The engagement ring has been around for centuries, and it is the symbolic token of love, commitment and marriage. However, the cost of diamonds keeps rising due to demand from consumers.
The average price for an engagement ring is $5,000-$7000 in the United States -and that’s just the average estimation. This blog post will detail why diamond rings are so expensive and what you should know before purchasing one yourself.
- What Research Has Shown About Engagement Rings
- How Much Do Grooms Spend on an Engagement Ring?
- How Many Brides Buy Their Engagement Rings?
- The Most Expensive Engagement Ring
- The Summary of Diamond Engagement Ring Statistics
- The Materials That Engagement Rings Are Made Of
- The Most Popular Engagement Rings
- Final Thoughts
What Research Has Shown About Engagement Rings
According to recent research, the engagement ring industry has shown progress in tremendous ways. And here is what you might want to know about it:
- Before getting engaged, around 35% of couples spend three months or less looking for the right ring and where they want to buy it.
- That’s not all. An additional 24% take a little longer, spending an average of 4-6 months on the choice.
- When it comes to comprehending the 4Cs, the internet is couples’ primary source of information. Most people spend their time on jewelers or wedding websites to learn more about them.
- As a result, 56 percent of brides have already chosen a stone before purchasing it, with 23% having a certain gem for their engagement ring in mind.
Therefore, their source must be reliable, or they risk buying a diamond that does not fit their expectations.
How Much Do Grooms Spend on an Engagement Ring?
According to The Knot, one in four grooms spends between $2000 and $3000 on the engagement ring, and one in five spend more than that amount.
Over half of them are expected to pay for their rings, with only 33% receiving an engagement ring from the bride’s family or parents. This means you need to be prepared if your future father-in-law hands you a credit card on your wedding day!
How Many Brides Buy Their Engagement Rings?
While grooms are mostly the ones doing the heavy lifting when it comes to buying engagement rings, many brides are the ones picking out and paying for their rings.
- According to a survey done by the Wedding Wire, nearly 20% of brides say they bought or helped pick out their engagement rings. So, it’s not only the men who want to ensure they get the perfect ring.
- Cost-sharing is pretty common in engagements rings. Many couples are splitting the cost of engagement rings, including some who have already been married for years!
However, this isn’t always the case because of societal standards. Since long ago, the groom was expected to foot the bill for the ring, which still appears that way in many modern engagements.
The Most Expensive Engagement Ring
When it comes to engagement rings, the price range is quite expansive. But as it stands, there has only been one occurrence of the most expensive engagement ring (at least one that has been documented).
This dates back to Elizabeth Taylor’s time, who got a proposal ring from Richard Burton worth about $8.8 million. Since then, there hasn’t been any other bought engagement ring that has been documented as the most expensive in history.
So, you can tell that the engagement ring industry is a profitable one that has been around for decades and is just more apparent now than it was before. It’s also important to remember that people sell diamonds as their sole occupation, which makes this industry even bigger than what we know of it today.
The Summary of Diamond Engagement Ring Statistics
- In the United States, the average engagement ring expenditure in 2018 was $7,400. This was an increment from what was experienced in 2017, which averaged $6,351.
- And as mentioned earlier, the typical married couple in the United States spends four to six months looking for their wedding band.
The Materials That Engagement Rings Are Made Of
Wedding band rings can be made of precious metals such as gold and silver, and they may also be made out of cheaper alternatives, including platinum and titanium. Titanium is a metal that has become very popular in the past few years because it is durable and lightweight at the same time.
Many couples opt for more affordable alternatives to diamonds. For instance, cubic zirconia engagement rings are a very popular choice as they can look almost identical to the genuine diamond gemstone and cost only a fraction of its price.
The Most Popular Engagement Rings
When it comes to engagement rings, white gold is the most popular choice, but things are a little more complicated when it comes to wedding bands.
- White gold is the most popular metal for bridal rings, with 70% choosing it. However, only 34% of grooms select white gold as their top choice. Most people are driven by price when purchasing wedding bands, but white gold is not the most affordable option.
- Another popular metal for engagement rings is platinum. It’s a rare mineral, which means the supply doesn’t meet demand, ultimately making its price shoot upwards. This automatically puts it in the top three most expensive metals for engagement rings.
- The primary reason why people are drawn to white gold is because of its versatile nature, which means that it can be worn with any outfit and won’t clash or look out of place. It’s also very malleable, which makes designing a ring much easier.
There are many different statistics available about engagement rings. However, these numbers don’t give you the full picture of what is beloved by most brides-to-be and their fiancés. The only way to determine if a certain style or brand will fit your future spouse’s ring preference is to learn more about their likes and dislikes.
You can also inquire about the ring style they would like to receive.
Another important aspect of engagement rings is that they should be something both you and your fiancée are happy with for years to come. Find out what type of material, design or size works best for them before purchasing! It will mean so much more than any statistic could ever tell you.
The statistics show that most couples select diamonds for their engagement rings. However, people have different preferences regarding style and brand choice. After all, you are marrying the person, not the ring! So, find out what is important to them before buying an engagement ring, so there’s no risk of disappointment later on down the road.