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With Valentine’s Day approaching, you may be thinking of proposing. But what is your ring budget?
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According to a recent report from Wisevoter, people in 10 US states spend an average of $8,000 or more on engagement rings. You can find cheaper engagement rings in these states, but research shows that people are buying her $8,000 or more of jewelry in these states across the country.
Who spends the most on engagement rings? In Washington, the average purchase price for a ring is $10,100.
Other most expensive states to suggest are:
- California: $9,500.
- Illinois: $9,200.
- Kansas: $9,000.
- New Jersey: $8,850.
- Florida: $8,800.
- New York: $8,780.
- Michigan: $8,500.
- Massachusetts: $8,200.
- Texas: $8,000.
Meanwhile, the average ring purchase was less than $5,000 in these 10 states.
- South Dakota: $3,000.
- Maine: $3,200.
- Utah: $3,700.
- Delaware: $4,000.
- Mississippi: $4,100.
- Indiana: $4,200.
- Connecticut: $4,300.
- Vermont: $4,900.
- Iowa: $4,900.
- West Virginia: $5,000.
What are some ways to save on rings? GOBankingRates asked top jewelers for their best tips.
buy engagement ring online
As with many other items, cheaper engagement rings can be found online. This is mainly due to the lower overhead costs of e-commerce websites compared to brick-and-mortar stores.
Keyzar Jewelry co-founder Shalom Khotoveli said:
Consider custom rings
Buying custom-designed rings online can also save money, says Hotveli. First, you can choose a setting and stones that your partner will love, depending on your budget.
“Custom rings are often cheaper to make than buying off-the-shelf rings because there are no middlemen and no retail overhead. You get a special and unique ring,” Khotoveli told GOBankingRates in an exclusive email interview.
Examine lab-created diamonds
Jeweler GOBankingRates also recommends lab-created or lab-grown diamonds as an affordable and eco-friendly alternative to mined diamonds.
“Lab-grown diamonds are chemically, physically, and optically equivalent to mined diamonds. The only difference is their origin (and their price)! In some cases, lab-grown diamonds are the best value you can buy, and they also have the incredible benefit of being environmentally friendly,” said Don O’, President and CEO of Charles & Colvard. Connell said.
Choose gemstones other than diamonds
Diamonds, even lab-created diamonds, aren’t necessarily everyone’s best friend. Whether for style reasons, cost, or social awareness and sustainability, some people don’t want to wear diamonds on their left hand.
In that case, please consider other gemstones.
A jeweler recommended lab-created moissanite as an alternative to a diamond engagement ring. Almost as hard as a diamond, this gem has a radiant appearance that Khotoveli described as, “It’s like a disco ball on his finger!”
“In terms of cost, moissanite is a fraction of the cost of mined diamonds,” O’Connell said.
Understanding the 4 C’s
If you choose to buy a diamond engagement ring, you need to understand the 4 C’s to ensure you get the best value.
C is:
- Carat, or diamond weight and size.
- Cut or shaped as round, pear, marquee, etc.
- Colorless, yellow, brown and even blue and pink colors.
- Lack of clarity or imperfection.
Each of these characteristics affects the diamond’s appearance and price. Marissa Rubinetti, her EVP and COO at Kleinfeld Bridal, said:
Often times, you can compromise in one or two areas to get a diamond your partner will love at a price that fits your budget. “When it comes to the 4 C’s, you don’t necessarily need the highest quality in all areas,” he says Khotoveli. “Choosing an eye-clean clarity diamond (usually meaning around VS) is usually the first recommendation to customers, rather than something higher on the clarity scale. , these savings allow us to invest in what is usually most important to most of our customers: size.”
Know how your cut affects your appearance
If your partner wants a larger diamond, but it’s not in your budget, and you don’t want to choose a lab-created diamond or another gemstone, choose another cut other than round to meet their needs. can be fulfilled.
“Some diamond shapes look more carat to carat,” says Khotoveli. “When comparing a 1-carat round brilliant diamond to a 1-carat oval diamond, the oval diamond often appears larger. Additionally, fancy shape diamonds such as ovals, elongated cushions, or radiants are They are usually more affordable than round brilliant diamonds with the same characteristics.”
Similarly, Rubinetti suggested setting a halo or double halo to visually enhance the appearance of the center stone. Surrounding the diamond with her halo of two diamonds, she said, “looks like a larger center stone, but with a more attractive price tag.”
Take our survey: What are your financial priorities for 2023?
More information: How much is a diamond worth? How to find out the value of a diamond
Focus on what matters to your partner
Not everyone who gets engaged wants the biggest and brightest diamond their partner can afford. It’s what I chose.
“Our Consumer Insights team recognizes that people want to spend their money wisely by making big, meaningful purchases,” said Rubinetti.
She advised shoppers to think about their partner’s overall style and what’s important to them. What kind of metal do they want in the setting? What kind of stone? Are most of their jewelry large “statement” pieces, or do you prefer simple, minimalist designs?
“When choosing an engagement ring, think about what the ring represents, not the price,” said O’Connell. “It’s a sign of commitment and love for one another, so ring selection should be tailored to the recipient. To choose a ring that your partner will love forever, consider the style, color, and fashion your partner likes.” Please pay attention.”
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