Hidden Princess Halo Engagement Ring at 2.25 carats is about $2,845, whereas a similar princess cut ring at 2.5 carats is $3,195.      Complexity of the Cut: Generally, more intricate cuts, like a princess or cushion, require greater craftsmanship and precision, which can elevate the price or a lab diamond. At Grown Brilliance, we only offer diamonds with a high cut rating of Excellent or better. This means you get the highest quality cut without affecting your ring’s price.  Uniformity of Clarity and Color: Diamonds with high clarity and colorless grades like FG (Nearly Colorless) may have a higher price point than those with visible imperfections or slight coloration. However, at Grown Brilliance, you don’t pay more for high clarity and color. All of our lab grown center stones in engagement rings have an FG rating or better and no imperfections visible to the naked eye, allowing us to price them based on the gem’s size rather than quality.   Certification: Extremely cheap lab diamonds may be tempting if you have a limited engagement ring budget. However, any lab grown stones that don’t come with certification may be of low quality. Grown Brilliance ensures GIA or IGI certification on all .75-carat and higher lab diamonds. We also offer a price match guarantee to ensure you get a fair price on your stone. 

How Much Should You Spend on an Engagement Ring?

When buying an engagement ring, the amount you spend depends on where you buy the ring and your budget. Jewelry stores or brand-name outlets can be more expensive. Buying a ring from a trusted online retailer like Grown Brilliance allows you to spend less on a gorgeous piece. Our collection is customizable, allowing you to select a style you love and then alter the stone size to match your budget. We offer everything from a .5-carat Trellis Solitaire Engagement Ring at around $895 to an over 17-carat Istanbul Ring for $33,000 and all sizes in between.  If you have decided how much to spend, you can quickly sort our engagements by price to view your options in a specific range. This helps you narrow your selection to find the perfect engagement or wedding ring for your big day.  We also have dazzling lab grown accessories to match your bridal ensemble, all set with luminous stones. Find a lab grown diamond tennis bracelet for a fraction of the cost of pieces with natural stones, like our 5-carat East-West Pear Tennis Bracelet, for around $5,180. 

Budgeting Tips: Get More Value Without Overspending

Setting a smart budget is essential while choosing your engagement ring. Lab grown diamond rings and jewelry give a wide range of stunning options that are not only pocket-friendly but are also authentic. Not only do they look and feel like natural diamonds, but they are also customizable and let you create your designs, etc. While making a lab diamond purchase, it is also essential to keep the budget in mind. Here are some simple tips that may help you budget your purchase better-

 

  • Set a budget for yourself: While buying jewelry, having a clear and fixed budget will help ease monetary decisions during the purchase and make your shopping experience much smoother. It will also establish a self-created boundary for you to review and choose from.

 

  • Fix your priorities: While purchasing lab grown diamonds, it is essential to have your priorities fixed. Ask yourself. What are we buying this diamond for? This will help you identify the size, shape, and other details of the lab grown jewelry.

 

  • Sales are a good time to make a purchase: If your purchase for lab diamonds is not for an immediate requirement, waiting for a sale period is a profitable decision as not only will it reduce the financial burden, but will also offer you a wider range of products to choose from.

 

  • Understanding the 4C’s: An understanding of the 4Cs, namely the carat weight, cut, clarity and color of the diamonds, will also help you to identify your preference in lab grown diamonds and choose from the budget set for yourself

Shop Ethical and Beautiful Engagement Rings at Grown Brilliance

An engagement ring symbolizes one of the most memorable days of your life and that of your partner. Choosing a lab grown diamond for your engagement ring is more than just a substitute for a natural diamond; it’s a statement and a commitment to your values. Grown Brilliance offers a wide range of lab-created diamond jewelry, including lab grown diamond bracelets, earrings and engagement rings of all sizes, colors and styles. Shop our selection today and find the perfect engagement ring for your sweetheart! 

Cheryl Robichaux
ABOUT THE AUTHOR

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