In days gone by, an engagement ring was a token of love as well as a guarantee that the man proposing marriage had enough financial stability to successfully support the woman he wished to marry. In essence, the diamond ring was intended just as much for her family as it was for her. The larger and more expensive the diamond ring was, the more comfortable of a lifestyle the woman could look forward to living during her married years.
Not too long ago, one of the leading diamond ring distributors began a campaign to explain exactly how much a man should be spending on a diamond ring intended for engagement purposes. Their formula encouraged the man to seek out a diamond ring that was equivalent to two months of his salary in price. The formula seemed logical enough and, for many people, it is still very much relied on today as a gauge to determine the correct price range the diamond ring should be in.
What you need to keep in mind, however, is that the formula was created by one of the major player’s in the diamond industry. The most important factor in the equation when selecting a diamond ring shouldn’t be limited to your take home pay. Instead, it should be about what type of diamond ring best expresses the personality and visual preferences of your potential bride to be. There are many times when the ‘perfect’ diamond ring may only cost the equivalent of two weeks pay as opposed to two months. For some, the ring could cost four months salary if the perfect style and design happens to be a pricier piece. The cost of diamond rings is also greatly influenced by the price of gold, still the most common precious metal used for engagement rings. In essence, a ring that costs two months salary one minute may cost three months salary the next.
While the formula may be a great way to give you a general ballpark price range for your ring, there is no reason you shouldn’t be able to look above or even below that price point. You may not necessarily want to look for the cheapest ring on the market, but keep in mind that breaking the bank for the largest ring you can find is not the best idea either. While personal financial situations will contribute a great deal to the amount of money you are able to spend, the ‘perfect’ ring is ultimately determined by the look on her face when she says ‘yes’, not the price tag.