What is the Average Price of an Engagement Ring – The Cost of An Engagement Ring

Sarah: Last night, Greg popped the question while we were having dinner at a restaurant.

Kristine: Oh my God! Congratulations! I know for a fact you said yes! I’m so happy for you. Let me see the ring girl.

Sarah: (Hugs) Thank you, it has diamond carats, fits perfectly, and is super comfortable on my finger. I love it.

As cliche as this may sound, love is a beautiful thing and so is engagement, especially when accompanied by a beautiful ring. 

It is a gentle reminder of the love and bond you share with your better half, an indicator that they want to take things to the next level, and oh! It also means that you’ll be walking down the aisle someday. 

Talking of rings, what is the average price of an engagement ring? Do you have to break the bank or dig a little deeper into your pockets in order to get it right? This can turn out to be a confusing task, just like it would be, trying to get the best 2-in-1 laptop out of the many available options in the market.

Let’s see how much you actually need to get the perfect ring.

The Average Price of an Engagement Ring

What is the Average Price of an Engagement Ring?

According to the Knot 2020 Jewelry and Engagement Study, the average price of an engagement ring is $5,500.

Depending on your budget, this figure could be on the higher side, or on the lower side. Whichever the case, don’t worry, there are rings that you can get with just under $1,000 while some are available for over $7,600. It all trickles down to how much you are willing to spend.

The secret while looking for an engagement ring is to choose what works within your budget and be sure to get it right with your partner. After all, you’re choosing a symbol of love and a forever commitment to the woman of your dreams! You just cannot get it wrong.

Factor to Consider When Looking For An Engagement Ring

Walking into a jewelry shop to get an engagement ring must be the most exciting shopping ever, well, maybe after ice cream, if it happens to be your favorite!

While this kind of shopping is fun-filled, you can end up confused or frustrated when you come across so many options and don’t know what to choose, or when you’re extremely specific about the ring you want, and you can’t seem to find it.

There are so many factors to consider when looking for a ring. Take a look at some of them, ring shopping will be fun and less frustrating.

1. What’s Her Ring Size?

When you decide to take things to the next level with your partner, engagement comes to mind, followed by an engagement ring.

The first factor to consider is her ring size. This is extremely important as you don’t want to have a well-planned out, heartfelt proposal, only for the ring to not fit either because it’s too small or a little too big. That would be sad and embarrassing too, huh?

How do you do this? You can secretly take one of her rings and have them measured by the jeweler. Alternatively, you can come up with other ways to find out her ring size, just ensure she doesn’t get a hint of what you’re up to if you intend to surprise her.

2. Preferences

Soon as you know the size of her ring, find out what her preferences are.

Why is important? This is because the ring you will choose will be on her finger at least for the rest of her life.

The first preference you should consider is what type of setting, and color of precious metal she likes. You could get a hint from the jewelry she already has, for instance, bracelets, necklaces, and earrings. If she’s into gold, it would be good to get her a gold ring.

The second preference is her personal style. This includes what outfits and shoes she wears. Is she a simple yet elegant person, or is she flashy and often aware of fashion trends? These may seem like small details but will come in handy in helping you determine what type of ring to get her.

3. Lifestyle of Your Fiancée To Be

Once you put a ring on it, you don’t expect her to remove it at any time unless it is completely necessary.

Considering her lifestyle in terms of what she does on a day-to-day basis will help you determine which type of ring and the size of stone to get her.

If she loves to get her hands dirty in your backyard garden, you might want to get a ring that is easy to clean, if she’s a masseuse or physical therapist, you might need to go for a ring that does not have elevated precious stones, to ensure comfort in her line of duty.

4. On to The Wallet Now

You have now determined her ring size, her preferences, and lifestyle, and you can comfortably begin the search for that perfect ring. The elephant in the room is, how much money are you willing to spend?

There are different types of rings at different prices. All you have to do is research; you can do so by looking at some affordable deals online, or you can physically visit a jewelry shop. The latter is often a better option as you will get to see a variety of rings, plus the jeweler will advise you on, depending on the dinero you have.

Good thing is, you can always upgrade to a more flashy ring in the future. Don’t put your finances at risk while you make your purchase.

5. Damage, Loss, or Theft

An engagement ring is something so small yet extremely valuable, regardless of whether you spend millions of dollars or just a few dollars.

What happens when it gets lost when she’s out camping with her friends, or she’s drying her hair on the bathroom sink, and it strangely disappears? There is something about bathroom sinks and jewelry that we’re yet to find out!

This would not just be a normal loss because the ring has such sentimental value. That is why it is important to buy a ring from a jeweler that offers a warranty.

This will give you a little sanity in case there’s loss, damage, or even theft. You can also opt to insure your ring if it cost you a fortune.

6. Familiarize Yourself With Precious Stones

There are different precious metals, that engagement ring settings come in. 

The most popular ones are white gold, yellow gold, and rose gold. Your choice of precious metal will determine your ring’s style and how you will need to clean it when the need arises.

7. Understand the Basics of Diamond

If you are looking for a diamond ring, just like most people do, you need to understand the 4C’s. These are the standards for judging the quality of any diamond.

Here is an explanation of the 4C’S:

Cut- This is a grading of how well the diamond is cut, which in turn affects how it captures light.

Color- A measurement of how colorless a white diamond is.

Clarity- A grading of how flawless a diamond is, both internally and externally.

Carat- A weight measurement that gives an idea of how large a diamond is.

8. Do Some Comparisons

Buying an engagement ring requires attention to detail. It is advisable to go to different shops whether online or physically in order to make a better decision as you compare the available rings.
Having several options to choose from will help you narrow down to the best, especially if you want to buy a customized piece.

Your final decision will have you feeling more confident.

9. Consider Your Wedding Band

Most people often overlook the fact that they will still need to shop for a wedding band.

When buying an engagement ring, it is necessary to look for one that will be easily complemented by the wedding band. Keep in mind the size of the engagement ring to determine whether it will allow a band to fit flush against it.

10. Is it Certified?

Buying an engagement is one of the most important if not expensive purchases. This calls for a lot of attention when shopping.

Once you decide which ring you will buy, make sure you buy from an accredited laboratory, such as the American Gem Society for the Gemological Institute of America.

Regardless of the price, aim to get quality!


There are so many variables to consider when looking for an engagement ring, not to forget the millions of rings to choose from. This can turn out to be a little hectic. However, with the above factors, and with the help of professional jewelers, decision-making on which ring to buy will be easier.