This is a question that every man ponders before they start the engagement ring shopping process. Of course, every man’s answer will differ, however, as men we want to make sure that we get our woman what she deserves without putting ourselves in a bind.

In this post we will discuss what a man should expect to budget when he buys his lady an engagement ring. Hopefully this post can help a lot of men out before they make this huge purchase.

Understanding The Average Amount Spent

Men visit Diamond Exchange Houston everyday with hopes of getting big, nice diamonds for great prices and it is our job to deliver. The old adage of spending two months’ salary on an engagement ring is outdated and may not fit everyone’s financial situation. Nowadays, there is no one-size-fits-all budget for an engagement ring and we have sold wide variety of different price ranges to our customers. The average spend can vary significantly, with many factors influencing the final price.

Everyone’s situation is different

People get engaged at different stages of their lives therefore what is considered a “realistic budget” is different for everyone. High School sweethearts that get engaged at 20 years old might have just begun their working career. On the other hand, someone that is 60 years old, getting engaged for the 3rd time, and has a massive net worth might not have any problem spending $50k on a large diamond engagement ring.

If your money situation is on the low end then do not worry because their is always the opportunity for an engagement ring upgrade. The point of getting engaged is to express love and commitment to each other :). When trying to decide how much to spend it is going to depend on your own unique scenario.

Men Are Lucky These Days Because of Lab-Grown Diamonds!

The average budget amount that people are spending these days have decreased dramatically due to the popularity of lab grown diamond engagement rings. At Diamond Exchange Houston for the last several years we estimate that 80% of our engagement ring sales have been lab-grown diamonds.

If a man is purchasing a lab-grown diamond he is not spending nearly as much as he would if he was buying a natural diamond. For example, a ring with a 3 carat lab-grown diamond in it might cost only $5,000 whereas if that same ring had a natural diamond it would be $30,000. Men are not having to have nearly as big of a budget to afford a massive look.

How to choose the perfect engagement ring for your budget:

One question that we often ask customers when they book an appointment with Diamond Exchange Houston is about their budget. We will ask them if the want a lab or natural diamond, what shape, what size, what ring style, and what budget. So, when our customers show up to our diamond showroom we have plenty of options prepared for them to compare.

The best way to choose the perfect ring for their budget is to visit our jewelry store and compare options. By physically trying on rings that correspond with your budget and comparing them it will help you get an understanding of the perfect ring that you can afford.

Final Thoughts: Decide You Own Budget!

Everyone budget for an engagement ring is different. Shop around and come to conclusion on how much you are willing to spend. Talk to your significant other and ask her if she is fine with going with a lab-grown diamond if the budget is tight. Buying an engagement ring should not put stress on your finances. Keep in mind that you can always upgrade down the line if you need to. The main goal when purchasing an engagement ring is to make a commitment to the one that you love.

Diamond Exchange Houston is here for all of your diamond and engagement ring needs. We help customers everyday get amazing deals on engagement rings whether the cost $500 or $50,000. We are diamond and engagement ring experts that have helped thousands of customers get their dream rings and we are here to help you as well. Simply contact us today to get the process started.

Frequently Asked Questions

What is the average amount a man spends on an engagement ring?

This year (2023) at Diamond Exchange Houston we estimate that the average amount that our customers spend on buying a new engagement ring is approximately between $5,000 to $10,000.

Does the 3 month salary rule still apply when purchasing an engagement ring?

No!  This was a made-up scenario that hardly any of our customers have ever applied.  You create your own budget based on what you can afford and go by that.  Diamond Exchange Houston is here to help you get the biggest and nicest diamond based on what you want to spend!

Is $5,000 a good budget for an engagement ring?

Nowadays, with the popularity of lab-grown diamonds, $5,000 goes a long way.  At Diamond Exchange Houston, you can get a large diamond and a custom ring for that amount.  Even if you want a natural diamond you will still be able to get a very nice look for $5,000.

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