Is a 2,000 Dollar Engagement Ring Cheap? (Do This Instead)

Lindsey, do you know if a 2,000 dollar engagement ring is cheap? This is one of the questions our readers ask a lot. Well, we´ve got you covered.

Buying an engagement ring is not only stressful but it can be very expensive. While many people think the more you spend the better, that isn’t always true. 

A $2000 engagement ring is not cheap, you can get rings for a lot less. A $2000 budget for an engagement ring will give you enough wiggle room to buy the person you love a ring they will cherish for life.

Getting the perfect engagement ring doesn’t have to be complicated not does it have to break the bank. 

Is a 2,000 Dollar Engagement Ring Cheap?

The amount of money you spend on an engagement ring should reflect the amount you can afford. $2000 is a reasonable price for anyone that makes less than $1000 a month or lives from paycheck to paycheck.

You see, the rule of thumb when purchasing an engagement ring has always stated that you should spend two months of your monthly income, like the example above. But is that really what is expected these days?

While many people say they can’t see spending more than they can afford on an engagement ring, the average American will spend more than $5,000 when popping the question.

With that said, you don’t have to spend that kind of money to get an outstanding ring. There are plenty of options out there that will be more than acceptable for your blushing bride (or groom) when getting down on one knee.

Being romantic and sensitive when proposing will get you the yes way before the price of the ring you offer. 

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How Much Does the Typical Diamond Engagement Ring Cost?

If you are after a gorgeous diamond engagement ring, you should consider saving up at least six G’s.

With that being said, the price can fluctuate greatly depending on where you live, the size of the stone, and the setting you choose.

According to the wedding pros from “The Knot,” those who lived in the Mid-Atlantic in 2019 spent over $2,000 more on their engagement ring than couples living in the South East.

When considering the cost of a diamond ring, you also have to factor in the shape, clarity, and color. These are all significant factors that can indeed affect the price of the ring. 

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The Shape or “Cut” of a Diamond

The round-cut diamond is the stone that will cost you the most when selecting a shape. These have always been at the top of the list for brides-to-be and will always have a higher price tag than the rest due to demand.

In fact, according to some sources, a 1 carat round diamond ring will cost twice as much as an emerald ring of the same carat. 

If you have a budget of $2000 or less, you might want to consider something like the emerald or heart cut option or keep the size under 1 carat. 

Popular diamond ring shapes

• Round    
• Marquise   
• Oval   
• Cushion    
• Pear 
• Princess   
• Radiant   
• Asscher    
• Heart    
• Emerald    

Can You Buy an Engagement Ring for Under $2K?

Popular belief is that you can’t get a beautiful, worthy diamond engagement ring unless you spend five, ten, or fifteen thousand dollars.

But, this is simply not true. You can buy a fabulous diamond engagement ring for under $2k. You just have to know where to look and what to look for.

Granted, the clarity and size of the diamond will not compare to that of a $10,000 ring, but a 2K engagement ring doesn’t have to be something to be ashamed of. In fact, with the correct information and assistance, you can find a gorgeous setup.

The goal is to know how to mix and match the characteristics to fit your budget. 

If your partner is more about shape than clarity, you can get them a beautiful princess-cut diamond with SI1+ clarity. This provides you with a popular cut but with a diamond that has slight inclusions (or imperfections).

Do inclusions take away from the look of the ring? For many people, an SI1 is perfect, and the inclusions are not something they even notice.

What are the 4 C’s, and How Does it Help You Save Money on Engagement Rings?

Understanding the four C’s is the best way to save money on an engagement right while still getting the ideal proposal prop.

An engagement ring is a reflection of love, feelings, and intentions, so getting it just right can mean the world to the person you are offering it to.

If you don’t know anything about the 4 C’s, you could find yourself confused and totally in the dark when picking out the right ring for your partner.

1. The Cut

The cut of a diamond is the way it refracts lighting. This is the shape of your diamond and is graded on a scale of 0 to 10, with zero being the best cut.

To save a little money, you should go lower on the cut scale, such as the emerald cut diamond, which isn’t nearly as dimensional as a circular or even princess cut but is still a gorgeous option. 

2. It’s Color

For most, the more colorless the diamond is, the more valuable and desirable it is. Colorless diamonds are graded on a scale from D to F. Diamonds with flaws or “imperfections”: are graded on a separate scale.

While colorless diamonds are definitely still the top-selling engagement rings, it isn’t the only great option.

If you are looking for something with a smaller price tag, you can go for a less common option, such as orange, yellow, or grey. 

If you want to spend your money on color instead of the cut or carat, you can pay more for a pink, blue, or green diamond. 

3. The Clarity

The clarity score of a diamond relates to the number of imperfections in the stone. (F) flawless, meaning no imperfection is noticeable to the naked eye.

Then there is (IF) Internally flawless, (VVS1/V,VS2) very slightly included, VS1/VS2 very slightly included, SI1S2, slightly included. (I) Included.

The most sought-after diamond is, of course, F; the price of the diamond will go down dramatically from there.

4. The Carat (Or Weight)

Carat’s indicates the weight of the diamond. (One carat equals two-tenths of a gram.) The average engagement ring in the US is between 0.8 and 1.2 carats.

The lighter the carat, the less expensive the ring will be.

Save on Your Engagement Ring By Choosing a Gold Band

The diamond in the engagement ring is not the only consideration you have to make when picking the perfect option. You also have to choose the best band.

A platinum band seems to be the desired option these days but can add a lot of money to the overall cost of your ring since it is 30 times rarer than gold.

While platinum is beautiful, gold has its own appeal and can save you a lot of money in the long run. Most jewelers offer many different colors of gold, from rose gold to white gold (which is a suitable replacement for a platinum band.)

Carefully Consider Your Setting

There is a wide variety of setting options in the engagement ring world. If you want to give your significant other a beautiful ring without over spending, consider getting a bunch of smaller diamonds with good clarity and color.

Pave diamonds are very popular in engagement rings. These are tiny diamonds set in a row inside the band itself.

These are great for those who use their hands a lot and don’t want a large stone getting caught on things or getting in the way. 

Other engagement ring settings you should consider include:

• Halo settings– A large stone circled by smaller pave stones or micro pave stones.
• Prong Settings- Single stone ring
• Three Stone setting- One large stone in the middle of two smaller stones (represents past, present, and future)
• Basket Setting- The stone is not held down by prongs but secured in a base.
• Bar Setting– A variety of small metal vertical bars sit in between each stone holding them in place.
• Gypsy Setting– Each small stone is set inside the metal of the band (A great option for men)

Budgeting for an Engagement Ring

Whether you are spending $2000 or $15000, that’s a lot of money, and the only way to successfully purchase an item this expensive is to have a good understanding of your budget and how to spend smart, plan, and save.

Take a Look at Your Current Income and Expenses

First and foremost before making any large purchases, you have to take a look at your current budget and see how much wiggle room you have.

Tally up how much money you have to put out each month, include items like,

• Mortgage/rent
• Electric bill
• Cable
• Heating and cooling
• Groceries and household supplies
• vehicle payments and gas
• Credit card or loan payments

Now, check that against how much you bring in each month. Whatever you have left over, cut it in half or a third and that is a safe amount to put away for an engagement ring.

Find the Right Ring

Before you can even budget, you want to find the perfect ring. This means doing a little research and looking for the right option for the person you are giving it to.

Many women (and men) already have an idea of what their dream engagement ring will look like; At the same time, sometimes, it isn’t always totally obtainable; you can get a great idea of how to come as close as possible within your allotted budget just by listening.

Go Custom

Customizing an engagement ring might sound like it is a more expensive way to go, but trust us, its not. You can work with a jeweler to get the product you really want within your budget.

These people are professionals who know how to get you where you want to be within your limit.

Keep in mind many jewelers work on commission, so while customizing is a great way to go, stay firm on the amount you are willing to spend and be ready to work with the experts.

Sometimes what you want won’t be possible for the amount you can spend; however, you can get close.

Summing Things Up

It is more than possible to buy a beautiful engagement ring for two grand. The options out there are endless, and there is something for everyone, no matter how much you have to spend.

This might be the essential piece of jewelry you ever buy, make sure you get exactly what you want for a price you can afford.

References

https://www.upstart.com/blog/average-engagement-ring-cost