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How Much Does the Average Engagement Ring Cost?

When you are going to purchase an engagement ring, you will be wondering just how much you will need to spend. Assuming that you are not going to purchase the most expensive one possible or the least expensive, knowing the average cost of an engagement ring is useful.

Without accurate information, you will feel lost. A friend tells you that her ring cost $20,000 but your great uncle says that he bought your aunt’s for $200 (in 1971). Then you will find out that a Hollywood celebrity is flashing a ring that costs two and half a million dollars!

Fortunately, the average engagement ring cost is a lot less than you might have been led to believe. According to The Knot, $6,351 is the average of what you will need to pay for an engagement ring in the USA. The cost ranges from $3,518 in the state of Utah to $10,241 in California.

A lady holding up her new engagement ring in front of the Empire State Building in New York City
One of our customers showing off her beautiful engagement ring

What Factors Go into How Much to Spend on Engagement Ring?

Most people have no experience with diamonds before they go shopping for an engagement ring. As such, many believe that the larger the diamond, the higher the price. But, the carat weight of the diamond is only part of determines the cost of an engagement ring.

Greater carat weight means that a diamond is more expensive when compared to a diamond that is equal in all other characteristics. But the cost of a diamond is determined also by the other 3 of the 4 Cs. These are the cut, color, and clarity. 

The rarest and most precious diamonds are those which are colorless and have virtually no flaws (inclusions). A small stone of high quality is much more expensive than a much larger diamond with a yellow cast and many flaws. In addition, the cut of the diamond is a major factor in determining its sparkle, brilliance, and fire. Round cuts remove a larger percentage of the original stone, require great skill, and produce the finest sparkle and fire. Thus they are also more expensive than other diamond cuts.

The setting is also a major factor as a simple 1 carat diamond solitaire will cost less than a halo setting in which the same 1 carat stone is surrounded by a circle of smaller stones of the same quality.

A happy lady showing off her new emerald cut engagement ring on the beach
Another Happy ID Jewelry Customer and her Emerald Cut Engagement Ring

Don’t Let Average Cost of Engagement Ring Determine Your Choice

There are many excellent engagement rings that cost much more than as well as much less than the average engagement ring price. You are not in a competition with anyone when you select an engagement ring. Start by setting a budget and then work with one of the experienced gemologists at our 47th Street showroom in New York City or visit our site online, IdJewelry.com. Learn about the 4 Cs that determine the quality of a diamond. Look at various settings. You will be able to find just the right engagement ring and it will have nothing to do with the average price!

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