Cost Rule of Engagement Rings (2024)

May 2024November 2023 | 4 minutes read

We understand that an engagement ring holds deep sentimental value for you as well as your partner, and it is but natural that you would want to give her a gorgeous ring as a symbol of your love and commitment. However, there is so much more to an engagement ring. The do’s, the don’t’s, the socially constructed rules, myths, beliefs…we could go on and on. But, today we are going to talk about the cost rules surrounding an engagement ring, and whether they are meant to be followed or broken.

1. The 3-Month Salary Rule:

So, what is the 3-month salary rule, you ask? This is one of the most popular engagement ring cost rules, stipulating that one must shell out the equivalent of 3 months’ gross or net salary for purchasing an engagement ring. For example, if a man makes $60,000 a year, he should spend $15,000 on an engagement ring! Fortunately, this myth is outdated. That’s right, you don’t need to follow this engagement ring price rule any longer. The three-month salary rule originated from a marketing campaign by the De Beers Diamond company in the 1930s that peddled the idea that true love and commitment could only be expressed if one spent a month’s salary on his wife’s ring. In the 1980s, that expectation grew to two months’ salary and eventually to three months’ salary. Phew! Thank goodness this trend has died over the years. Three months, 12 months, or just 1 month, how much you wish to spend on your engagement ring should be your prerogative.

2. The Age Factor:

Another engagement ring cost rule is to buy a good quality ring where the carat size is equivalent to the woman’s age. For example, if you’re going to get engaged to a 35-year-old woman, you must buy a 3.5-carat diamond engagement ring. Going by this logic, if one proposes to a 19-year-old, that’s 1.9 carats! These days, couples get engaged late because they prefer to focus on their careers in their early and mid-twenties; some even get engaged in their thirties and forties. So, does this rule sound rational to you? Imagine marrying a 45-year-old woman. It would require a 4.5-carat diamond ring and will cost you a fortune!

3. The Car Rule :

According to this engagement cost rule, the man must spend an amount equivalent to that spent on his first purchased car. It is a known fact that buying a car pinches your finances as it is a depreciating asset. If a man earning $80,000 a year buys a car worth $50,000, his fiance may demand an engagement ring worth $50,000. On the contrary, if a man makes $300,000 a year but drives a 10-year-old car bought for $3,000, then all one can hope for is a nice 0.25-carat engagement ring. If men follow this rule, they will end up blowing off their finances rather than saving up for future goals like buying a house, starting their businesses, or meeting other financial commitments. That said, if your partner invests in an expensive ring, it is best to buy insurance for an engagement ring. Always remember, the more expensive a ring for a woman’s engagement, the more money you need to shell out to insure it.

How Much Do You Need to Spend on an Engagement Ring?

An engagement ring is a symbolic representation of one’s love and commitment in a relationship. The only rule for engagement ring costs is to follow your heart and of course, your budget. At the end of the day, mutual understanding between partners is more important than the price tag attached to an engagement ring. There are plenty of wedding-related traditions that couples are pressured to abide by because it is considered to be suitable etiquette, and these unrealistic expectations of how much to spend on an engagement ring could become a stress-inducing matter for many.

So, what’s the rule for engagement ring costs? Well, it totally depends on the couple. The ideal amount to be spent on an engagement ring depends entirely on your financial situation and personal preference. So, set a budget for the ring and spend wisely. The cost of an engagement ring also varies as per your partner’s taste in jewelry. It can go up and down depending on whether your partner is looking for a simplistic minimal ring or an extravagant gemstone studded one. You could find a wide range of options starting from as low as $119, going up to $56489. Say goodbye to those age-old rules on engagement ring prices and find a ring that speaks to you and tells your love story without burning a hole in your pocket.

At Angara, you can go in for a customized engagement ring, which gives you room to play with creativity and you can come up with your style and appeal, studded with not just diamonds or gemstones, but a whole lot of love too. Check out a plethora of stunning engagement ring options now! What’s more, you can also finance engagement rings using our Easy Pay installations and several other payment options. Your dream ring is just a few clicks away!

Conclusion

There is no compulsion to follow any specific engagement ring cost rule while buying an engagement ring. There, we said it, and it is true! Instead, plan on a balanced budget that’s comfortable for you and your partner, keeping in mind the affordability and how much you are willing to pay.