How much to spend on an engagement ring?
Probably the most common questions asked by diamond engagement ring shoppers is “how much should I spend on an engagement ring?” While the answer to this question is not straight forward, there are some guidelines worth contemplating.
Spending the equivalent of three months’ salary on a diamond engagement ring is considered a reasonable, reliable place to start. Having said that, it is important for each buyer to feel comfortable with the amount they choose to spend and each individual should consider their current personal financial condition and other possible commitments [like the cost of a wedding or honeymoon] before deciding on a final budget.
Diamonds last a lifetime, so calculate your budget using these guidelines and maximize the long term value of this important purchase by seeking the guidance of respected Diamond Professionals willing to share their knowledge generously and explain how the value of each unique diamond is calculated and which qualities and shapes hold their value best.
This approach is the safest way to make certain your budget is spent wisely and provides the best possibility of increased value over time. There is a significant emotional component reflected in the purchase of a diamond ring and it is one of the very few purchases made in life that will not degrade in any way and has a dependable history indicating an increase in value over time, provided the initial purchase is made prudently and from a dependable source.
It is worth noting that while the value of a well selected diamond tends to increases steadily over time, the same thing cannot be said for the setting. Settings can be labor intensive, are subjected to wear + tear and will significantly diminish in value over the years. Therefore, good advice in order to maximize value when purchasing your diamond engagement ring is to apply the maximum percentage of the total ring budget to the center diamond and minimize the amount going towards the cost of the setting.
*For more tips on buying the perfect engagement ring contact a professional at Ascot Diamonds.