Deciding on the ideal amount to spend on an engagement ring has been a timeless debate, often surrounded by varying opinions.
As I vividly recall our search for the perfect engagement ring, my partner presented me with various options and price ranges, all of which he planned to order from the United States. Ultimately, we chose a dreamy topaz set on rose gold for just under S$500. While this may be considered a modest price tag by some, I preferred to invest in our future lives together after the wedding. The joy I felt when he finally proposed with the ring was immeasurable.
While the classic rule suggests investing three months’ salary, emphasizing the significance of a lifelong commitment, a more thoughtful approach to ring budgeting becomes essential in the face of challenges like rising prices, inflation, and economic volatility induced by the pandemic.
UNDERSTANDING THE AVERAGE COST
Selecting the perfect engagement ring requires insight into the average costs. While the two-month salary guideline, originating from the Great Depression era, was once prevalent, it’s crucial to recognize its outdated nature.
In Singapore, engagement ring prices generally range from S$700 to S$100,000, with the most common choice being a 0.5-1.0 carat diamond priced between S$1,230.90 to S$2,066.30. A key takeaway is that the price escalates with the carat weight.
GRASPING THE FOUR Cs
Delving into the intricacies of engagement ring prices, factors like carat, cut, clarity, and color significantly influence the overall cost. A higher clarity grade commands a higher price, as flawless gems, detectable only under powerful microscopes, come with a premium.
The cut of the diamond, with the round brilliant being the most expensive, and the type of chosen band are vital considerations contributing to the overall expense. For example, there is a S$15 difference between an oval cut and a round cut 0.3-carat ring of SI2 clarity. Additionally, emerald-cut diamonds can be anywhere from 12% to 42% cheaper than round diamonds of the same carat.
CREATING A RING BUDGET
Similar to planning a wedding budget, setting a reasonable engagement ring budget is paramount. Evaluate your financial standing, considering salary and savings, and establish a budget that aligns with your preferences and capabilities.
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Utilize spreadsheets to create a tangible plan, factoring in additional costs like jewelry insurance. Strive for a special ring without harming your financial stability. And, explore payment plans or financing options responsibly. Ask yourself: Do you really need to take out a personal loan for this?
SHOPPING AROUND
In the pursuit of the perfect ring, don’t hesitate to explore various options. Resist the impulse to settle for the first option, and instead, compare prices across different designs and jewelers.
Educate yourself on high-quality jewelry and confidently navigate through price points, acknowledging that the national average may not necessarily apply to your unique financial situation.
OPTING FOR VINTAGE
Vintage or antique engagement rings present an alluring alternative. Apart from their historical charm, these rings often come at a more affordable price compared to contemporary options.
Delve into the nuances of eras, ensuring awareness of any alterations the ring may have undergone over time. Your dream ring might be a yellow-gold band from the Art Nouveau era, carrying a distinct character. You can buy vintage pieces from Revival Vintage Jewels at Wheelock Place.
EXPLORING NON-DIAMOND OPTIONS
With the surge in popularity of non-diamond engagement rings, considering alternatives like precious stones becomes viable. These options not only offer a potentially more affordable choice but also provide a chance to symbolically personalize the ring.
Embrace the uniqueness of birthstones such as sapphire, emerald, or ruby rings. Sapphire rings is the most expensive among non-traditional options, averaging S$1,075.29 for a 0.5-carat ring.
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In the pursuit of the perfect engagement ring, combining emotions with practical considerations leads to a more meaningful choice. Best of luck!