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How Much to Spend on an Engagement Ring

Understand all the factors to consider when creating an
engagement ring budget.

How much should an engagement ring cost?

It’s helpful to start with a budget range based on your financial situation, and will provide you with a general sense of your options.

Then, it's important to confirm your partner's taste and expectations, considering what they want in their ring regardless of the price – whether through direct conversations, window shopping, or conferring with their family and friends. The meaning behind the ring is an especially important factor – for instance, perhaps your partner would prefer to reset an heirloom diamond, or skip a traditional diamond altogether.

There is also the option of purchasing a “starter ring” with a diamond alternative that can be upgraded later, while you and your partner save up for a diamond or custom ring. riva also offers a free lifetime upgrade on our natural and lab grown diamonds.

Engagement Ring Budget Tips: What to Know When Buying an Engagement Ring

There are many ways to maximize your engagement ring budget.

  • When choosing a diamond, knowing the details of your partner’s preferences will help you determine which of the 4 C’s are most important, and which can be de-prioritized. Sparkle, which is determined by cut, and color are usually highly valued and might need to be prioritized over diamond size. A diamond’s shape, depth, and symmetry also affect how big (or small) a diamond looks. Elongated shapes (such as oval and emerald) appear larger than 1:1 diamonds (such as round) because elongated shapes can carry most of their weight in their length as well as their depth.
  • Consider choosing white gold instead of platinum for the engagement ring band, as platinum is the most expensive precious metal option. Known for its luxe shine in cool tones, white gold doesn’t rush, tarnish or corrode, and is easy to work into fine, intricate designs.
  • Being intentional with the level of detail in the setting is a stylish way to get maximum sparkle impact for less. Smaller accent diamonds will not cost as much altogether as larger center stones.
  • Fancy-shaped natural diamonds can cost 20% to 30% less than round natural diamonds. A fancy-shaped diamond will help you get the largest size possible for the same price.
  • Explore diamond sizes slightly under standard carat weight limits -- otherwise known as magic sizes. These magic sizes can let you get a diamond of a similar size for a significantly lower cost.
  • Lab grown diamonds, which have the same exact chemical, optical, and physical properties as natural diamonds, are available at more affordable prices than natural diamonds of the same size.

Flexible Payment Options

Many brands now offer alternative financing options. riva offers 12-month financing options subject to credit approval or a layaway plan with Affirm, allowing you to make monthly payments on any purchase after an initial deposit, from 0% APR financing. Visit our financing page for more information.