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Average Price of Engagement Rings

Average Price of Engagement Rings - Facts and Myths

Spending a number of years in the Engagement Ring sector of the Jewelry industry has revealed some interesting facts about statements we used to accept at face value, statements that continue to baffle consumers with regard to how much to spend on engagement rings. What is the average price paid per engagement ring in the U.S.? Some sources claim that the average price is $5,000, but how can one verify the accuracy of this dollar figure? How does one determine whether the $5,000 is a true average or merely a marketing ploy to increase the industry's bottom line?

The Basics

Do you know how the $5,000 average price was determined? Perhaps a few calculations may help stimulate the thought process. If 99 people spend $500 each on an engagement ring and one celebrity spends $455,500, the average price paid per engagement ring for this pool of 100 people is $5,000. Taking this example a step further, according to Wikipedia, "One half, 49.98%, of all income in the US was earned by households with an income over $100,000, the top twenty percent". What does this statement suggest about the dollar amounts different income earners spend on engagement rings and how the jewelry industry utilizes the alleged $5,000 average to communicate with consumers?

Cheap Diamond Engagement Rings

Next we examine white gold, yellow gold and rose (pink) gold natural diamond engagement rings under $500 to put these dollar figures in perspective.

The above two-tone gold swirl shank diamond engagement ring features a true designer's perspective with 1/5 total diamond carat weight. While the average jeweler may attempt to sway your decision to purchase this ring by attacking the quality of the design and claim inferiority in the quality of diamonds, the 78 customers who purchased this ring in 2019 will beg to disagree.

The above 18k White Gold Italian split shank solitaire diamond engagement ring is lighter on diamonds and heavier on design. This particular engagement ring is designed and produced by our master jeweler in Italy and ships from Italy. Even the toughest of jewelry critics will agree that this diamond engagement ring, priced below $500, is a fierce competitor in quality and design. Just as with the previous ring, for those who may attempt to question the integrity of the ring, there are 34 happy customers who took ownership of it in 2020.

Let's touch on this gorgeous Italian masterpiece - a diamond solitaire engagement ring in 18K white gold and rose gold with a 1/4 ct VS1-VS2 diamond. This diamond engagement ring design is truly exquisite and is available exclusively through Encore DT. Most jewelers would find it difficult to attack the integrity of the design, craftsmanship and diamond quality of this gem, and the customers who took ownership of it in 2014 would likely agree, but there were only 26 of them. Compare that with 57 and 63 buyers for the previous two engagement rings.

We move on to a beautiful two-tone gold heart-enclosed flower diamond engagement ring. A true masterpiece, this engagement ring features eight diamonds for a total diamond weight of 1/8 carats, enclosed by a gorgeous gold heart and is sure to please the bride. With a price tag of only $499, 71 happy customers said "I do".

Finally we present a rose gold interwoven shank solitaire diamond engagement ring, featuring a beautiful 1/5 ct diamond. The epitome of elegance, this diamond engagement ring redefines value much like it redefines designer engagement rings. With an integrated prong setting and a price tag of only $499, this one generated even more purchases than the previous designs.

Engagement Rings - A New Price To Pay

Are you still convinced that the average price paid per engagement rings in the U.S. is $5k? While we do not have access to the statistics of all jewelry companies in the U.S., our internal sales reports suggest otherwise. When it comes to shopping for diamond engagement rings, do your own research and question the source of the "average" dollar figures you read about. In the end, when someone publishes average engagement ring prices that are outside of your budget, will it cause you to consider spending more? We invite you to browse our Engagement Rings Under $500 and decide for yourself. We also have a wider selection available if you are looking for a higher end engagement ring. Browse our entire selection of engagement rings and our Italian engagement rings.