Average Engagement Ring Cost
When you decide to purchase your unique engagement ring, check the average engagement ring cost in your area to set a starting financial budget in your mind.
Based on current data disclosed in the jewelry and wedding market, the average engagement ring cost for Americans is in the range of US$5,000-US$6,000; the average engagement ring cost for Brits is around £1,500-£2,500; Singaporeans is S$1,000-S$3,000; Malaysians is around RM6,065.25.
Noteworthy, the above figures are only the national average engagement ring cost, and the engagement ring price varies from region to region. According to data research from The Knot, the Mid-Atlantic has the highest average spend at $7,900. Midwesterners lagged behind, with their engagement ring price worth an average of $5,200. In regions such as New England, the Southwest, and the Southeast, the average cost is $7,400, $5,500, and $5,300, respectively.
Factors Affecting the Engagement Ring Price
Once you have a preliminary idea of the average engagement ring cost in your local area, you probably have a budget in your mind for your diamond engagement ring. But you should also consider some of the factors that affect the engagement ring price to determine how much to spend on an engagement ring.
● The 4C’s of the Diamond
There is nothing more valuable than a sparkling diamond on an engagement ring. The jewelry market measures the value of a diamond based on the 4Cs of cut, color, clarity, and carat. The 4C’s is a recognized method of grading diamonds, created by the Gemological Institute of America (GIA).
1. Cut: The diamond cut rating applies only to round diamonds and is essentially about the degree to which the facets of the diamond interact with light. Diamond cut grades are rated primarily by brilliance, fire, and scintillation, i.e. the brightness of the reflected light; whether the diffusion of white light exhibits flashes of all colors in the spectrum; and the degree of scintillation emitted by the diamond when the light source is moved. The excellent diamond cut has the best brilliance, sparkle, and light dispersion. They have the highest light return and price tag due to their rarity.
2. Color: The color grades in the 4C’s are for white diamonds. White diamonds are graded from D (colorless) to Z (light yellow) in color, with grades D – F being colorless ice white. Grades D – F represent the rarest color and the most expensive. Grades G – J, on the other hand, are virtually colorless. The more the color grading system leans toward Z, the more yellowish the diamond will appear.
In addition to white diamonds, there are also black diamonds, red diamonds, blue diamonds, green diamonds, and pink diamonds. Depending on the rarity of the color, the engagement ring price will be higher.
3. Clarity: The clarity of a diamond refers to whether inclusions are clearly visible inside the diamond when viewed through a 10x loupe. Depending on the number of visible inclusions in a diamond, clarity grades can be classified as Flawless, Internally Flawless (FL/IF), Very Very Slightly Included (VVS1/VVS2), Very Slightly Included (VS1/VS2), Slightly Included (SI1/SI2) and finishing with Included (I1, I2 & I3). Technically, an engagement ring with an internally flawless diamond is the rarest and has the highest cost.
4. Carat: The carat is the unit of measurement for the weight of a diamond and one carat equals 0.2 grams. The larger the diamond, the rarer it is, and therefore the higher the engagement ring price will be. Although there is no limit to the weight of a diamond, diamond engagement rings of 0.6 carats – 3 carats are the most popular, according to data disclosed by the jewelry market.
The price of a diamond engagement ring is not fixed and each couple has a different 4C combination than others. Most importantly, you need to combine your expectations for your engagement ring to make up your 4C combination and refer to the average engagement ring cost in your local area to determine how much you should spend on an engagement ring.
