How Much Should I Spend On a Diamond Ring?

Hi Diamond Buying Advice, 

How much do I need to spend on a diamond ring? I am a little worried that if I spend a lot on this that it won't really be a good idea. If we get together we might need the money  to start getting other stuff too. What do people usually do? I don't want to be a cheapskate and just get a fake diamond. I will get something decent, I sort of think that it shows I am committed, you know. Also I am worried , let's say worst case scenario she wants more time to think about it, that ring, if she doesn't accept it, it's kind of expensive and I'm going to be kinda stuck with it.

LJ


Hi there LJ, 

1 carat diamonds are often a goal as many people find them to be the perfect size. The amount you spend (if it is a 1 carat diamond) depends on the quality of the diamond.

It is good to be a realist, even when caught up in the swirls of emotion and romance. The amount you spend on a ring is entirely up to you and it's only sensible to spend whatever you feel comfortable with and it is something you can manage. Jewelers find that a lot of people still spend the same amount as two months' salary on an engagement ring. This is why you will find some people spending $4000, and others $7500 or more.

Here is a little secret which can help you not worry about being stuck with an expensive ring. If you buy from a place that has a No Questions Asked Money Back Guarantee then you can return the ring if necessary. 

Be careful not to buy from a place that has only a very short time in which to return it. Seven days would be unreasonable for there to be enough time to plan the proposal and have enough leeway to return the ring if necessary. The amount of time varies from 7 days to 60 days. As you can see on this list here most respectable online diamond sellers give at least 10 days.

Custom work and engraving may not be eligible for returns, so it is a very good idea to read through the return policy of whichever site you are buying from.
I know it's sweet and all to have the ring engraved, but maybe that should be saved for the wedding rings. (We did!)