The engagement ring process is a huge, exciting moment for every couple! The experience should be mostly romantic and fun, however, it is a considerable investment with a lot of factors to consider. Wondering how much to spend on an engagement ring? It’s essential to think about your budget, engagement ring cost, and the price of the stone and band. Let’s break down budget concerns and all the important factors to consider as you get closer to choosing your ideal engagement ring!
The “Two-Month Salary” Rule: Is It Still Relevant?
The “two-month salary” rule for diamond engagement rings is pretty straightforward. The idea is to spend roughly two months of your income on a ring. While this isn’t necessarily a “bad idea” we should mention that the concept originated as a marketing campaign versus a serious financial guideline. While some still follow it, the rule is increasingly viewed as outdated and impractical. Many couples now choose rings based on personal budget, values, and lifestyle rather than tradition or pressure. Ultimately, what matters most is selecting a ring that feels meaningful and financially responsible for both partners.
Creating a Realistic Budget for Your Engagement Ring
Creating a realistic budget for your engagement ring starts with evaluating your overall financial situation and determining what you're comfortable spending. Be sure to discuss expectations with your partner to make sure that you align on key priorities like ring style, stone type and size. Do what works best for your situation and don’t stress, there is beauty at every price point!
At Dana Rebecca Designs, we offer financing options to help you shop confidently and comfortably:
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Pay Later Options – Select partners like Shop Pay or Affirm may allow you to buy now and pay later, often with interest-free periods depending on eligibility.
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Credit Card Purchases – Using a card with a promotional APR or rewards program can be a strategic way to finance your ring while earning points or benefits.
No matter your path, our team of experienced jewelers are here to guide you through each step with clarity, care and absolutely no pressure.
What to Prioritize in Your Engagement Ring Purchase
It’s very important to understand the 4C’s (carat weight, color, clarity and cut) when choosing an engagement ring. Let’s break things down!
Carat
Carat is the most straightforward of the 4 C's. A carat is the unit of measurement for a diamond's weight. Carats are divided into 100 “points.” For example, a "fifty pointer" signifies a half-carat diamond (0.50 ct). Carat weight shouldn't be confused with karat, which is a term used to measure the purity of gold.
Clarity
The clarity of a diamond is the absence of inclusions and blemishes, both internally and externally. Diamond inclusions, often unfairly called "flaws'' or "imperfections," are unique characteristics that give each diamond its distinct identity, much like a personal fingerprint. Natural diamonds, unlike diamond alternatives like lab grown diamonds and moissanite, often possess these unique inclusions, adding to their distinct character and charm. For a more in-depth comparison, check out our blog on the differences between lab grown and natural diamonds.
The clarity grade takes into account the size, location, quantity, and nature of these features and how they affect the diamond's appearance.
Most diamonds in the world possess some level of imperfection. It's essential to remember that clarity grading is conducted under 10x magnification, rendering many imperfections invisible to the naked eye. Dana Rebecca Designs believes in balancing clarity with other characteristics of the diamond to find the perfect combination of the 4 C’s to make you find the perfect ring within your price range.
Cut
The cut of a diamond refers to its proportions and finish. A diamond’s cut is widely recognized as the primary factor affecting its value, as it brings the stone to life! A well-cut diamond displays symmetrical precision with ideal depth, table, crown, and pavilion angles, with a flawless finish. Expert craftsmanship enables light to gracefully travel into the diamond, reflecting off its facets before bouncing back out, creating its scintillation and dazzling brilliance. Keep in mind that polish and symmetry also contribute to the overall appeal of any diamond shape. A round diamond is the only shape that receives an actual “Cut Grade” by the GIA Gemological Institute of America (GIA).
Color
Color refers to how white or colorless a diamond appears. The GIA grades diamonds on a scale from D (colorless) to Z (light yellow or brown). The less color a diamond has, the rarer and more valuable it tends to be.
That said, choosing the right color grade comes down to personal preference, budget, and setting. For example, near-colorless diamonds can appear beautifully white once set, especially in yellow or rose gold settings that naturally warm the diamond’s tone. On the other hand, if you’re choosing a platinum or white gold setting, you may prefer a diamond on the colorless end of the spectrum to enhance its brilliance.
The GIA Color Grading System
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A GIA diamond is one that has been graded by the Gemological Institute of America (GIA) according to their diamond color grade standards used to determine diamond quality.
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GIA is an independent, nonprofit organization that conducts research about various gems while educating gem professionals.
What is The Diamond Color Scale?
The color of a diamond refers to the degree to which it is "colorless.” The Gemological Institute of America (GIA) color scale ranges from D to Z, with D being "colorless" and Z being noticeably warmer with a yellowish hue.
The chart is further broken down into five general categories:
-D-F is "colorless"
-G-J is "near-colorless"
-K-M is "faint"
-N-R is "very light"
-S-Z is “light"
Past Z color, there is an entirely different color spectrum that encompasses "fancy" color diamonds (think Canary Yellow). These colored diamonds have their own scale and terms.
While many people think they should only look at diamonds in the D-E-F range, the truth is that the untrained eye usually cannot detect the difference between colorless and near-colorless diamonds without side-by-side comparisons. A well-cut diamond can often appear more colorless than it actually is allowing one to potentially consider lower colors.
It’s also important to consider personal style and lifestyle—choose a design that suits your partner’s taste and daily activities. Above all, the ring should symbolize your unique relationship and feel meaningful while reflecting your shared values and commitment.
Pros and Cons of Each Metal for an Engagement Ring
The ring setting should complement and protect the diamond. Prong settings highlight brilliance while bezel settings offer extra security for active lifestyles.
Let’s discuss the pros and cons of the most popular metals used for engagement ring settings.
Gold (white, yellow and rose gold):
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Pro: Has color options which is nice. It’s not quite as durable as platinum but it is still very strong.
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Con: Depending on the alloying metals, gold is more prone to scratching and skin reactions. Although gold is less expensive than platinum, it can still have a high price tag.
Platinum
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Pro: It’s the most durable and hypoallergenic metal.
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Con: It also has the highest price tag due to its density and rarity.
Silver
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Pro: This is the most cost effective and lightweight metal.
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Con: Because of the softness, it’s prone to tarnishing, scratches, dents and bending. Choose metals that enhance the diamond’s appearance and suit daily wear, like platinum for durability or gold for warmth. Ultimately, aim for harmony between the diamond and setting to create a stunning, lasting piece.
Balancing Diamond Quality and the Ring Setting
You don’t need to sacrifice diamond quality for a beautiful ring setting—or vice versa—because thoughtful choices allow you to balance both within your budget. By prioritizing the diamond’s cut, which most influences sparkle, you can select stones with slightly lower color or clarity grades without a noticeable difference.
Choosing a well-crafted setting made from durable metals can enhance and protect your stone while complementing the overall look. Keen design and the ability to customize your engagement ring will lead to one that you love!
Is Bigger Always Better?
Bigger isn’t always better when it comes to engagement rings! What truly matters is the quality, cut, and how well the ring suits your partner’s personal style and lifestyle.
The carat of a diamond refers to its weight, not the size of the diamond. Carat weight gives a measurement of how much a diamond weighs.
Visual size is how large the diamond appears to the eye.
The carat weight indicates the actual mass while the visual size can vary based on the diamond’s shape, cut and ring setting.
Two diamonds with the same carat weight might look different in size depending on these factors so it's important to consider all elements when choosing a diamond for both its actual and perceived size.
A smaller, well-cut diamond can often sparkle more brilliantly than a larger, lower-quality stone.
Why Smaller Diamonds Can Be Just as Beautiful
Smaller diamonds can be just as stunning as larger ones when thoughtfully chosen and beautifully set. A well-cut diamond will sparkle brilliantly, regardless of its size, and often looks more radiant than a larger stone with lower cut quality.
The shape of a diamond affects its perceived size due to a combination of visual factors such as:
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How light reflects off of the stone.
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The diamond’s proportions.
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How the diamond’s shape interacts with the ring’s setting or background.
While the diamond’s carat weight affects the actual size, the diamond’s shape affects the visual impact therefore creating a difference in how the diamond’s size is perceived.
Choosing Carat Weight That Works for Your Budget
Start the process by setting a comfortable price range, then explore options that maximize beauty without overspending. Opting for a slightly lower carat weight (like 1.7ct instead of 2.00ct) can offer significant savings with minimal visual difference.
Keep in mind that cut quality, diamond shape, and setting style all impact how large a stone appears—oval, pear, and marquise shaped diamonds tend to look larger per carat. Also, settings like halos or thin bands can enhance the overall look. With the right combination, you can get a stunning ring that feels substantial and fits your budget.
We have covered a lot but maybe you still have questions? Or, maybe you’re excited to sip some bubbly in our showroom while discussing ring pricing in person? Schedule an appointment – we can’t wait to meet you and we’re honored to be a part of your engagement ring journey. CHEERS!
