How Much To Spend On An Engagement Ring? This Will Surprise You!

In this post, I’ll talk about how much you should spend on an engagement ring, the 3 months’ salary myth, and give some tips to get the best value for your money.

How much should you spend on an engagement ring?

Simply, spend what you can afford. Most times spending 1 month’s salary is enough. To clarify, yes the engagement ring is important but it’s NOT the most important thing.

The 3 months’ salary myth

The whole thing about three months’ salary on engagement ring comes to us from a company that mines diamond. It’s a cartel. Meaning it’s a company that controls so much of the supply to the point that virtually dictates the price.

A little history

Back in the 1930s, when times were tough and money was tight, the struggling De Beers diamond cartel created a pretty brilliant marketing campaign (pun, intended). It convinced the world that diamonds were a must-have symbol of true love and commitment, and it also told men how much to spend on a diamond for their future Mrs.: about one month’s salary. That amount grew to two months’ worth in the 1980s and has only increased since then, with the supposed “rule” now stating your engagement ring cost should be about three months’ salary.

They came up with this concept a long time ago just to sell overpriced diamonds. It’s just stupid! It’s like some company is trying to sell you something and at the same time telling you how much you should on it and making that a really high bar.

So PLEASE forget the three month thing.

What are Blood Diamonds?

Blood Diamonds are diamonds mined in a war zone and sold to finance an insurgency, an invading army’s war efforts, or a warlord’s activity. The term is used to highlight the negative consequences of the diamond trade in certain areas or to label an individual diamond as having come from such an area. Read more.

What are Lab-Grown Diamonds?

A lab-created diamond is “grown” inside a lab using cutting-edge technology that replicates the natural diamond growing process. The result is a man-made diamond that is chemically, physically, and optically the same as those grown beneath the Earth’s surface.

“[Lab-created diamonds] are not fakes. They’re not cubic zirconias. They have all the same physical and chemical properties of a mined diamond.” Stephen Morisseau, a spokesman for the Gemological Institute of America, a nonprofit organization that oversees the international diamond grading system. You can learn more and view our source Here.

Some advice on how much you should spend on an engagement ring:

Start reading about diamonds before you start shopping for them. You’re going to learn about cut, color, clarity, and carrot (the 4 C’s of diamonds). You’ll find everything you need to learn Here.

Getting a flawed stone, at least not with visible flaws, but a stone with some flaws that’s bigger is better than a stone that’s perfect in my opinion. The reason why is because people are going to ask “how big is that ring?” That’s why getting a bigger ring is probably better.

But always just buy what you can afford.

I was talking to a jeweler once and he gave me some really good advice. He said “don’t get all wrapped up in the 4 C’s look at the ring, just look at. Pick the one that looks the best” and that was really good advice.

Don’t buy mine diamonds

Buy lab-grown diamonds. This is going to save you 30% over the cost of a diamond. You can know buy diamonds that are literally grown in a lab. It cost about 30% less and you won’t participate in blood diamonds.

The conclusion to how much you should spend on an engagement ring

Simply buy what you can afford. Don’t think too much about the three month’s rule or any other rule.

Learn a little bit about diamonds and buy the bigger, better-looking ring. Finally, buy lab-grown diamonds to save some money and don’t participate in blood diamonds.

Thanks for your time

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