Summary

• This blog will look at how engagement ring costs were influenced by a marketing campaign suggesting two months' salary, but it's not a strict rule.
• Couples should budget based on their finances, including customization preferences for custom rings.
• Price isn't the only factor when shopping for engagement rings; the quality, design and sentimental factors of the ring are equally as important.
• The origin of gemstones affects cost, as natural diamonds are pricier, while lab-created options like moissanite offer an ethical and cost-effective alternative.
• A budget for an engagement ring is personal, and couples should shop within their budget, considering quality, ethics, and sentimentality.

When it comes to taking the next step in your relationship, a unique engagement ring is the iconic and worldwide symbol of a promise of commitment to one another. However, regardless if the engagement ring is custom-made by an engagement ring designer Toronto or purchased from a local jewelry designer, the question remains: how much should an engagement ring cost? Should there be a set amount, or the same rule be applied to all who are shopping for unique engagement rings? In this blog post, we will look into this concept further while offering budgeting insights to help you find the perfect ring.

Understanding the Tradition of Engagement Rings

The tradition of proposing to your partner with a unique ring has been around for centuries. However, proposing using diamond gemstones in wedding rings can be traced back to a marketing campaign led by De Beers. In their advertisement, they included the phrase "How else could two month's salary last forever? A diamond is forever." This slogan and advertisement took the world by storm and since then, diamonds have been the ultimate symbol of love, with emphasis on the fact the ring must be worth two months salary. Before this statement there had been no societal influence on diamond rings or a salary expectation; however, the launch of this campaign changed everything.

With all of this in mind, it begs the question: how do the origins of a diamond engagement ring influence the price that it retails for? And should couples still follow the two-month rule when it comes to buying or creating custom engagement rings? Many people may believe this rule and let the two-month suggestion dictate the price tag of their fine jewelry purchase, however, it is important to remember that this is simply a marketing campaign and should not be used as a strict rule.

Financial Considerations and Custom Engagement Rings

The most important factor to consider when shopping for engagement rings is to consider your finances. At Livia Diamonds, we believe that this will vary from person to person, therefore there is no set rule everyone should follow as this will be unique to each couple. It is also important to remember that if you are looking for unique designs to be incorporated into your ring (if choosing to make custom engagement rings), that these factors will also change the cost.

Before ring shopping, it is important to sit down and make a financial plan based on your salary, how much are you willing to spend, and how much are you able to spend without it affecting other financial commitments. Your budget can include things like the maximum price you are willing to spend, the minimum price you want to start looking at and, if creating custom engagement rings, how many different design factors you are willing to incorporate within your budget. For some people, this may look like a minimum budget of 2 thousand dollars, with others feeling comfortable with spending up to 10 thousand dollars, including the cost of custom craftsmanship. This number will look different to everyone.

Finding the Right Balance Between Quality and Price Tag

When shopping for a ring with timeless beauty, it is important to remember that the price tag isn't the only important thing, as the quality of the gemstone and ring metals used is equally as important. In many cases, some people may find a ring that is less expensive than they had expected, but the design resonates with their relationship and their partner. For example, a yellow gold ring with teal sapphires may hold greater sentimental value than a silver gold ring with various gemstones included. The yellow gold ring may be more affordable than its counterpart, however, it is something that their partner will cherish forever. It is important to find a balance between both quality and price tag, and the ring you buy should ultimately reflect the love you and your partner have for one another.

Ethical and Environmental Considerations

Taking into account ethical considerations will also play an important part in the cost of an engagement ring. For many people, this ethical factor alone will determine the budget, while for others the ethical consideration doesn't hold as much value.

For those who value natural diamonds over ethical practices, it is important to note that the price tag of these gemstones will be higher. As each naturally occurring diamond is one of a kind and requires a mass amount of labour that goes into their extraction, they are priced to reflect their uniqueness.

On the other hand, for those who value ethical practices, a moissanite engagement ring is the best option. These lab-created diamonds look like and act like natural diamonds, however, as they are made in the lab they do not come with the unethical practices as mined diamonds do. These are an increasingly popular option as not only are they ethical, but they are also more cost-effective without being able to tell the difference.

Overall, while the diamond engagement ring has long been a societal symbol of love and commitment, the amount you choose to invest in the ring is a personal decision, and no two people will have the same answer. It is important to remember that the "two months salary" rule is simply a marketing campaign and to shop for a ring within your budget. Regardless if you are looking for a naturally formed diamond or an ethical gemstone such as moissanite, the perfect balance between quality, price, values and sentiment is possible. For those looking for their dream engagement ring, please contact us today to learn more about our rings and we will work together to help you find, or craft, the perfect engagement ring.

‍