A colleague of mine asked me yesterday; “what is the standard rule for spending money on an engagement ring?”
I’ve heard many times that the formula was 1½ times their monthly salary (before taxes). In doing my research, I came across several articles that suggested up to four months of yearly salary. Now I’m not one to knock the four month rule, but it does seems a bit much. If your man wants to spend that much on your ring, then let him!
Let’s put this in perspective:
If his yearly salary is $50K divide that by 52 weeks = $962 weekly, then multiply by 6 weeks (1½ months worth) = $5,772 allowance for a ring. Now what kind of ring can you get with $5,772?
Ring # 1:
The total carat weight of diamonds for this ring is 1.09.
Diamond: Very Good-cut, F-color, VS1-clarity, Princess Cut, 1.09-carat Diamond.
$5,054
Setting: Comfort-Fit Ring in Platinum (2.5mm).
$800
Total for Ring # 1: $5,854
*********************************************************************************
Ring #2:
The total carat weight of diamonds for this ring is 1.74.
Center Diamond: Very Good-cut, G-color, VS2-clarity, Radiant Cut, 0.90-carat Diamond. $3,322
Setting: Triad Pavé Diamond Ring in 18k White Gold. $1,950
Total for Ring #2: $5,272 ********************************************************************************
So Ring #1 gives you a much better quality Diamond and bigger size, where ring #2 gives you more total weight, but lesser quality diamonds.
Cheers!
You may wish to revise this entry to correct this phrase "I’ve heard many times that the formula was 1½ times their yearly salary (before taxes)". You should replace yearly with monthly to more accurately state what is described in the formula.
ReplyDeleteGreat Catch Justine.. Just corrected..
ReplyDelete