% of salary - what's a reasonable amount to spend on engagement ring?
- Thread starter IntlSet
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When I was in college I got engaged and I was all about wanting a big diamond, blah, blah, blah. My bf was getting ready to start law school and didn't make much and was looking at getting ready to make even less when he started school. I ended up with a 1 carat solitaire which looked pretty big on my little finger. I really liked it. Then I realized that now that I had my ring that was it. This was the rest of my life. I left him and haven't regretted it. I realized I was more interested in getting a diamond and having someone take care of me than being with a man I truly loved.
Now, all that being said, IF I ever get married (which is a big IF because marriages scared the hell out of me!) the only thing I want to spend a bunch of money on is a beautiful ring. I would then elope probably. So IF a large chunk of money was going to be spent I would hope my fiance would just go out and buy a gorgeous ring for me that would make my eyes light up. But ultimately, I'm much more interested in marrying the right guy than having the right ring. My mom doesn't even wear her engagement ring.
Now, all that being said, IF I ever get married (which is a big IF because marriages scared the hell out of me!) the only thing I want to spend a bunch of money on is a beautiful ring. I would then elope probably. So IF a large chunk of money was going to be spent I would hope my fiance would just go out and buy a gorgeous ring for me that would make my eyes light up. But ultimately, I'm much more interested in marrying the right guy than having the right ring. My mom doesn't even wear her engagement ring.
i am not an expert by any means but just to give my two cents, when i say carats, i refer to the SOLITAIRE diamond by it self. i do not do the total. i dont think jewlers refer to the total neither...but i can be wrong, anyone feel free to correct me if so...my e ring is a single, 3.1 round solitaire diamond, sitting on the traditional 6 prong platinum setting so i dont actually have any loose diamonds surrounding it to count anyways..lol...
a gf of mine has a gorgeous 2 carat solitare, w/ two 0.5 carat sapphire stones sitting on both sides of the solitaire..when pp ask her for carat, she says "2 carat diamond, 1 carat of sapphire."
Mine is a 3.67 carat solitaire and I wear a 3.75 as well
The too big part? You get over it!
LOL....YES TO THAT!! Hi Swanky! I have been MIA for a while.how have you been? Your ring sounds BEAUTIFUL!!!
Hello Intlset,
Ask most jewelry salespeople this question, and they'll tell you that it should be around two to three months of your salary. That equates to 16.67% to 25.00% of your annual salary, which is a strange rule to me, personally. I don't think it's possible to equate your love to a specific percentage of your income, but as far as "models" go, it's a relatively well-accepted one.
My opinion?
I think you should spend what makes you comfortable, and what will make her happy. I've found that some women like the idea of a near-flawless stone much more, and some like having something that's more substantial in size. These are tradeoffs you'll need to get insight into before making your final decision.
Hope you find a ring as special as your love.
Sincerely,
Angara.com
Ask most jewelry salespeople this question, and they'll tell you that it should be around two to three months of your salary. That equates to 16.67% to 25.00% of your annual salary, which is a strange rule to me, personally. I don't think it's possible to equate your love to a specific percentage of your income, but as far as "models" go, it's a relatively well-accepted one.
My opinion?
I think you should spend what makes you comfortable, and what will make her happy. I've found that some women like the idea of a near-flawless stone much more, and some like having something that's more substantial in size. These are tradeoffs you'll need to get insight into before making your final decision.
Hope you find a ring as special as your love.
Sincerely,
Angara.com
Hahaha...more than he spent on the last one.
Seriously though...I'm not sure I care as long as it is chosen with love.
Personally, I have this horrible phobia that my jewelery will fall off and I'll lose it. I'm going to go crazy if I have a 10k rock on my hand. He says I'll get used to it when the time comes but I'm still petrified of losing a ring I don't even have yet!
Also...would he ever go the friend route? Do you have a good friend that he would go to to figure out what you would like? My BF has dropped hints that I should be arming my friends with what I like but I don't even know! I buy bridal magazines and go to theknot.com to attempt to figure out what styles I like.
Seriously though...I'm not sure I care as long as it is chosen with love.
Personally, I have this horrible phobia that my jewelery will fall off and I'll lose it. I'm going to go crazy if I have a 10k rock on my hand. He says I'll get used to it when the time comes but I'm still petrified of losing a ring I don't even have yet!
Also...would he ever go the friend route? Do you have a good friend that he would go to to figure out what you would like? My BF has dropped hints that I should be arming my friends with what I like but I don't even know! I buy bridal magazines and go to theknot.com to attempt to figure out what styles I like.
Heheh I wish I was that lucky!
Your ring sounds awesome! Did you post a pic of it? I think I saw your ring...if its the one I am thinking about, its AMAZING! :okay:
yeah, too many pics probably:shame:LOL!
When I tried it on I actually said "hmmm. . . . . is it possible that it's too big?"
My jeweler, who is a female and wears a giant rock laughed and said "oh just give it a couple of months. . . you'll be back in here looking for a 5 carat!"
Oddly, she was right, it doesn't look large anymore
ush: stupid shrinkage!good Miss A, and you!?LOL....YES TO THAT!! Hi Swanky! I have been MIA for a while.how have you been? Your ring sounds BEAUTIFUL!!!
Someone mentioned a page or two back that diamonds increase in value. That's a common misconception. Folks who have their diamonds appraised need to specify if they are looking for an appraisal for insurance purposes or for re-sale purposes. Having taken my mom's jewelry to be appraised for sale, I was surprised at the value they'd lost over time. These were good quality diamonds, most in the 3-5 carat range, and were worth about half what she paid. Knock another 30% or off if selling through consignment.
There was an expose on several years ago about diamonds. They had a woman buy a diamond ring, then immediately took that ring around to several jewelers to have it appraised. None appraised it at near what she'd just paid for it. They had someone else take the diamond back to the original store (within days of the purchase), and even the store that sold it appraised it at much less than it had just sold for. I can't remember the percentage of value it had dropped, but remember it being significant.
Most people don't buy investment quality diamonds and store them in a safe. To be considered an investment, the value of a typical engagement ring diamond isn't so much in dollars as in sentimental value, for the wearer's lifetime and later as an heirloom. And a diamond can be given new life periodically with a new setting.
Most people know that diamonds have an artificial 'preciousness' because of DeBeers marketing campaigns for the past few decades. They keep warehouses full of diamonds off the market to create the illusion of scarcity. And like most people, I know this cognitively, but I still get a thrill out of a beautiful diamond and love my engagement ring. Actually I'm on my third upgrade now and have loved them all. But I've never had a problem with trading in the old one for a new one. Which brings up another aspect of the persistence of value in diamonds. Most places will credit you the cost of your previously purchased diamond toward the purchase of a new, more expensive diamond. While I love this policy, I'm aware that the markup is so great that they're making money off me twice. What I've always been curious about is - what happens to these traded in diamonds? Are they polished up and sold as new???
There was an expose on several years ago about diamonds. They had a woman buy a diamond ring, then immediately took that ring around to several jewelers to have it appraised. None appraised it at near what she'd just paid for it. They had someone else take the diamond back to the original store (within days of the purchase), and even the store that sold it appraised it at much less than it had just sold for. I can't remember the percentage of value it had dropped, but remember it being significant.
Most people don't buy investment quality diamonds and store them in a safe. To be considered an investment, the value of a typical engagement ring diamond isn't so much in dollars as in sentimental value, for the wearer's lifetime and later as an heirloom. And a diamond can be given new life periodically with a new setting.
Most people know that diamonds have an artificial 'preciousness' because of DeBeers marketing campaigns for the past few decades. They keep warehouses full of diamonds off the market to create the illusion of scarcity. And like most people, I know this cognitively, but I still get a thrill out of a beautiful diamond and love my engagement ring. Actually I'm on my third upgrade now and have loved them all. But I've never had a problem with trading in the old one for a new one. Which brings up another aspect of the persistence of value in diamonds. Most places will credit you the cost of your previously purchased diamond toward the purchase of a new, more expensive diamond. While I love this policy, I'm aware that the markup is so great that they're making money off me twice. What I've always been curious about is - what happens to these traded in diamonds? Are they polished up and sold as new???
^^ I am a bit hesitant to respond b/c i dont want to come off like i am in any way an expert..bc i am not at all! i do not have any detailed research to back up what i say, and all i offer is personal experience.
with that said, i know for a fact that if you want to RE SELL a 2.5 carat (G colored, VVS, Ideal cut ROUND) solitaire, you can make about 30% MORE than what you paid for about 5 years ago. I know this for a fact b/c one of my closest girlfriend did this @ the diamond district in NYC (by Rockefeller Center). If anyone wants the actual store name, I can provide that too..just PM me..lol..I actually accompanied her during my lunch break b/c she didnt want to be alone.
Therefore, I do not think diamond appreciating in price is a myth at all, because I witnessed it. Granted, her diamond was EXCELLENT (color, cut, clarity, everything).
with that said, i know for a fact that if you want to RE SELL a 2.5 carat (G colored, VVS, Ideal cut ROUND) solitaire, you can make about 30% MORE than what you paid for about 5 years ago. I know this for a fact b/c one of my closest girlfriend did this @ the diamond district in NYC (by Rockefeller Center). If anyone wants the actual store name, I can provide that too..just PM me..lol..I actually accompanied her during my lunch break b/c she didnt want to be alone.
Therefore, I do not think diamond appreciating in price is a myth at all, because I witnessed it. Granted, her diamond was EXCELLENT (color, cut, clarity, everything).
Hi Swanky! I have been well, thanks for asking...working like crazy the past few weeks *fashion wk in nyc* aka insanity! lol..i did get a new doggy though..she brings so much joy to our lives!
As to diamond appreciation, it is probably those select stones that were purchased at a great price to begin with, are rare due to large size and have excellent specs. I don't personally think that a more normal stone, say an I, SI2 clarity 1 carat stone will gain value. It seems that they don't anyway, b/c ppl have such problems getting money back if things fall through and don't make a profit- at least the things I've read. I remember reading about a website that a guy started after he tried to sell an engagement ring and was being offered so much less- it was I do know I don't or something to that effect- to allow ppl to try to make more than a jeweler or pawn shop or whatever would offer.
I don't think is a completly accurate statement (not to you, to the people doing the piece).
You should never have a diamond appraised by a jeweler who sells, it should be by a third party person who only deals in appraisals. Many jewelers would tell you its worth less to pull you into getting a better deal with THEM!
a bit off topic but when the economy is going through a possible resession GOLD goes up thus the price of jewelry also rises.. ie.. a simple presentation 4/5/6 prong 14k band was 125 and now its 160 at my jewelers.
i am waiting for gold to max out or hit at least 1000 so i can sell all my 24k. pawn shops offer about .75 its value so at 900 they give you 625 an ounce.
i am waiting for gold to max out or hit at least 1000 so i can sell all my 24k. pawn shops offer about .75 its value so at 900 they give you 625 an ounce.
^^ I couldn't agree more with the going to a wholesaler place encouragement. Honestly, getting a ring from somewhere like Tiffany's is great, but they along with boutique mark up there stuff soooo much (sometimes over 300%--especially at Tiffany's). And the fact is your getting the same type of ring that you could get for a fraction of the price at a wholesaler.
If you have a Costco in your area, or go to there website--I would check it out. They have a policy that they only mark everything up 14%, they also have a quality policy--they refuse to sell anything that isn't great quality. I have no problem with saying my ring was from Costco, because the fact is that you can get WAY more for your $$, as at this time we can't afford something from Tiffany's or Cartier--at least in the size I wanted
.I have a 2.14 TCW ring. It's a princess cut (G/VVS2) center (1.54 ct) surrounded by 2 Trillions (.3 each) and is absolutely gorgeous. It was $10k and would have cost around 20k-30k (according to the jeweler custom making my wedding band). The sparkle is absolutely incredible
, and I couldn't have asked for anything more. Here's a pic:
