How Much Does the Average Engagement Ring Cost?
Looking for the average cost of engagement rings is naturally the first place to start when you’re looking to pop the question. (After all, you've probably never shopped for an engagement ring before.)
But narrowing down the average price range can feel like you’re searching for a needle in a haystack: Your friend says her engagement ring cost $15,000, while your frugal cousin brags hers was only $200. Not to mention, celebrities like Kim Kardashian often flash blinding bling that cost hundreds of thousands — or even millions — of dollars.
In reality, the average cost of engagement rings is much more affordable than you think. Americans pay somewhere around $6,351 for a ring, according to data from The Knot. The average cost also varies depending on where you live in the United States, with Utah having the lowest average price ($3,518) and California the highest ($10,241).
What goes into the average cost of engagement rings?
Buying a diamond engagement ring seems like an easy process on the surface with set prices that depend on the carat weight of the stone. However, no two diamonds are the exact same, even if they’re the same carat weight — and that means no two diamond engagement rings are going to cost the exact same price.
Diamond carat size does play a significant role in the average cost of engagement rings, but that’s only one of four factors, meaning that the price of a 2 carat diamond isn’t necessarily just twice the price of a 1 carat diamond.
Cut, carat, color and clarity — known as the 4 Cs — all play an important role in how much a diamond costs. For example: Diamonds that are colorless and have few flaws (known as inclusions) will cost a lot less than a diamond with a yellow color and inclusions. Also, more intricate shapes (like round diamonds) tend to drive up the price because they require more labor and sacrifice more rough material than other easier-to-shape styles.
The setting of the ring also plays a large role in the average cost of an engagement ring: A 1 carat diamond in a halo setting with multiple micro pave diamonds surrounding the main diamond might have a higher price than a similar 1 carat diamond in a simple cut and plain setting.
Why you shouldn't pay too much attention to the average cost of engagement rings
Here’s the thing about the average cost of engagement rings: It’s only a number and some people pay way more — or way less — than $6,351. Though celebrity gossip magazines and reality television might make it seem like buying an engagement ring is a huge competition, it really isn’t. No two couples have the same priorities and desires — and you shouldn’t let what someone has (or doesn’t have) influence the ring you buy.
Finding the right ring for you — and on budget — can be really overwhelming, but our expert gemologists are here to help. They can help you find the perfect diamond ring for your budget and dreams, no matter if it costs more or less than the average cost of engagement rings.