Engagement Ring Costs: How To Break It Down!

Engagement Ring Costs: How To Break It Down!

Today we will be discussing budgeting for an engagement ring. There are many variables that can affect the price of an engagement ring and, ultimately, it depends on you and the type of ring you are looking for.

At Fine+Flux, we have a number of ready to order engagement ring options if you are interested. We also have custom jewelry services, so if you are looking for a special and unique piece, make sure to reach out at info@fineandflux.com!

Cost Break Down Of An Engagement Ring

Engagement ring twist shank

There are two main parts of a ring: The shank and the center stone. A shank is the actual ring. A shank in 14K gold with about .2cts diamonds (a row of stones half way down the shank), will generally cost between $1-2k. If you are asking for a thicker band with larger stones, then the price will rise. If you are going for a simple gold band the price in contrast will be lower, closer to the 1K mark.

Diamond Oval Engagement Ring Gold


The center stone is usually the most expensive part of an engagement ring. If you are looking for a diamond engagement ring, then you need to budget at least 5K+ for the entire ring. Anything lower than that price point will get you a very low carat weight, which could be quite underwhelming. Size does matter if you want to have that WOW factor when looking at your ring. This is why we will often recommend clients to go with gemstones rather then diamonds for smaller budgets.

Tips & Tricks For Smaller Engagement Ring Budgets

1) If you have a smaller budget for your ring there are ways to work around having a smaller center stone. For example you can add a halo. Halo rings are when we set a row of diamonds around the center stone (diamond or gemstone). This will add mass to the center stone and for diamond or white sapphire it will give the impression you cannot see where the diamonds circumference ends, giving the illusion of a bigger center stone.

 2) Certain shapes of stones appear larger than others for the same carat weight. For example ovals, pear cuts and radiants are cut in a way that they are not as deep and their dimensions extend further then say rounds or cushion cuts. Giving the illusion you have a larger stones of the same weight.

How Much Should You Spend On An Engagement Ring?

The answer is simple, as much as you want! Often times we hear the rule of spending 2-3 months salary on an engagement ring but ultimately this was simply a marketing slogan created by D'Beers when promoting they're diamond campaign.

What we recommend is creating a budget of what realistically makes sense for you and comparing to market value and average prices. For example, most clients try to hit the 1ct+ mark for there center stone, for diamond this can easily mean a 8-10K price range. This would mean that you would make 3 installments of roughly 3K on bi-weekly payments. If this is too high for you then we would suggest looking at colored stones where you could easily stay within the 3K to 5K range for a 1ct, meaning you're installments would be closer to the 1500 price range on bi-weekly payments.

This process can often times feel daunting as a first time buyer. We always recommend reaching out and sending us a quick email no matter what stage of the process you are in because we can help guide you based on your style and budget in the right direction! We specialize in custom design, gemstone & diamond sourcing. Reach us at info@fineandflux.com for all your engagement ring questions!

Know Your Payment Options!

Make sure to always ask about a company’s payment plans. Most jewelry companies now have payment plans to help customers pay off their purchases in installments. We offer plans with up to 4 installments over certain price points.

However, when doing so, make sure to inquire on interest rates. At Fine+Flux we have 0% interest payment plans, but unfortunately that is not always the case in every business.

Where You Shop Matters

Shopping at luxury retailers will have a premium attached to their name. For example buying a 1ct diamond ring can easily exceed 10K+ when purchased at Tiffany's. 

However, if you really want that diamond ring, we recommend trying to reach 5K and shopping at smaller businesses. 5K will not get you a large stone if you shop at high end stores such as Tiffany & co.

Diamonds are Not Mandatory

Many people tend to forget that a diamond engagement ring is not a must. There are many alternative stones that make an engagement ring unique! For example, the most popular stone for engagement rings after diamonds are sapphires. Sapphires are extremely beautiful and unique stones that come in many different colors and shades. You can get a clear white sapphire to emulate the look for a diamond engagement ring for a lower price. You can also look into colored sapphires such as royal blue, light blue, purple, pink, yellow, or orange. Sapphires can sometimes come in two shades, which is super unique! A stone like that is truly one of a kind.

Garnet and Gold engagement ringPurple Sapphire Engagement ringMoonstone and diamond engagement ringArt deco white gold engagement ring

Other beautiful options are tourmalines, salt & pepper diamonds, garnets, or aquamarines. Just remember, you are not limited to diamonds!

We have a lot of engagement ring options with diamonds and colored stones, so make sure to check them out! If you are looking for a custom engagement ring, please don’t hesitate to reach out at info@fineandflux.com

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