Engagement Ring Costs - What are People Spending?

The Average Engagement Ring Spend in 2015

It’s a question most guys ask. “How much do I spend on her engagement ring?” There really is no right or wrong. It really depends on what size of center diamond, what quality, and how elaborate the ring is. Most guys don't want to go in huge debt buying the ring, but they also don't want to be the cheapest guy either. Somewhere in the middle is nice.

Engagement ring spending is on the rise

According to the annual survey conducted by The Knot the cost of an engagement ring is on the rise. Earlier this year, The Knot surveyed approximately 16,000 brides and grooms who married during the 2014 calendar year. Survey says that the average cost of the engagement ring in 2014 was $5,978. This is up from 2013 of $5,403 and from 2011 of $5,095. That's almost a 20% increase in two years!

Gorgeous Engagement Rings by YatesJewelers.com

What kind of rings are folks buying?

    Center stones

    Diamonds are the top choice of course. But, 8% of the engagement rings featured a non-diamond precious stone as the main stone. This past year we've seen an uptick in shoppers
    asking for something other than a diamond. It is a growing trend. We've sold gorgeous Ceylon and Madagascar sapphires, blue zircons, rubies and emeralds for engagement rings this past year.

    The most popular diamond shape is still the round brilliant at 49%, followed by the princess cut at 22%. Cushion cut is third at 6%. In our store we are seeing more brides to be asking for pear shapes than cushion cuts.

    It’s a question most guys ask. “How much do I spend on her engagement ring?” There really is no right or wrong. It really depends on what size of center diamond, what quality, and how elaborate the ring is.

    Quality or size?

    85% of men would rather buy a smaller diamond of better quality than a larger diamond that is poorer. However, this percentage goes down with women. Only 57% of women preferred quality over size. So size is more important to women....

    The sweet spot for diamond size is between a 1/2ct and 2ct size with 74% having a diamond in this range. Almost half the rings (45%) had rings with a 1ct diamond or larger.
    So guys, error on the larger size. It's better to grow into a diamond, than to quickly outgrow your diamond. Overwhelm her with beautiful big diamond that is bursting with brilliance.

    Don't let this happen to you! Watch what happens when this lady is proposed to with a diamond that she felt was too small. Watch the video This is crazy story. (The BAD part is at 2:40 in the video.)

    Brides want to stand out

    33% of women stated that they would prefer a different shape other than a round diamond in order to stand out. In this age of customization, customizing jewelry is becoming very popular. 45% of men are customizing the engagement ring by adding personal elements to the ring, or completely doing a custom design. I think this is great! Really ladies, do you want your ring to be identical to the lady next to you at the grocery store? Or have a ring that thousands of ladies also have because they bought it at a chain store. I think not.

    How much for her wedding band?

    Most women prefer a wedding band with diamonds. And the average cost in 2014 was $1,417, up from $1,126 in 2011.

Some other interesting things to note from this survey. 85% of men said that their partner dropped hints on what kind of ring they wanted. Most of the ladies pointed out styles they liked while shopping together. But 36% of the ladies actually told him exactly what they wanted. Methods included emailing or texting links to a ring on a website, leaving magazine ads of rings or pictures lying where he could find them.

Girls - give your guy plenty of hints! Guys like this.

Bottom line

So there you go. The above information is the "average". But you probably aren't "average", are you? Put your own spin on it.

Just make sure you get her a gorgeous engagement ring that she will love and treasure for the rest of her life. One that she will proudly show off to all her friends and family. A ring that lets the world know that she is yours.