Transcript

How much should you spend on an engagement ring?

HOW MUCH SHOULD YOU SPEND ON AN ENGAGEMENT 88S RING? Even more nerve-racking than the proposal is the price of the engagement ring. The age-old adage of spending two months salaray on a ring may no longer hold true during these economic times. So how much should you spend on that ring? Consult this handy guide before taking the plunge. S$$ THE POPULARITY OF THE DIAMOND ENGAGEMENT RING 85% 67% 43% 31% The most popular diamond shape is the round shape. In second place is the princess 85% of grooms 67% of repeat brides received propose with an engagement ring. an engagement ring. cut. 2013 The average carat size of an engagement ring is .85 CARATS 2008 The average amount $5,847 spent on an engagement ring was $5,847 in 2009. $6.1 BILLION $9.2 BILLION The engagement ring industry has been booming with an estimated total revenue of $6.1 billion in 2008 and an expected $9.2 billion in 2013. WHAT AFFECTS THE PRICE OF AN ENGAGEMENT RING? CLARITY • CARAT A diamond's clarity refers to the presence of blemishes or inclusions on the stone. The Carat is a unit of measurement used to weigha diamond, One carat is equal to .2 grams. fewer the inclusions, the higher the clarity grade CUT CERTIFICATE A good cut gives a diamond its brilliance. The angle and finish determines how light passes through and is reflected by the The diamond certificate, or grading report indicates that a complete evaluation of your diamond was performed by a diamond grading laboratory. F-IF FLAWLESS I-12-13 POOR QUALITY .03 CARAT 20 CARAT diamond. Excellent Very Good • COLOR OTHER FACTORS Other factors such as the Bright, colorful diamonds can fetch a higher price due to their rarity. engagement ring setting, additional diamonds and metal type will affect the price of the Good Poor engagement ring. BLUE PINK YELLOW WHITE GREEN PURPLE FACTORS TO CONSIDER WHEN SETTING A BUDGET I DO YOUR RESEARCH 2 CARAT, CUT, OR CLARITY 3 INSURANCE Before you set a budget, find out exactly what your future fiancee (accent on the second 'e") may want--and how much that ring's style, cut, and weight would potentially cost. If you must sacrifice one area when buying a diamond engagement ring, decide whether size or quality is the most important determinant. If your ring is going to have a high material or sentimental value, you should probably have the ring insured. There are several companies that provide jewelry specific insurance or you could check your renters or homeowners policy. 4 A JOINT AFFAIR 5 COMPARISON SHOP 6 TIME While men traditionally are the ones that foot the bill for an engagement ring, many couples are opting for a joint purchase in this struggling economy. Decide whether this is an option to consider. Go to several trusted sources and see who is offering the best overall price. Online retailers offer an exceptional Once you've narrowed down your choices, figure out exactly how long it will take to create your ring, so you can plan your proposal accordingly. Many places also offer financing deals, so you can take your time to pay off the ring. way to learn and also shop for diamonds and engagement rings in a no stress, no pressure environment. FACTORS TO CONSIDER WHEN SETTING A BUDGET How much should you actually spend on an engagement ring? The answer depends on the economic situation of each couple. The usual rule of thumb, two months salary, does not work for many couples in the current economy. According to current census data couples are only spending about 12% or 1.5 months salary. ONE MONTH MO HOW MUCH TO SPEND BASED ON INCOME: Using that new standard, we calculate how much you should spend based on your yearly income. INCOME $15,000 $30.000 $50,000 $70,000 $90,000 SII0,000 $1,300 $3.600 $6.000 $8.400 $10,800 $13.200 So $3,000 $6.000 $9.000 S12,000 S15,000 AMOUNT TO BUDGET IN ORDER TO PURCHASE ENGAGEMENT RING Sources: Census 2010 I Healthy-Bride.com I The Knot Survey 2010 I Bluenile.com I TheDiamondBuyingGuide.com I Slate.com I

How much should you spend on an engagement ring?

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How much should you spend on an engagement ring?

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