June 1, 2023

How Much to Spend on Engagement Rings - Why are they so Expensive?

Engagement rings are personal pieces of jewelry that are sentimental and full of significance. For this reason, many people that are going to propose are more willing to spend extra money on these rings than they would on other jewelry pieces. When it comes to how much to spend on a ring, it all boils down to how much you can reasonably afford to spend. You don't want to break the bank but at the same time you want to make sure that you end up with a beautiful ring that can last a lifetime.How Much to Spend on Engagement RingsIn the past, it's always been a rule of thumb that the person proposing spend approximately 3 months’ worth of his salary on the ring. This puts a lot of pressure on someone that doesn't make a lot of money or is already cash-strapped for one reason or another. Fortunately, this rule does not apply today. You need to decide what you can afford and then work from there.Why Are Engagement Rings So Expensive?It can be extremely daunting to walk into a jewelry store and to look at all of the beautiful diamond rings that are on display under the glass. When you ask about the price on these rings you may feel like gasping. Many engagement rings Toronto that are sitting in a retail jewelry shop have a significant markup that you, as the end consumer, end up paying.There are a lot of middlemen that are involved in the process between taking the stone from the earth and then getting it to the jewelry store. When you just factor into account the jewelry store, this shop has to pay for the rental space and employees. When you can eliminate some of the middlemen and the overhead, you'll save money on the engagement ring you purchase.How Much Do Most People Spend on Engagement Rings?It's estimated that 1 out of every 5 people spend anywhere from $5000 US up to $10,000 US on the ring according to a recent survey called "Love and Money" that was commissioned by TD Bank. For many people this would be a reasonable amount but for some, it is completely out of the question. In fact, the majority of survey respondents said that they paid anywhere from $500 US up to $2,500 US on an engagement ring.This clearly shows that the 3-month rule is not being applied by most people. When you consider that a person that is making $36,000 in net income a year brings home about $3,000 per month, per the 3-month rule he would have to pay $9,000 for a ring. This is not expected nor is it reasonable for most given today's economic climate.Custom Engagement RingsWhile most people think that getting an engagement ring custom-made is going to cost more, it usually is the most cost-effective solution available. When you work with someone that deals almost exclusively with customizing rings, you have eliminated a lot of the costs involved with buying Toronto engagement rings from a retail shop. As an added bonus, you'll be able to get a ring crafted that is unique and tailored to your budget.The Pressure of Buying Diamond Engagement Rings TorontoThere is a lot of pressure on a person that is going to be proposing soon since he'll need to figure out what type of ring his soon-to-be fiancée would like, her ring size and how much to spend on it. He may also feel like he must purchase one of the diamond rings he sees versus a ring with a different stone in it.Nowadays, however, an engagement ring does not have to contain a diamond. There are beautiful other gemstones out there that would look absolutely amazing sitting on the ring finger of the person that you love. In fact, many people are now stating up front that they would prefer to have a different stone instead of a diamond. It's all up to the individuals involved and there are no longer any hard and fast rules when it comes to engagement rings.Today's engagement rings are so expensive because there are too many middlemen involved and when you work with a custom designer you can eliminate many of these costs. You can spend what you can afford in order to create the perfect engagement ring, which takes a lot of the pressure off of buying one.If you are going to be proposing and want to find out how to save money without having to compromise on quality on an engagement ring, please visit our site now at liviadiamonds.com or feel free to phone us directly at 416-737-0050.

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