Buying an engagement ring can be incredibly tricky. First, selecting a style is challenging. You want to choose a ring that can serve as an emblem of your love – a visual representation of your partnership – but that also fits the personality of the beloved. Second, determining the right price range can be confusing. When you want to decide how much to spend on your ring, you can look to two different sources: successful diamond marketers and married men themselves.
The diamond industry perspective
You may have heard the notion that you should spend two months of your salary on an engagement ring. That idea is a classic meme – a nugget of cultural information – that was devised by a diamond company. DeBeers created the concept of two months salary in 1947 to spur lagging diamond sales in post-WWII America.
The idea behind this perspective was that tying engagement rings to salary would give every groom access to diamonds that fit their budgets. Two months salary for a man making $96,000 would be $16,000, while the same formula for a man making $30,000 would be $5000. This rule can be seen as problematic from three basic perspectives:
- for those with lower salaries, a straight percentage represents a much more significant portion of disposable income;
- there are perhaps better ways to celebrate your love than to splurge on an exorbitantly expensive ring; and
- diamond spending advice ideally is found elsewhere than from a diamond company.
What men actually spend on engagement rings
Men are certainly not laying down the kind of money that DeBeers would like to see them spending when they propose. According to wedding industry market research firm The Wedding Report, the average groom spent $572 per engagement ring in 2011.
Penny Wrenn of Forbes mentions a trend that is generally reducing the amount of funds invested in weddings: many couples are getting married later in life, so they are spending their own money and focused on conserving their finances. Wrenn also particularly recommends online shopping for engagement rings. She notes that 28-year-old Matt Hagel was able to reduce his cost 92% by price-comparing a ring from Manhattan’s diamond district on the Internet.
Selecting an engagement ring is a daunting task because it feels like such a critical purchase. However, you don’t have to go broke expressing adoration for your soulmate. Consider affordable options, especially those available online. Birkat Elyon’s conscientious support staff can serve as your guides.
By Kent Roberts