5 Tips On How Much You Should Spend On A Diamond Engagement Ring.

Updated: Jul 13


a young couple in love silhouetted agains a sunset
Proposing with a natural diamond engagement ring can be one of the most exciting and memorable moments of your life. It's not what you have to spend, it's what you want to spend.

Congratulations! Falling in love and getting engaged is a wonderful thing. One of your first questions may be, "How much should I spend for her engagement ring?" And for good reason. Her engagement ring is one of the most important purchases you will ever make and you want to get it right. And with all the conflicting advice, it's easy to make a mistake. At Lee Read Diamonds, we get that, and here's our advice.

As you're learning about diamonds and engagement rings, you'll probably notice there are two very different views as to how much to spend.

"Don't get ripped off"

Most women are expecting their diamond to be real, romantic, and remarkable. It's a symbol that represents how you feel about her. Online advisors focus almost exclusively on selling you a diamond ring for the lowest price because that's what the internet does best. They know most guys love the challenge of getting the best deal, and they also add in a little fear because they recognize that you don't know much about diamonds.

You've probably seen posts like "Don't get ripped off!", and "Lowest prices guaranteed!" We agree that no one wants to, or should pay too much for her diamond engagement ring, however, if saving money is your main goal, you'll miss what makes her ring so special to her.

A better way to buy an engagement ring

For over 58 years, Lee Read has been helping hundreds of people just like you express your deepest feelings. It's important that you're happy with the price, but a great price doesn't mean much if she's disappointed with her ring. Every Lee Read engagement ring comes with passion, prestige and peace of mind. When you give her a Lee Read Diamond Engagement Ring, we make sure it looks as beautiful in 20 years as the day you slip it on her finger, at no cost to her. Her ring is special because it symbols romance and we are here to take care of it for a lifetime.

5 Tips On How Much You Should Spend On A Diamond Engagement Ring.

1. It doesn't matter how much money you make.

2. What you need to know about engagement ring prices.

3. Simple engagement rings are the best choice.

4. What is an affordable engagement ring?

5. How much do engagement rings cost and what are they really worth?

1. It doesn't mater how much money you make when looking for a ring.

Money can't buy you love. Take to 2 men, Ted and Bill, they both have found the love of their life and are looking to propose. Ted works hard and makes a decent living while Bill is a billionaire. How much should each person spend on a diamond engagement ring?

Even though it is a big financial stretch, Ted decides he is going to spend as much as he can possibly afford ($7,000) while Bill thinks $70,000 is plenty for him to spend on a diamond for his new love. Which one means more?

Ask any woman and she will tell you Ted wins, hands down. He gave his all. It doesn't matter that Bill spent 10 times more. He could have spent 1000 times more because 7 million is still not much of a personal sacrifice when you're a billionaire.

That's one of the magical things about love. It doesn't matter how much money you have or how much you make. What you pay for her diamond engagement ring is symbolic of your personal sacrifice, and that's what matters to her.

If you can easily afford it, it doesn't mean much. If you're willing to give up other things you want, it means the world to her.

2. What you need to know about engagement ring prices.

There are a lot of factors that come in to play and they all affect the price of the engagement rings you are looking at. Here are the facts that make engagement rings vary so much in price.

The majority of the price of any ring, regardless of style, is the cost of the center diamond. This is why many men purchase and give simple solitaire diamond engagement rings when they propose (more on why this is a great way to go below).

Is she expecting a real, romantic, natural diamond or an inexpensive lab grown diamond?

image of a round 58 facet natural diamond
Natural diamonds formed over a billion years ago. They are real, rare and romantic. Man-made, Lab Grown, diamonds may look the same but the have little to no emotional or resale value.

When it comes to spending less, lab grown diamonds are the obvious choice. They cost up to 80% less than a similar quality natural diamond.

  • Both are made of crystalized carbon and have the same chemical, physical and optical properties.

  • Natural diamonds are rare. Man-made diamonds, promoted as "Lab Grown Diamonds" are being produced so fast that they are becoming relatively common.

  • Genuine diamonds are formed under tremendous heat and pressure far beneath the surface of the Earth over Billions of years. Synthetic diamonds are produced using large amounts of electricity in factories and it takes 2 to 4 weeks to grow a new batch.

  • It's not hard for a Jeweler to identify lab grown diamonds using the right diamond tester.

  • Natural diamonds are rare, romantic and one-of-a-kind. Man-made diamonds are clones or copies of "the real thing" with little or no emotional value.

  • Lab grown diamonds currently sell for up to 80% less than a natural diamond of the same size and quality.

How rare is the diamond?

The reason lab grown diamonds have so little value in the consumers mind is they are not rare and have no emotional value as a symbol of love.

Natural diamonds come in all different sizes, colors and clarities. The bigger the diamond, the whiter the diamond and the more transparent the diamond, the rarer it is and the more it costs. Only about 20% of mined diamonds are suitable for use in jewelry. A very high percentage of the rest are average to below average quality and are much less valuable. These are the diamonds you find online and at chain jewelers.

How beautiful is the diamond?

Only about 2% of all gem quality diamonds are beautiful enough to be a Lee Read Diamond. That's because when we look at the physical diamond with our eyes, most aren't very pretty and we reject them. You've probably heard a lot about how it's easy to use the 4C's to get the best deal on a beautiful diamond. This is like proposing to someone you have never met just from the information on their dating profile. Just like people, every diamond is different and you have to see it to understand if it's the right one for you.

Where are you purchasing the diamond?

It's true. Diamonds cost more at a jewelry store than on the internet. Why wouldn't they? Most online stores sell the ring and want no part in taking care of your purchase. One and done, they make money selling stones and rings, not by making purchasers happy for the long run.