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Diamond And Jewellery Blog | Poggenpoel

How Much Should You Spend On An Engagement Ring?

Posted by Johan Poggenpoel on Feb 10, 2016 12:25:00 PM

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Pro-tip; she's marrying the man - not the ring. Ok, let’s proceed with that in mind. 

We hear the words "I don't how much I should spend on an engagement ring" close to every day at our Pretoria based studio. The awesome, short answer would be: whatever you feel comfortable with.

That's not really how these things work for most couples. Since many guys have no idea how much engagement rings cost - we'll gladly run over some basic ideas and rules-of-thumb when it comes to budgeting for an engagement ring.

1.) Very Real Social Factors To Consider.

 

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We surveyed quite a few of our customers and by far the majority based their purchasing on what their friends and colleagues purchased in terms of diamond quality and the metal the ring was made up in. A solid starting point is to ask around what your friends, family and colleagues (that recently got engaged) purchased. Keep in mind that what was actually spent is not the main issue. What you buy in terms of quality is infinitely more important than what you spend.

Two friends set out to buy an engagement ring. One visits a mall and decides to buy a 0,70ct platinum solitaire for R85 000. The other friend visits a few jewellery studios outside malls, finds one he is comfortable with and swipes for a 0,70ct platinum solitaire at R45 000. The both have the exact same ring now. One just decided to pay R40 010 for parking at a mall. Have you noticed how empty the high end mall based jewellers are? 

Guys, get a feel for the norm in your social circle. You will not be wearing the engagement ring, get her something she feels proud of and comfortable with. 

2.) 1 - 2 Month's Salary.

 

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Whether DeBeers is behind this concept or not is irrelevant; most engagement ring invoices confirm this vague rule of thumb. Engagement rings are usually saved up for, and a month or two's full salary might be a good starting point. That's what guys are spending. 

 

3.) Semi-Useful Averages.

In the USA the average engagement ring purchase is just under $5 900 (±R95 000). Completely different market I know; but use it, don't use it. You can fact check here

At Poggenpoel our average engagement ring invoice is around R30 000 - R40 000. Some invoices are for less, some for much, much more. Although this is not indicative of the broad South African landscape these are the figures we're currently sitting on.  

 

4.) What Are You Looking For In An Engagement Ring?

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If you want a McDonald's hamburger for lunch, there is no reason to budget R800 for your meal. Same story for engagement rings; if your lady wants a plain band with a nice ruby - there’s no reason to spend way over R15 000. If she wants a 1ct top colour and clarity diamond in an extravagant platinum setting, you'll be in for well over R100 000. Maybe before you start breaking your head on the budget consider what you are actually budgeting for.   

*Remember to consider your lifestyle. If you are a pair of adventurous travellers, she probably doesn't want to be backpacking in East Africa with a R200 000 ring on her finger. Be mindful. 

5.) You can always upgrade in the future.

Many couples upgrade their diamond engagement rings over the years. Most couples just starting out don't want to spend all their savings on a ring (smart move). Just keep this option in the back of your mind. You have loads of anniversaries and milestones worth celebrating coming up! We offer 100% credit for an initial diamond purchase when upgrading. Pretty nice! 

Whereto from here? (Good question!); 

  • Check out our 2016 Guide To Engagement Ring Prices - its a great second stop. 
  • Do some social espionage to see what's floating on ring fingers near you. 
  • To find out more about custom design hop over to HERE
  • Have a chat with us on info@poggenpoel.com or (012) 111 0525. We'll give you some quotes to think about and will gladly advise you along the way. The sooner you start chatting with the us the more time we'll have to get it perfect for you. We love making gents look good

I'll be available in the comments if you have any questions. 

 

 

Topics: Engagement Ring Advice