The 31 Best Affordable Engagement Rings of 2022 (2024)

FAQs

How much is the average engagement ring in 2022? ›

How Much Should an Engagement Ring Cost? A one carat engagement ring typically costs around $5,500, but most couples spend over $6,000—and 7 percent spend over $10,000.

Oval Shapes

Oval-shaped diamonds have seen a boom in popularity and will only continue to gain momentum in 2022.

General Rule: You should spend at least 2 months salary on the engagement ring. If, for example, you are making $60,000 per year, you should spend $10,000 on the engagement ring.

The most popular diamond cut for engagement rings is round brilliant. Round brilliant-cut diamonds are the quintessential sparklers due to their outstanding light performance and universal shape that works in an endless number of setting styles.

According to a study done by The Knot in 2021, the average engagement ring diamond was 1.5 carats. 50% of those who participated in the study purchased rings between 1 and 2 carats. Only 25% of rings were over 2 carats. In this study, they found that diamond size was not as important as the cut and shape of the stone.

Average Engagement Ring Cost

The average center diamond size for an engagement ring is between 0.8 and 1.2 carats. A one-carat diamond engagement ring costs an average of $5,500. 81% of Americans think the engagement ring shouldn't cost over $5,000, but the national average actually spent is over $7,000.

Gold is a timeless, traditional option for engagement rings. At one time, yellow gold was the standard for engagement and wedding rings, but in the mid-90s, it went out of style. That's when white metals, like white gold and platinum, became the popular choice for modern brides.

Since a round diamond is thought to hold the most value when compared to the other shapes, it will almost always be given a higher price than any other shape with similar clarity, color, and carat weight.

The four shapes that look the largest per carat are (in order of which looks the largest): marquise, pear, oval, and emerald diamonds. Among these shapes, oval diamonds are a top choice among those who want a classic-style engagement ring, yet want to maximize the size of their engagement ring's center diamond.

What is the classiest diamond cut? ›

The marquise cut is the ultimate in elegance. Its oval shape meets in pointed ends, resembling the hull of a ship — this cut is also known as the Navette cut (meaning "little boat" in French). In addition to being unique, this cut is also great for someone looking to create the illusion of elongated hands.

According to our study, the average engagement ring size is 1.5 carats. Roughly half of all engagement rings fall between 1 and 2 carats, with just 25% of rings sizing above two carats.

1.00 Carat

Because it's the most popular weight, diamonds experience a price jump at 1.00 ct. The price jump is especially high for round diamonds, and, at this weight, you'll get the most savings by choosing a fancy shape.

Tip #1: Standard & Average Sizes

The 1.0 carat center stone used to be the most desired size chosen for engagement rings, however, more recently we are seeing this shift towards a slightly larger stone, with couples choosing diamonds averaging 1.25 to 1.50 carats.

United States – On average, the consumers in the US opt for diamond sizes around the 1.0 carat mark. However, an increasing number of people seem to be opting for stones just under 1.0 carat (we'll discuss why this is a good idea further down). Most Americans spend approximately $6500 for their engagement ring.

Is a 2 Carat Diamond Considered to be Big? The average carat weight for a diamond engagement ring is about 0.9 carat, meaning a 2 Carat Diamond is definitely considered big. With 2 carat engagement rings, the diamond is noticeable and eye-catching.

A 1 Carat engagement ring is, however, more than enough to catch the eye. An eye-clean 1 Carat diamond with an excellent cut can be extremely valuable, and a stunning choice for an engagement ring.

It's known as the "three months' salary" rule, and it implies that a buyer should put three months of their salary toward a sparkler for their future spouse. For context, The Knot 2021 Jewelry and Engagement study found that the average cost of an engagement ring in the US is $6,000.

Below you can see an example of our 2.5 carat diamond price chart for round diamonds. The average price for a 2.5 carat diamond is roughly $47,000 at the time of this writing (March 2022).

After a peak in the warmer months, prices will begin to fall, eventually stabilizing just in time for holiday buying. The exception to ever-rising diamond prices is with lab-grown stones. With plenty of supply on-hand, lab-grown diamond prices will continue to drop.

How much is a diamond worth 2022? ›

Updated Thursday, September 1, 2022, diamond prices moved LOWER by an average of 1.3% in August 2022. The average price per carat of all diamonds in our database was $12,665.44, down from $12,835.09 a month ago. Less than 0.50 ct. 0.51 to 0.99 ct.

Yes, you can definitely get a nice engagement ring for $5,000 that often includes a 1 carat diamond and a solitaire, pavé, halo or side-stone setting. There are several styles, designs and settings available that can be paired with a loose diamond to fit within a $5,000 budget.

With a budget of $1,000 or less, you'll be looking at diamonds in the range of 0.40 to 0.60 carats. This may sound low, but it's definitely enough to make a gorgeous ring.

Lab Grown Diamonds are just as real as diamonds that are mined from the earth. They have shape, size, color and clarity grades, just like Natural Diamonds. Both Natural and Lab Grown Diamonds have the same physical and chemical properties and both come with diamond certifications.

What ultimately makes a good investment is a diamond that is very rare. The larger the diamond, the rarer it is in nature, so high carat weight is one way to find a rare stone. But perfect color and clarity are also rare, no matter the size of the stone.

Depreciating Asset. Like a car, a diamond is a depreciating asset since it loses a large portion of its value the second you buy it. Think about gold and silver. The market for them is very liquid and fungible since you can store coins, sell them at any time or even trade them later on.

According to diamonds.pro, a 1 carat diamond costs anywhere between $1,300 and $16,500. However, a quality diamond doesn't just come down to size. When assessing diamond value, four very important factors are always taken into consideration – the four c's of diamond quality: color, cut, clarity and carat.

Rule of thumb: A 1-carat diamond can cost as low as $2,000 and as high as $25,000. That means a middle-of-the-range diamond should be $11,000 - $12,000. Sounds simple, but that is overpaying. A good value, good quality 1 carat diamond should cost you around $4,500 - $6,000.

Generally, anything above two carats is considered large for a ring, although some of our favorite celebrities like Mariah Carey and Lady Gaga have been seen sporting much, much larger rings. That being said, most women probably wouldn't want to wear massive rings every single day.

It's known as the "three months' salary" rule, and it implies that a buyer should put three months of their salary toward a sparkler for their future spouse. For context, The Knot 2021 Jewelry and Engagement study found that the average cost of an engagement ring in the US is $6,000.

What do most guys spend on an engagement ring? ›

Average Engagement Ring Cost

While $6,000 is the national average cost of a ring, the spend per couple varies. Our study found that roughly one-third of all respondents are spending between $1,000 to $4,000 on their engagement ring. In fact, 8% of ring shoppers are spending under $1,000.

0.50 Carats

Half-carat diamonds are a popular choice for engagement rings. With a diamond budget of about $1,000, you can find a half-carat round with great performance.

With a total budget of $2,000, you'll be able to afford a good quality round diamond in the 0.65 to 0.75 carat range, provided you're willing to opt for a solitaire setting.

Engagement rings cost more. But you'll need to add wedding ring costs to your budget if you're opting for both. On average, wedding bands cost about $1,100 for women and around $550 for men, according to one estimate from The Knot. But the ultimate price often depends on the metal you choose.