How much should I spend on an Engagement Ring?

All areas spend different amounts on engagement rings. In big cities like New York and Los Angeles men are more likely to spend a little more money on their engagement ring.

 

You have to take into consideration her size and taste in clothes and jewelry. Sometimes you can afford a high priced ring but she likes smaller rings. If that’s the case then get a smaller but high-quality ring. If she likes bigger jewelry and you can’t afford an expensive ring, you can lower the quality and make it more affordable.

 

You should pay attention to what kind of engagement ring her sister and/or friends have. If you can, get the similar size engagement ring. If your group of friends has 1.00 ct diamond than it is likely that she would like a 1.00 ct diamond as well.

 

There is an old rule that we go by sometimes. Add up 3 months of your salary and that’s how much you should spend on your engagement ring.

 

Can I return it if she says no?

That depends on the ring and the jeweler you buy the ring from. If you have the ring custom made it is not likely that you can get a refund on your purchase.  Work out these details before you make your decision. Ask about the refund policy. 

 

Or the wedding is called off?

The ring can always be sold. The jeweler that you purchased the engagement ring from should probably give you the best offer depending on the time frame that you purchased the engagement ring. You can also try to sell it privately.

 

What about insurance?

I strongly recommend that your engagement ring is insured. Protect yourself because anything can happen. A small premium will give you peace of mind for such a large investment. There are private jewelry insurance companies that you can contact. You can also call your homeowners, renters, or auto insurance companies. They can insure your engagement ring as well.    

 

What if the ring is stolen or lost?

Keep your receipt. Have the jeweler write up an appraisal for your engagement ring. Take a picture of your engagement ring. Keep all these documents together in a safe place. Contact your insurance company and your jeweler. Then proceed with the proper steps to replace your engagement ring.