How Much Should You Spend on a Custom Engagement Ring
Getting engaged is such an exciting (and sometimes scary) moment in life. There is SO MUCH to consider when it comes to purchasing the perfect custom engagement ring. Cost, however, is one of the biggest considerations. Most custom jewelers will have a minimum cost to start a custom project. This will vary depending on the jeweler. Virginia Ann Designs, for example, has a minimum of $1500 for a custom engagement ring made from 14K gold. This gives you a good starting place, but how much more (or less) should you spend on a custom engagement ring?
Some advice includes:
- Two to three months of your salary.
- Up to 5% of your yearly salary.
- Whatever the national average happens to be at that time.
Sure, you can absolutely use any one of these guidelines to create your budget, but there are other considerations I would make that will fit into your unique financial situation.
- What can you actually afford? – Everybody’s finances are going to be different, and some people are more comfortable with debt than others. Ask yourself how much disposable income you have to spend. Depending on that number and your expectations for an engagement ring, are you willing to go into debt? This is an entirely personal decision and will be different for everybody.
- What does your perfect custom engagement ring look like? – Have you talked about what your partner likes when it comes to an engagement ring? Some styles and designs will be more expensive than others. Do they like diamonds? Lab grown or natural diamonds? Gold or platinum? Intricate or classic designs? All of the answers to these questions will help narrow down a price for their dream engagement ring.
- What are your partner’s expectations? – Some people want nothing more than to wear an expensive engagement ring. They want that big, beautiful diamond. Others cringe when they think of wearing anything worth more than $2000.
If you work through these questions, you should be able to get a good idea of how much YOU are willing to spend on a custom engagement ring. In the end, everyone is going to have a different number and comfort level when it comes to budget. Speaking with a custom jeweler would be a tremendous help in determining the general cost of materials and labor. Virginia Ann Designs is always happy to answer any budget related questions when it comes to designing a custom engagement ring. Schedule a FREE consultation today! We’d love to say hello.