The Knot 2019 Jewelry and Engagement Ring Study reveals the true cost of this particular token of love.
No matter who you are or what your budget is, an engagement ring will likely be one of the priciest purchases your bank account sees—at least for now. But just how much is a diamond ring, the symbolic promise of eternal devotion, going for in 2019? That, of course, is going to vary from couple to couple, based on individual factors such as budget, taste, and chosen retailer. But thanks to The Knot 2019 Jewelry and Engagement Study, we can still get a general sense of what proposers across the U.S. are willing to shell out for the perfect sparkler.
The official scoop, according to data from The Knot, is that the average engagement ring purchased this year cost $5,900. Broken down by region, ring-buyers in the Mid-Atlantic seem to cough up the most for an engagement ring, spending $7,500 on average. This region includes major (read: expensive!) cities New York City and Washington D.C., so it makes sense that ring prices and proposers’ budgets would tip higher on the scale here. After that, New Englanders boast an average engagement ring spend of $6,900. The average cost in the Southwest ($5,600), West ($5,500), Southeast ($5,400), and Midwest ($5,300) all fell slightly below the total national average—but those price tags are no less impressive for it.
And remember, these are average costs. Per the research, one-third of proposers still only spend between $1,000 and $4,000, and it’s not out of the cards to find a beautiful, minimal engagement ring you and/or your partner loves. One explanation for such high engagement ring spend is that people are more focused on quality over size. These days, couples seem willing to spend more on stones that are as flawless as possible, and it definitely shows. In fact, in an engagement ring survey from jewelry company Brilliant Earth, nearly half of participants (40 percent) said the ideal diamond carat size for an engagement ring falls between ½ and 1 carat. In alignment with The Knot’s findings, respondents cared more about ring design and diamond quality/characteristics.
Diamonds remain the most popular center stone, and the thing with diamonds is that the largest rock isn’t always the most expensive; the rock with the highest clarity (the true mark of quality) will often be the most valuable (for more on that, read up on the 4C’s of diamonds here).