Many people wonder how much the average person spends on an engagement ring, or how big the average ring is. This is often difficult to determine because there are so many different options and factors that determine the cost and size of a ring. Recent national statistics suggest that the average amount of money spent on an engagement ring in 2012 is $5,000. While I think statistics are very useful in many areas of life, I do not think they necessarily belong in the jewelry world. Here's why. It is possible to spend $5,000 on a very large, very low quality diamond. It is also possible to spend $5,000 on a much smaller, but very high quality diamond. It's all about what the customer wants. Therefore, while the engagement ring statistics of 2012 may suggest that $5,000 is the average amount of money spent, it does not tell us what quality stones people are buying.
The most popular diamond shape is the Round Brilliant cut, followed by Princess, Emerald, and Oval. For the past two and a half decades, Round Brilliant cut diamonds have been the top selling in my store. This makes them slightly more expensive because of the demand. This means going with a fancy cut can be unique, as well as less expensive.
In regards to size, the national average is 1.00ct for the center stone. The average ring total size including side stones is 1.40ct. Of course, as previously mentioned, there are no statistics available for what quality of diamonds are most commonly purchased. In 2012's market, $5,000 will generally buy an mid quality GIA certified one carat diamond. Therefore, it shouldn't be a surprise that the average money spent is equal to the average stone size purchased.
A whopping 73% of engagement rings are set in white gold. The platinum and white gold trend became popular in the early 2000s. While both metals are beautiful, and I find that most couples choose white gold over platinum for the cost savings.
'Luxury' engagement rings are usually defined as rings that cost $8,000 or more. You may be surprised to find out that statistics show that only 12% of American men spend over $8,000 on an engagement ring. I have designed many luxury rings over the years, and I find many of my customers that do purchase from me are looking for very unique rings with either intricate designs or large center stones in higher price ranges. I think that is probably because a standard jewelry store purchases stock to try and get it sold, so they can't always afford to have fancy designs that aren't in fashion. By focusing on custom design, you will have the opportunity to design any ring you can imagine, rather than being limited by current fashion trends in jewelry.
Besides, I have never felt that men should purchase an engagement ring based on statistics. He should purchase a ring that his fiance will love and that fits within his budget. I recently had a wonderful couple come in to visit me. They were getting ready to celebrate their fifteenth wedding anniversary and the husband wanted to buy his wife a ring. The woman explained to me that they had fallen in love in college and he had proposed when they discovered she was pregnant. They didn't have a lot of family support, and he couldn't afford to buy her a ring with a baby on the way. He proposed to her with what could best be described as a rope ring. It was red in color with yellow and orange threads going through it. Once they graduated and started working and saving, the husband had frequently asked his wife to come with him to pick out a new ring. She refused. She had a job working as a Vice President at a bank, and told me her colleagues and friends would often ask why she continued to wear the rope ring. To her, it was just more sentimental then any diamond her husband could buy. In addition, she explained that she wanted to remember that times hadn't always been good. She said the rope ring was a constant reminder to appreciate the things she and her husband had worked so hard to achieve. They eventually settled on a gorgeous three carat princess cut stone set in a white gold pave band. On the day it was finished, they came in to pick it up. Both of them were so excited, and the ring was just stunning. She switched the rope ring to her right hand, and told me she will still continue to wear it for the rest of her life.
My point is this: Before worrying yourself about engagement ring statistics or norms, purchase a ring that is appropriate for your relationship. Set a budget, and design the most appropriate ring possible with that budget, without concerning yourself with what 'everybody else' is doing.
I absolutely love helping couples find their perfect wedding set. I can work with working on a variety of budgets, and take great pride in the fact that I don't use pressure sale tactics. An engagement ring will be worn for a lifetime. I don't want negative emotions attached to that ring because of a bad experience at a jewelry store.
So there you have it. You now know all about the engagement ring statistics of 2012. If you're getting ready to propose, please come see me so I can help you design the ideal ring. I assure you I will never use statistics or peer pressure to try to tell you what size or type of ring you should purchase. Since your appointment will be private, you won't have to worry about anyone else around to bother you either.
Please share your thoughts and comments below. Do you think that too much attention is focused on ring statistics, or do you feel that it is useful information to have when considering a purchase? I welcome all comments and questions and make every effort to respond to comments as soon as possible.
All Engagement Ring Statistics Were Obtained From:
Engagement & Jewelry Statistics Released by theknot.com & weddingchannel.com. (2011, August 30). Retrieved from Engagement & Jewelry Statistics by TheKnot.com
Photo used courtesy of Amanda Niekamp