In the last few weeks, we’ve highlighted the economic trends in relation to purchasing engagement rings. Now we have some more specifics. Overall, you’ll see couples moving toward more affordable engagement rings with smaller carat sizes and alternative gems, such as moissanite.
The average American engagement ring costs $5,200. That’s just one of the results of the just-released 2011 Engagement & Jewelry Survey from XO Group Inc., formerly The Knot Inc., and owners of TheKnot.com and WeddingChannel.com. The survey polled more than 10,000 U.S. brides and 1,000 U.S. grooms who were either engaged or married in the past year.
Below are highlights of survey data, featuring average prices, carat weights, and more:
1. Engagement ring cost: $5,200 2. Carat size: 1 ct. for center stone; 1.4 cts. t.w. 3. Most popular diamond shapes: round (53%) and princess (30%) 4. Most popular engagement ring metal: white gold (73%) 5. Time it takes for groom to find engagement ring: 3 months 6. Wedding band cost: $1,126 for brides; $491 for grooms 7. Most popular wedding band metal: white gold (70% for brides, 34% for grooms) 8. Luxury ring segment: About 12% of couples spend more than $8,000 on the engagement ring 9. Luxury engagement ring cost: $13,500 10. Luxury engagement ring carat size: 1.5 cts. for center stone; more than 2 cts. t.w. 11. Luxury wedding band cost: $1,560 for brides; $731 for grooms
Other data reveals that just 14 percent of grooms claimed to have scaled down the size and cost of engagement rings purchased due to the economy, while 1 in 4 grooms spent more than he originally budgeted. Buyers are, however, still spending less than they did a few years ago; today, couples are spending just under $5,200 on the ring, compared with $5,800 for engaged couples in 2008.
Twisted shank engagement ring with just under 2/5ct t.w. pave’ side stones. Fits a 6.5mm (1ct) round center stone. (setting only, does not include center stone)