How Much Should you Really Spend on an Engagement Ring

Take everything you thought you knew about diamonds and wedding rings and toss it out the window.  Its all made up, and it’s all just marketing.  The diamond industry has done a spectacular job of marketing, and in particular a great job of making you think that diamonds are a much older tradition than they are.  Lets just get this out there.  It wasn’t until after WW2 that diamonds became a popular choice for engagement rings.  1947 specifically.  That was the year De Beers launched the “A diamond is forever” campaign, and the rest is history.

We don’t say that to convince you not to buy a diamond at all.  Most likely if you’re looking to get married, a diamond ring is going to be part of that equation.  We just want you to think twice about going into debt or blowing your savings account on what at the end of the day is metal, and rocks.  

We want you to make the best decision.  Part of that means understanding that there is no minimum you need to spend for a ring.  (By the way, if the person you are proposing to has set a price or a carat size minimum, you may want to rethink some things)  We want you to take a look at your budget, and your savings, and make a responsible choice.  Part of doing that, will be knowing what options are out there to help lower the price of a ring, and fit it into your budget.

Lab grown diamonds – cost savings 30-40%

These came onto the scene in the 2010’s.  They are chemically the same as diamonds, they were just grown in a lab, instead of in the earth. They look the same.  They feel the same.  They act the same.  They just cost much less.

Moissanite – cost savings 50-70%

Our favorite diamond alternative.  This stuff was discovered on an asteroid found about a hundred years ago, then scientists figured out how to grow it in a lab.  As far as sparkle goes, it looks better than a diamond.  It’s what is called doubly refractive, so when light enters the stone, it splits it in two and then two beams of light leave the stone.  Ie. Double the sparkle.  Its not diamond but its as close as it gets.  In hardness diamond rates as a 10 on the moh’s hardness scale.  Moissanite is a 9.8.  For reference, Sapphire is a 9.  In other words its extremely durable, and a great choice for an engagement ring.

White Sapphire – cost savings 40-50%

White sapphire looks similar to diamond, but doesn’t sparkle nearly as much.  In our opinion go with moissanite.  You’ll be much happier.

Cubic Zirconia – cost savings 95%

You knew this was coming.  The classic “fake diamond”.  If the budget is tight by all means go for it.  Just know that while it looks good initially, it is very soft and will scratch over time and become very dull.  If you go this route plan on upgrading later when money isn’t as tight.