Choosing an engagement ring is an exciting step in the journey towards marriage. With the average cost of an engagement ring in the US being around $5,000, a budget of $10,000 gives you plenty of options for finding the perfect ring to symbolize your love and commitment.
How much should you spend on an engagement ring?
While there are no hard rules on how much you should spend, the traditional guideline is to budget 2-3 months’ salary. However, setting a budget is a personal decision based on your financial situation. With $10,000 to work with, you’re well above the average spending and able to get a high quality ring.
Average cost of an engagement ring
According to a survey by The Knot, the average total cost of an engagement ring in 2020 was $5,351. This reflects the cost of both the setting and diamond(s). Here is a breakdown of the average costs:
- Solitaire diamond setting: $2,411
- Diamond: $2,940
So for around $5,000, couples are getting a single diamond solitaire ring, which is the most traditional and popular engagement ring style. Many also opt for gemstone engagement rings, which cost an average of $1,830.
General engagement ring budget guidelines
While your budget is entirely personal, here are some general guidelines on typical spending amounts:
- Under $1,000 – Simple ring with small diamond or gemstone.
- $1,000 – $3,000 – Modest ring with average 0.5 carat diamond.
- $3,000 – $5,000 – Mid-range ring with average 0.7-1 carat diamond.
- $5,000 – $10,000 – High-quality ring with 1+ carat diamond in excellent cut.
- Over $10,000 – Premium and custom rings with highest quality diamonds.
With a $10,000 budget, you have lots of flexibility in terms of style and diamond quality.
Factors that impact an engagement ring’s price
Several factors account for the wide range of prices in engagement rings:
Carat
The carat refers to the diamond’s weight. A higher carat diamond has greater brilliance but also a higher price. While size is personal preference, here are typical carat amounts:
- 0.5 carats – Smaller diamond, lower budget
- 1 carat – Popular size for engagement rings
- 1.5-3 carats – Impressive for special budget
Clarity
This refers to the internal flaws and inclusions within the diamond. Diamonds with fewer or smaller inclusions have greater clarity. Here are the main clarity grades:
- Flawless (FL) – No inclusions visible under 10x magnification
- Very, very slightly included (VVS1, VVS2) – Inclusions difficult to see under 10x magnification
- Very slightly included (VS1, VS2) – Minor inclusions visible under 10x magnification
- Slightly included (SI1, SI2) – Noticeable inclusions under 10x magnification
FL to VS2 are considered excellent clarity. SI1 and below are more visible inclusions.
Color
Whiter diamonds are graded higher on the color scale. They appear more colorless and let more light through. Common grades include:
- D, E, F – Colorless
- G, H, I, J – Near colorless
- K, L, M – Noticeable warmth
Ideally you want an H color grade or above. Near colorless grades offer excellent value.
Cut
The diamond’s cut determines its reflective qualities. Ideal proportions allow the maximum amount of light to enter, creating brilliance and fire. Only 2% of diamonds are ideal cuts, but excellent and very good cuts also perform beautifully.
Setting
The ring setting style and metal will impact the price as well. Elaborate, detailed settings take more time and skill to craft. Platinum is the most expensive metal, followed by gold.
What does $10,000 get you?
With a healthy $10,000 budget, you have lots of flexibility. Here are some examples of what you can get at different price points:
$5,000 – Simple 1 carat diamond solitaire
- 0.9 – 1 carat diamond
- Good cut and G-H color grade
- SI1 – SI2 clarity
- Simple 14k white gold solitaire setting
$7,500 – Higher quality 1 carat diamond
- 1 carat excellent cut D-E color diamond
- VS2 clarity grade
- 14k white gold setting with some diamond accents
$10,000 – Larger diamond with excellent specs
- 1.5 carat ideal cut diamond
- D color grade
- VS1 clarity
- Elaborate platinum setting with diamond accents
This gives you an idea of the range you can get while staying under $10,000. Let’s explore your options in more detail.
Diamond Quality Characteristics
With this budget, you can afford an excellent quality diamond above 1 carat size. Here are the specs you can aim for:
Cut
Focus on diamonds graded as excellent or ideal cuts by GIA or AGS labs. This reflects the best light performance. Avoid poor cut diamonds, even if advertised as a higher carat weight, since they will lack sparkle.
Shape
While round is the most popular shape, you may also consider a cushion or oval diamond which elongates the look. Princess and emerald cuts have a more contemporary look. Round and princess cuts tend to cost less per carat than other shapes.
Color
Aim for diamonds graded G-H to maximize perceived whiteness without overspending. If eye-clean SI1 diamonds are chosen, you can potentially go as low as J color while still looking bright and white.
Clarity
SI1 clarity grade provides excellent value. The inclusions are difficult to spot by the naked eye. VS2 is also a good option if it meets your budget. Stay away from I1 diamonds which have inclusions that are more easily visible.
Carat
Between 1 and 1.5 carats is ideal for a $10,000 budget. This makes for an impressive ring size. If you choose an elongated shape like oval or pear, 1 carat can still look large and striking.
Ring Settings
With $10,000 to spend, you have lots of choices for the setting style and can opt for platinum metal. Here are some of the best options:
Solitaire
The most classic engagement ring setting featuring a single diamond as the focal point. Prongs hold the diamond securely in place. Go with 4 or 6 prongs for optimal security. A plain band adds elegance or small diamond accents can add sparkle.
Halo
A halo setting encircles the center diamond with a ring of smaller diamonds to make the center stone look larger. It adds extra brilliance and dimension.
Three-Stone
Representing past, present and future, this elegant setting has three diamonds in a row with the center diamond being the largest. Add a tapered band for comfort.
Split Shank
This setting has the band split vertically to form a narrow V-shape under the center stone. It creates a slimming optical effect while still framing the diamond.
Pavé
Tiny diamonds are set closely together across the band and setting to create a sparkling diamond surface. A more expensive setting but adds exceptional brilliance.
Metals
You have the full range of fine metals to choose from. Here are the pros and cons of each:
| Metal | Pros | Cons |
|---|---|---|
| Platinum | Most valuable, durable, 90-95% pure | Most expensive, difficult to work with |
| 14K Gold | Timeless, rich yellow color, 58.3% gold | Less durable than platinum, costs more than 18K |
| 18K Gold | Lovely gold color, 75% gold content | More expensive but not as durable as platinum |
| Palladium | Less expensive, durable, hypoallergenic | Rarer metal, less choice in designs |
White metals like platinum and palladium allow the diamond to take the spotlight. Yellow or rose gold provides beautiful warmth.
Ethical Sourcing
It’s important to buy diamonds ethically. Be sure to buy certified diamonds graded by GIA, AGS or other reputable labs. Ask jewelers if they follow the Kimberley Process and avoid conflict diamonds. Canadian and lab diamonds are conflict-free options.
Where to Buy Engagement Rings
You have several good options for where to buy with a $10,000 budget:
Local Jewelers
The benefit of local jewelers is being able to see the rings in person. Develop a relationship and work with the jeweler to customize a ring within your budget.
Online Retailers
Buying online provides convenience and competitive pricing. Reputable retailers like Blue Nile and James Allen offer extensive inventories along with 360° views, videos and certification documents.
Wholesalers
Jewelry wholesalers like Whiteflash provide high-quality diamonds at wholesale prices by working directly with suppliers. Lower overhead costs mean savings get passed on.
Jewelry Districts
In jewelry hubs like New York City’s diamond district, you can shop around for diamonds and compare pricing between the many retailers and wholesalers.
How to Get the Best Deal
Here are tips for getting the most for your money when engagement ring shopping:
- Set your budget ahead of time based on what you can comfortably afford.
- Shop around and compare prices online and in stores.
- Consider a lab diamond, which is typically 30% less than a mined diamond.
- A diamond just under a carat threshold (like 0.97 ct) can save significantly.
- H color and SI1 clarity grades offer excellent bang for your buck.
- A gently used vintage or antique ring provides beauty and value.
- Opt for a simple, timeless setting to maximize your diamond budget.
- Negotiate for discounts and shop during sales around the holidays.
Engagement Ring Shopping Tips
To make your ring shopping experience enjoyable and successful, keep these tips in mind:
- Involve your partner to ensure you choose a ring she’ll love.
- Research diamond specs like the 4Cs as well as ring styles.
- Determine your girlfriend’s ring size discretely or propose with a placeholder ring.
- Set your budget but also have a dream ring in case you want to spend more.
- Visualize size and quality by looking at diamond sample sets.
- Shop with reputable jewelers that provide certifications and warranties.
- Ask about custom design for a personalized, one-of-a-kind ring.
- Consider insurance and financing options.
Conclusion
With a healthy budget of $10,000, you can shop for a high-quality diamond engagement ring that will stun your future fiancée. Focus on diamonds in the 1 to 1.5 carat range with excellent cut, near colorless grades, and good clarity. Beautiful settings in platinum, gold or palladium complement the diamond. Do your due diligence researching specs, styles and retailers while staying within your pre-determined budget. With $10,000 to spend, you’re sure to find a show-stopping ring she’ll treasure forever!