While the exact dollar amount varies from report to report, most studies on this topic indicate that the average amount spent on an engagement ring in the US in 2018 exceeds $6,000.00.  Bearing in mind that this is an average cost across the entire US, including regions that have a much higher cost of living than most, this is still a large sum of money. Also, according to an article by Forbes in 2017, the average amount spent on an engagement ring then was just over $5,000.00, so the $6,000 or higher average price tag in 2018 is quite a jump.

These actual numbers are in stark contrast with the reports that indicate that the average shopper intends or wants to spend between $1,000.00 and $2,000.00 when they first set out to purchase an engagement ring.  It is significant to note that the most popular carat weight for engagement rings is a 1 carat center stone. You might think that since most consumers are choosing a 1 carat diamond for their engagement ring, the price of these rings is quite uniform, but that isn’t the case.  The cost of a 1 carat, round brilliant diamond can range anywhere from $3,000.00 to $16,000.00 for the diamond alone. The variance is caused by the range of 1 carat diamonds differing in cut, color and clarity. It’s important to note that the $3,000.00 options are typically quite low on the color, cut and clarity scale - to the extent that the appearance of the diamond (even to just the naked eye) could be lacking in brilliance and cleanliness.

One encouraging fact to consider is that the abundance of emerging options available to new couples is providing them with choices that are much less costly.  Morgan Stanley reports that in the rough diamond trade, only 1 percent of the total sales is made up of lab created diamonds, while De Beers reported that they saw a 6% drop in their mined diamond sales in 2017.  They attribute this dip in sales to consumers choosing lab created diamonds over mined diamonds more and more.

This conversion to lab created diamonds in engagement rings can save couples up to 30% or more on the cost of the diamond itself, when compared to mined diamonds of like color, cut, clarity and carat weight.  Couple this with the fact that the Federal Trade Commission (FTC) has just ruled that lab-created diamonds are truly diamonds in every way and need not be described as “Synthetic”, and the average cost of a diamond engagement ring is sure to come down.

Couples will still have a large range of prices to choose from, and of course, each couple’s circumstances and wishes may vary.  Bottom line, there’s a reasonably priced lab created engagement ring option for nearly any budget, as evidenced by engagement rings under $2,000, offerings of engagement rings under $1,000, and even options that offer the ring excluding the center stone for engagement rings under $500 to start out.  Scientific advancements are providing couples with a great, beautiful and ethical way to enjoy a beautiful diamond engagement ring - without breaking the bank!