How Much Will the Engagement Ring Cost in 2022?

What is the cost of a 2022 wedding proposal? It all depends on how extravagant you want the set-up to be, as well as how attached you are to the “perfect” diamond engagement ring with its four Cs (carat, cut, clarity, and color).

How much does an engagement ring set cost if you are considering a marriage proposal in 2022? Although you can’t price tag, an engagement ring is not something that you will find big deals on (not like the Costco $50 wedding cake). The Clear Cut CEO shared that clients in 2021 spent on average 20 percent more for diamond engagement rings than they did in 2020.

Apart from the obvious question “Will you marry me?” What other questions should you ask before you propose, especially regarding pricing? What is the average price of an engagement ring by 2022? Which style of ring should you choose? How does the cost of the ring change depending on the cut? How do you finance such a large purchase?

Landau says that engagement rings generally cost $3,000-$5,000, but she notes that her clients can have budgets as wide as $5,000 to $500,000 and that they are available for all budgets. So what is the average cost of an engagement ring? “Around $20,000,” Landau explains. The Clear Cut can help with this, however, because it is a very high-end clientele. She shares that the average cost of most diamond engagement rings will remain consistent at $3,000 to $5,000 through 2022.

Shannon Delany-Ron from James Allen explains how the four Cs determine the cost of engagement rings. Delany-Ron says that the price of an engagement ring is not only about the size of the diamond, but also its quality. Each customer must decide how to prioritize these four Cs and where to invest.

Landau quickly points out that modern ring prices are affected by supply and demand, just like any pandemic purchase. The price of a certain cut or style may reflect the high demand.

Trending and Traditional Styles of Engagement Rings for 2022

The ring is only half the size and weight of your carats. The hardest part of choosing the right cut is often the half-way point once you have established a price point.

Landau believes that the current rising trends in emerald cuts, and pear shapes, will continue into 2022. As we all know, trends can lead to price increases. Landau says that it is not unusual for prices to rise once a trend has started, because of increased demand.

Delany-Ron, a James Allen employee, shares that, while pave, three stone, classic solitaires and halos rings are more traditional, they’re still very popular with new clients. She expects them to be even more so in 2022.

She explains that these are pieces that customers will wear for a lifetime and want them to feel timeless.

These are the three most important questions to ask when you shop for an engagement ring or budgeting for one in 2022.

What are the prices for carats at the $3K-$5K price point?

How many carats is it worth if you are looking for an engagement ring between $3,000 and $5,000? Landau says that buyers will likely be looking for a carat weight between 0.50 ct and 1ct within this price range. Landau says that if you want to spend $15-$30,000 more, the carat weight can range from 2 to 2.5ct depending on the quality.

Do you prefer to buy an engagement ring in-person or online?

Although adding items to an online shopping cart is a common practice, some people may be confused by adding a $5,000 engagement band to their virtual shopping cart. The four Cs of an engagement band are personal preferences, as is the choice for the buyer. In other words, you can shop online or in person. Landau believes that neither shopping method should affect the price of the ring.

For those who are doing online wedding ring shopping, she adds this: “It’s important to do your research before you make your purchase and find a trusted vendor with the best expertise, service and quality.”

Do you want to finance your ring or purchase it outright?

After all the Cs are settled, it is time to ask the important prequel question before you pop the question. What should you spend on the engagement ring.

Credit Karma’s Colleen McCreary explains that you need to prepare your bank account before making such an exciting purchase. She advises that you should know the cost of the ring before you make a decision about how you will pay.

McCreary says, “Ask yourself some questions to ensure that buying this ring won’t put you in the red.” Do you have enough cash to purchase the ring? Do you have savings that you can use for other necessities after you purchase the ring? This will help you to ensure that your savings are not drained.

McCreary advises those who are looking to borrow money to purchase the ring to have a plan for how they will repay the money. Also, look for low-interest loans. McCreary says to look into a zero-percent APR credit card and be sure to read the terms. “As with all financial products, it is important to carefully read the fine print so that you understand what you are signing up for.”

Preparing your bank account before you buy the engagement ring is a smart move. When making an important purchase like this, it is worth having better credit.