When approaching this question, there are many ‘guidelines’ people often point to. Examples include spending 2 to 3 months of your salary (is that gross or net?) or getting a 1.00 carat diamond.
Where do these preconceptions come from? We hate to break it to you, but they exist thanks to the power of marketing within the industry.
And, of course, there’s always the pressure to make sure that your ring is as big, as fancy, and as expensive as the one that your friend bought their partner. This kind of peer comparison is not unusual, but ultimately, no two relationships are the same – so no two rings should be either.
Step 1: 2 Prerequisites before diving into to budget
#1: figure out a starting point for your design (maybe 2 starting points)
A broad starting point(s) is fine. 2 broad starting points might be a classic solitaire style and the other is a ring with diamonds going down the side.
#2: find out what matters to you in your diamond
If you’re not sure, take part in one of our live diamond coaching sessions. What’s important for you won’t be the same as what’s important for someone else.
Step 2: Cast a broad low to high range you’re comfortable spending
I like to emphasize ‘broad’. Think of spreading a wide net..where the low number might make you feel like you should have spent more to the high-end that would require you to sell that painting that was left to you from your font great-aunt Harriet. (ie. $3k to $10k just to put a number there)
Step 3: Compare side-by-side (this is VERY important) what you can get within your range
The stone options you compare should sit comfortably within the preferences you’ve settled on in Step 2.
Our brain is an incredible thing…it takes in a lot of info and shows us differences in an instant.
You may find that from $x to $y, the visual difference of what you get is quite large but from $y to $z, the difference is neglible.
Some people will go all out…others may go to something more reasonable. In the end, this approach has helped many of our clients figure out what makes sense for them.