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How Much Should You Spend on an Engagement Ring in 2024?

How Much Should You Spend on an Engagement Ring in 2024?

Getting engaged is one of life's most beautiful moments, and choosing the perfect engagement ring is a significant part of the experience. While traditions and societal norms have influenced how much people spend on engagement rings, there's no one-size-fits-all answer to this question. In 2024, it's essential to make a decision that aligns with your financial situation and values. In this blog post, we'll explore how much you should spend on an engagement ring in 2024 and provide options for three different types of engagement rings under $3,000 that will surely make your loved one's heart skip a beat.

Determining Your Engagement Ring Budget

Before we delve into the options, it's crucial to establish a budget that works for you. Traditionally, the guideline of spending two or three months' salary on an engagement ring has been touted, but this isn't a hard and fast rule. Your financial circumstances, goals, and your partner's preferences should be the primary factors influencing your budget. Remember, an engagement ring should symbolize your love and commitment, not put you in financial strain.

Factors That Determine Diamond Prices

Understanding the key factors that influence diamond prices can empower you to make a savvy choice. Experts evaluate diamond quality based on four fundamental criteria known as the 4Cs: cut, color, clarity, and carat weight.

Carat Weight

Carat weight simply refers to how much the diamond weighs. In traditional diamond sales, the price is often quoted per carat or as a total cost. It's essential to remember that a diamond's quality can impact the price per carat. Furthermore, larger diamonds tend to be pricier due to their rarity. Interestingly, choosing a two-stone engagement ring could potentially be more cost-effective, depending on the specific qualities of the diamonds you select.


When seeking a high-quality diamond, consider one that's colorless, radiating a brilliant shine and sparkle. While some diamonds may exhibit a slight yellow or brown tint, which can influence their overall value, these color variations are not always perceptible to the naked eye. Opting for a diamond with a subtle tint that remains undetectable without magnification can be a clever strategy to save money without compromising on quality.


Clarity refers to the presence of physical imperfections or flaws within a diamond. While flawless diamonds are exquisite, they also come with a higher price tag. However, diamonds featuring minor inclusions that are not noticeable without magnification can still serve as exceptional choices for an engagement ring.


The cut of a diamond is a pivotal factor that dictates its visual appeal. It encompasses how well the jeweler has cut and polished the diamond. A diamond with a brilliant cut possesses the remarkable ability to reflect light beautifully, creating that coveted sparkle. Conversely, a poorly cut diamond may lack the desired luster and shine. Therefore, when shopping for diamonds, it is crucial to prioritize the cut to ensure you obtain the highest quality possible.

Learn more about the 4 C’s read our blog The 4 C’s Demystified: A Guide To Diamond Quality

Engagement Rings Under $3,000: Affordable Elegance

In recent years, the demand for affordable yet stunning engagement rings has soared. Fortunately, there are plenty of options that won't break the bank. Here are three types of engagement rings under $3,000:

1. Classic Solitaire Engagement Ring

a yellow gold diamon solitaire engagement ring

A classic solitaire engagement ring is a timeless choice that never goes out of style. Featuring a single, sparkling diamond set on a plain band, this type of ring exudes elegance and simplicity. You can find beautiful solitaire rings with high-quality diamonds for under $3,000. This option allows you to focus on the quality of the diamond, ensuring it's brilliant and well-cut.

Shop Solitaire Engagement Rings Here

2. Vintage-Inspired Halo Engagement Ring

a white gold vintage inspired halo engagement ring

If your partner loves vintage aesthetics, a vintage-inspired halo engagement ring might be the perfect choice. These rings combine the charm of the past with a modern twist. A central diamond is encircled by a halo of smaller diamonds, creating a breathtaking and unique look. Despite their intricate design, many vintage-inspired halo rings are available for less than $3,000, making them a budget-friendly yet dazzling option.

Shop Halo Engagement Rings Here

3. Gemstone Engagement Ring

a morganite and diamond engagement ring

For those who want to depart from traditional diamonds, gemstone engagement rings offer a vibrant and personalized alternative. Sapphires, emeralds, and rubies are just a few of the options available. These colorful gemstones can symbolize your partner's birthstone, favorite color, or a significant personal connection. Gemstone engagement rings are often more affordable than diamond rings, making it easier to stay within your budget while still delivering a unique and meaningful piece of jewelry.

Shop Gemstone Engagement Rings Here


The Option to Upgrade Later On

In situations where you are working within a limited budget, selecting a ring that comfortably fits within your means is a sensible decision. It's important to recognize that you have the flexibility to upgrade your ring in the future. Whether you choose to enhance the setting, opt for a larger diamond, or incorporate additional gemstones, numerous possibilities are at your disposal. This allows you to make an informed decision without feeling pressured to exceed your budget.


Lab-Grown Diamonds: A Budget-Friendly Alternative

Are you curious about alternative options to natural diamonds? Enter the world of lab-grown diamonds, which are precisely what they sound like—diamonds cultivated in controlled laboratory environments rather than extracted from the earth. The process behind these diamonds is nothing short of remarkable, and the end result is equally breathtaking as that of their natural counterparts.

The Advantages of Lab-Grown Diamonds

Lab-grown diamonds offer numerous advantages, with affordability being a standout feature. Consider this: a one-carat natural diamond can command a price ranging from $3,000 to $18,000. In stark contrast, a one-carat lab-grown diamond can be acquired for a significantly lower cost, typically falling within the range of $1,300 to $4,000. The savings garnered from choosing a lab-grown diamond can be redirected towards securing a larger center stone, investing in a more exquisite band, or even selecting a flawless, colorless lab-grown diamond. For those desiring the appearance of a grand engagement ring without the hefty price tag, lab-grown diamonds are an excellent choice.

Learn more about the difference between lab grown diamonds and naturally mined diamonds on our blog Lab Grown Diamonds vs. Natural Mined Diamonds 

In Summary:

In 2023, the price you pay for an engagement ring should reflect your financial circumstances and your partner's preferences. While it's essential to choose a ring that captures your love and commitment, it's equally vital to make a responsible financial decision. The three types of engagement rings under $3,000 mentioned above are just a starting point; there are countless options available to suit your style and budget. Ultimately, what matters most is the love and meaning behind the ring, not its price tag.

With Love, Perrara

Author: Lisa Maloney, Proprietor

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