If your significant other is special enough to be part of your life, please consider giving an engagement ring that’s special to her!
Engagement rings are no artisanal coffee where you can just splurge and not feel any impact. They cost way more and are supposed to last longer than you live.
Hence, if you’re going to spend good money on something eternal for your special lady, please do not skimp on doing your engagement ring homework!
2 Tips for choosing an engagement ring
Have an open discussion with your partner about the cost factor
Here’s an excellent mental bandwidth for you to start off with:
“The rule of buying an engagement ring is no more than 1 month’s income.” – Dave Ramsey, popular finance radio show host, author and entrepreneur.
Before your bank account witness a stark dip, openly communicate with your partner about the cost. According to a study by Draco Diamonds, most men are willing to splurge on an engagement ring that costs between $5,000 to $7900. Most women, on the other hand, are comfortable with a ring that costs between $2,000 to $4,900.
The annual salary of Singaporeans (including CPF contribution) averages to $5,596. Hence, buying an engagement ring that matches both side’s financial preference is feasible for most of us.
With that being said, an open discussion with her on cost can help factor in the remaining budget for:
- Honeymoon
- Wedding
- Any other essential newlyweds need such as renovation
What is the significance of an engagement ring?
As diamonds are considered a girl’s best friend (or rather, if females gullibly believe Madonna’s songs and Marilyn Monroe’s films that they are), how precious is an engagement ring worth in contrast? Hence, regarding this belief that precious gems are priceless —how much should one shell out for an engagement ring? There are multiple misplaced beliefs and illusions about buying engagement rings that might lead you to spend excessively for what is essentially more of a symbol and token of wedding vows rather than a priceless, timeless, compulsory purchase.
Choose a ring that tells a story
If you are already spending so much, spend on something that can also build a legacy.
Engagement rings are not just hardened carbon and strips of metal sticking together. For most of us men (I’m a man myself, so I’m not being biased), we can’t really tell the minute difference between each ring.
Unless we have a background in art, design or film, we probably will not pay attention to such details.
However, if you are to meticulously discern and select:
- A ring with a centre stone that was cut in a symbolic design.
- A specific colour which embodies a particular value dear to both of you.
- A unique and memorable phrase that only both of you understand engraved on the shank.
Your significant other would really appreciate from the bottom of her heart. It’s not about the cost of the ring, but more of the effort you took to make the ring exclusive, just for her.
Don’t view it as just an engagement ring. Think long term. Imagine what great stories you can tell you great-grandkids with this family heirloom!
Who knows, maybe the story behind this ring is so fascinating that it inspires someone to write a Korean soap based on it! Okay, you don’t like K-dramas. What about a story starring a future Channing Tatum and Amanda Seyfried. Hello Netflix!
Jokes aside, it boils down to basic psychology. If you want a good relationship with your lady, you have to make her feel exclusive on this momentous phase of your lives.
Engagement rings also serve as the very embryonic stage of a marriage. Remember, an unforgettable first impression will make a lasting impact!
Company | LeCaine Gems |
| Speciality |
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| Pricing | Click here to view |
| Website | https://lecaine.com/ |
| Telephone | +65 8363 3168 |
| Review 1 | “Purchased a magnificent 3-carat solitaire ring last year (2019). The service and even after-service had been excellent! It’s all about the personal touch, listening to your wants and needs and solutioning together. Awesome couple, exceptional service, gorgeous collection of jewellery that can really make you addicted and desiring more. I am already checking out for my next purchase. Looking forward to seeing the LeCaine team as market leaders globally! REACH OUT FOR THE STARS!” –Myka Karina D’Souza |
| Review 2 | “Great liaison and service by Ashley!!! Item delivered timely and made our day. My honey loves the ring👍👍” –Faizal Ridzwan |
| Review 3 | “Got it as a gift from my husband for our 5th year wedding anniversary. Customer service was good. Very communicative on Whatsapp. Just by looking at photos I sent of the fit of my old wedding ring, Ashley could suggest me a size. It turned out to be a perfect fit! The Moissanite is looking very sparkly. I will definitely return for more jewellery. I love the partnership with Hoolah too, for the costlier ones! 😎👍🏼” –Nurfa Noor |
Company | Michael Trio |
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| Pricing | Click here to view |
| Website | https://www.michaeltrio.com |
| Address |
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| Telephone | (65) 6299 0110 |
| Operating Hours | 12pm -8.30pm daily |
| Review 1 | “We were served by Iris from Michael Trio and was pleased with her service. She shared with us patiently on the details of the diamond as we were there looking for my engagement ring. We went back to her in the end to purchase it after all the homework and comparisons we have done outside. Thank you Iris for your good service and patience! (:” – Wu.Y |
| Review 2 | “Great place to get a ring with satisfying customer service and prompt delivery. Highly encourage to support as it is a Singapore based company. I am so glad I found a great engagement ring here.” – Muhammad.A |
| Review 3 | “Bought her engagement ring from Jay @ Micheal Trio. JAY was professional, shared with us the difference of diamond and gemstones in detail. During ring collection he also advised the dos and donts and tips on how to keep it clean. Recommended my friends and will recommend those looking to give them a shot!” – Matt.C – TAPOS DITO |
Company | Gold Heart |
| Speciality | Pure Blue Sapphire Embedment |
| Pricing | Click here to view |
| Website | https://shop.goldheart.com |
| Address | Find a store near you |
| Telephone | (65) 6339 2236 |
| Operating Hours | Call to enquire |
| Review | “Joanne has been a great help and she provides great customer service! They have a good collection with some nice and unique designs. Totally recommended!” – Thu.G |
Company | Love & Co |
| Speciality | Perfect Cut |
| Pricing | Click here to view |
| Website | https://www.love-and-co.com/ |
| Address |
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| Telephone | (65) 6376 9033 |
| Operating Hours | Call to enquire |
| Review 1 | “Very good experience, I am very happy to get a beautiful love mark diamond from love and Co. The sales person name is Trini, she is knowledgeable, pleasant and very helpful.” – Yen.W |
| Review 2 | “My fiancee and I were served by Trini. She is very patient, professional, friendly and responsible in answering all our queries and providing us with valuable suggestions. Not pushy and only recommend us items which suit our needs. She also acceded us with some of our requests relating to our previous purchase in other outlets! Excellent & impeccable service with very good attitude! We will surely be back again if we need to purchase any jewelry from Love & Co in the future!” – Teck.Y |
Company | Jewels Galleria |
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| Website | www.jewelsgalleria.com |
| Address | 583 Orchard Road, #01-44 Forum The Shopping Mall, Singapore 238884 |
| Contact | Tel: (65)67326601 WhatsApp: (65)97578752 Email: [email protected] |
Company | Glamira |
| Speciality |
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| Pricing | Click here to view |
| Website | https://www.glamira.sg |
| Address | Online store only |
| Telephone | (65) 3138 8322 |
| Operating Hours | Mon-Fri: 2pm – 11pm Sat & Sun: Closed |
| Review 1 | “I am in love with my engagement ring and we are looking forward to order the wedding bands too because the prices are better than in local jewellers and quality is just perfect!” – Sabrina.H |
Company | Venus Tears |
| Speciality | Japanese Bridal Jewelry |
| Pricing | Click here to view |
| Website | https://venus-tears.sg |
| Address |
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| Telephone | (65) 6694 1663 |
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| Review 1 | “Mei Ling helped me out with both my engagement rings & wedding band. Very helpful & friendly when helping out. The experience throughout is very good & rings are value for money. Many variety in selection & ALL rings are made in Japan. Do drop by & have a look!!!” – Daryl.Z |
| Review 2 | “Very satisfied with the quality of service and the experience of getting our engagement ring and wedding bands here. Always happy to visit. Thank you.” – Irfan.M |
| Review 3 | “Thank you Mei Ling for your patience and understanding in assisting us finding the perfect engagement rings. Would look forward to returning for our wedding bands 💍😄” – Fazyln.J |
Company | Jann Paul |
| Speciality |
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| Pricing | Click here to enquire |
| Website | http://www.jannpaul.com/ |
| Address | 545 Orchard Road, Far East Shopping Centre #01-23, Singapore 238882 |
| Telephone | (65) 6733 2925 |
| Operating Hours | Mon-Sat: 9.30am – 7.30pm Sun: 9.30am – 6.30pm |
| As Seen On |
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| Review 1 | “Got my engagement ring and Avery assisted me. Even though I had to change the design several times over a month, Avery was very patient and understanding. Can’t think of a better place to get your rings/diamonds!” – Albert.Y |
| Review 2 | “Purchase engagement ring from JannPaul on Aug 2019 and was assisted by Marie, Marie gave me a very detail diamond education during my selection. recommended a diamond which was within my budget and follow up on my request on time. would highly recommend getting rings from Jannpaul and you can always look form Marie. :)” – Darren.L |
| Review 3 | “I absolutely have 0 experience in buying jewellery as me and my girlfriend dislike wearing one but nonetheless I had my engagement ring customised and crafted in JannPaul. Cheyserr, the staff who assisted me, was very supportive, knowledgeable, and patient. She walked me through the entire process until we came up with a ring that’s exactly what I had in mind and within my budget. I’m very satisfied. Thanks a lot 🙂 JannPaul is highly recommended.” – Dick.G |
Company | Vivo Diamonds |
| Speciality |
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| Pricing | Click here to view |
| Website | https://www.vivodiamonds.com/ |
| Address | 57 Tanjong Pagar Road, Singapore 088478 |
| Telephone | (65) 6836 3789 |
| Operating Hours | Mon-Fri: 12pm – 8pm Sat: 12pm – 7pm Sun: Closed |
| As Seen On |
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| Review 1 | “Nice deal with Vivo. I bought our wedding rings on VivoDiamonds. Even though our wedding rings have small carat, I am sure we got real earth diamonds. I did get engagement ring from online, but it perfectly match the wedding rings I got from VivoDiamonds. Honestly for diamond seekers, buy from VivoDiamonds (or online like James Allen or BlueNile), so that you are 100% sure you get GIA certified diamonds. Refuse from mall, most mall shops don’t even have GIA.” – Marvin.R |
| Review 2 | “Fantastic Experience with Vivo Diamond. Got both my engagement and Proposal Ring from them. Lealice was very helpful and professional. Her advice was really good. If not for her, we would have a hard time choosing our engagement ring. I will Definitely advise you to look for her if you need an advise. Solid insights. 👍🏼” – Andy.T |
| Review 3 | “Thank you Issac & team for making my family feel so at home at your showroom. All of you were helpful and enthusiastic in helping me getting the perfect engagement ring for my fiance. Quality of the ring was as promised and ready within a month. Will definitely recommend to anyone who is looking for wedding jewelries. :)” – Seah.B |
Company | Fonder Diamond |
| Speciality |
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| Pricing | Click here to view |
| Website | https://www.fonderdiamond.sg |
| Address | 20 Ayer Rajah Crescent, #08-01, Singapore 139964 |
| Telephone | (65) 68203338 |
| Operating Hours | Mon-Fri: 9am-6pm Sat: 9am-1pm Sun: Closed |
| Review 1 | “At first it was not easy to find and choose a Perfect Engagement ring for My Babe❤ I search around thru shops & social media with the Best designs & ofcourse its Reasonable price and Finally met up with Jolene at Fonder-Diamonds👍 With her accommodating time & expertise, i was able to Find the Right Perfect Ring for My ForeverLove-Reann❤❤❤” – Lleandro.B |
| Review 2 | “The experience of buying an engagement ring at Fonder Diamond is exceptional! I originally made an appointment with Sandra but Lois ended up helping me. She was really attentive to the key things to look out for in buying a diamond engagement ring. Based on my requests, she helped narrow the range of diamond selection as well as setting. And the price is exceptionally competitive! Will definitely recommend to anyone who wants to buy a diamond ring for any occasion!” – Xuanyao.F |
| Review 3 | “HIGHLY RECOMMENDED!!!! The range of rings are all very dainty and pretty, which suits our taste very much. We really did not expect the service and price to be excellent and reasonable, respectively, sale person is very well verse with the quality of diamonds and the selection of rings that Fonder diamond offers. We are extremely fortunate to be in such great hands! From our purchase of the engagement ring, half year ago, till now, we are really happy with our purchase and service that we got from Fonder diamond. Thank you so much for being part of our journey!” – Vicky.L |
Company | Rio Diamond |
| Speciality |
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| Pricing | Click here to view |
| Website | https://www.the-rio.com |
| Address | 545 Orchard Rd, Far East Shopping Centre #11-13, Singapore 238882 |
| Telephone | (65) 9014 5988 |
| Operating Hours | 10am – 8pm daily |
| Review 1 | “Thanks to the team from Rio Diamonds for their help in sourcing the perfect engagement ring for us. We gave them our requirements and they really went all out to help us to look for the ring that we really like. Thanks to your team for the patience and service excellence! (:” – Wei.S |
| Review 2 | “Visited Rio in 2018 when they first opened. Fantastic service even though they were a small setup back then. 100% satisfied with my purchase (Engagement Ring + Bands) & friends around me have had pleasant experiences too. Keep up the good job guys! :)” – Ray.Q |
| Review 3 | “Was very happy with our engagement rings. Very prompt and patience with our questions. I would like to thank Rio Jewellery for this beautiful ring they customized for us! Look nowhere. Check them out guys!!👍👍” – Md.F |
Company | GIOIA |
| Speciality | Customized Engagement Ring |
| Pricing | Click here to enquire |
| Website | https://gioia.com.sg |
| Address | 10 Anson Rd, International Plaza #02-97A , Singapore 079903 |
| Telephone | (65) 6100 2238 |
| Operating Hours | Mon-Fri: 11am – 7pm Sat: 11am – 4pm Sun & PH: Closed |
| Review 1 | “Thanks Cheryl & Clarence for their great service! They are very helpful and approachable. They patiently discussed on the details of my customized engagement ring and contributed their ideas to enhance it. The end product is simply amazing and my fiancee loves it a lot.” – Clarence.N |
| Review 2 | “I wanted to create a customized engagement ring, and after a fair bit of searching found GIOIA Fine Jewellery. Their portfolio showed certain designs that made me confident they could pull off the design I had in mind. I went down to their showroom and spoke to the friendly staff Cheryl and Clarence who advised carefully on the gem stones, and the viability of the design I had in mind. Within the first visit, I knew I wanted to have the ring made at GIOIA. In the end, the ring turned out wonderfully and my fiance loves it. I highly recommend GIOIA for great ability in custom design, attention to detail, good service and a good price point. Thanks!” -Ray.P |
Company | Les Precieux |
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| Pricing | Click here to enquire |
| Website | https://www.lesprecieux.com/ |
| Address | 360 Orchard Road, International Building #11-04, 238869 |
| Telephone | (65) 9647 2673 |
| Operating Hours | By Appointment Only |
| As Seen On |
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| Review 1 | “I just got engaged yesterday, and the engagement ring was so beautiful! It was everything that I wanted. Thankful for the wonderful service by Janice during our appointment! She was so patient with us, and was ready to answer all of our questions! She even suggested gemstones and settings for my finger size! I just want to say that I’m thoroughly impressed with the service and gems that Les Precieux has to offer! Thank you guys so much!” – Berlin.K |
| Review 2 | “Highly recommend this place for engagement rings. Janice took the time to show the different gemstones, shapes, and sizes to really find what you are looking for. You can also customize the ring to your liking, with 3D renders sent to you once the design has been finalized, and tweaked as required to what you really want. Service was top notch, and by the time I collected the ring it really feels like it is your own. It was a Christmas offer back when I got the ring, so I managed to collect it in less than a month after confirming the order when other shops quoted a lead time of at least 2 months. Would consider coming back here again for wedding bands that complements the engagement ring.” – Edric.L |
Company | Jumbo Gold & Diamonds |
| Speciality | Diamond Engagement Rings |
| Pricing | Click here to view |
| Website | https://diamondtrader.com.sg |
| Address | 33 Ubi Avenue 3, #06-50 Vertex Tower A, 408868 |
| Telephone | (65) 9188 4321 |
| Operating Hours | Click here to enquire |
| Review | “Managed to find the dream custom-made engagement ring for my fiancee, thanks to Gabriel’s help. Working with him feels more like you are receiving help from a friend, who is also an expert in his field, rather than just another jeweller.Beside his depth of knowledge, Gabriel is also very honest and dedicated. His customer service, from advising the style, ring setting to working through a few CAD design revisions, is exemplary. On top of that, Jumbo also offers one of the best prices in Singapore. No fancy boutique, just top notch quality that is super value for money.” – Tuan.A |
Company | Madly Gems |
| Speciality | Gemstones |
| Pricing | Click here to view |
| Website | http://madlygems.com/ |
| Address | 72 Seng Poh Rd. #01-63, 160072 |
| Telephone | (65) 6650 1544 |
| Operating Hours | Click here to enquire |
| As Seen On |
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| Review 1 | “I have always thought that getting an engagement ring was going to be a nerve-racking, stressful experience, but the team at Madly Gems made it so much easier. I had a thoroughly enjoyable and memorable experience! They were very patient and accommodating with my design choices throughout the process. I actually loved the fact that they did not push for more expensive gems, and they helped me craft a ring that was both beautiful and well within my budget. So delighted am I with their help that I have been recommending them to my friends ever since. If I ever have more jewellery needs in the future, I will be sure to pop by again.” – Nick.A |
| Review 2 | “Had an absolutely amazing experience working with Madly’s designers. 100% happy with their work and craftsmanship. Couldn’t have found a better custom jeweller to work on my engagement and wedding rings. :)” – Freya.N |
Company | Ling Jewellery |
| Speciality | Personalized Diamond & Gemstone Engagement Rings |
| Pricing | Click here to enquire |
| Website | http://www.lingjewellery.com.sg |
| Address | 100 Tras St, 100AM #04 – 02, Singapore 079027 |
| Telephone | (65) 6238 8712 |
| Operating Hours | 1pm – 9pm daily |
| Review | “When looking for the perfect engagement ring, I visited many jewellery shops, including those which are ‘branded’. Thankfully, I was given the recommendation to visit Ling jewellery – And I’m glad I did. The staff are all professional, polite and well versed in the field of jewellery, precious metals and stones. Unlike the majority of high street jewelers in Singapore, the staff at Ling Jewellery did not try to up-sell or push items on to me. Instead, sitting in their storefront full of beautiful pieces, I was made to feel comfortable and explain exactly what I wanted. All the staff, Ling, Andrew and Tracy, have been fantastic. They helped me to design the engagement ring I wanted for my fiancee to be made to order – and it turned out perfect.Several months later, my fiancee and I returned to pick out wedding bands. Again, it was a fantastic experience and incredibly easy to find the perfect wedding bands we wanted and have them engraved. I could not recommend Ling Jewellery higher. Thank you very much Ling, Andrew and Tracy for a fantastic shopping experience and helping my fiancee and I to choose the perfect engagement ring and wedding bands.” – Alex.A |
Company | ORRO |
| Speciality |
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| Pricing | Click here to view |
| Website | https://orro.com/ |
| Address |
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| Telephone | (65) 6737 4266 |
| Operating Hours |
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| Client | Miss Universe Singapore 15/16 |
| Review 1 | “Great customer service, took their time with customers and are very patient. Greta value for money as well with the lifetime guarantees. Will definitely patronize again! Well recommended.” – Chee.S |
| Review 2 | “Staffs are all friendly and knowledgeable to tell you all the story about rings and design to fit you and your budget. Newly design u can see here or to make your own design as well.” – Zeno.G |
Company | L Excellence |
| Speciality | Engagement Ring Specialist |
| Pricing | Click here to enquire |
| Website | http://www.lexcellencediamond.com |
| Address | 50 Raffles Place, Singapore Land Tower #30-01, Singapore 048623 |
| Telephone | (65) 6589 8738 |
| Operating Hours | By Appointment Only |
| Review 1 | “L’excellence is beyond par excellence! Through Sylvie, I found my engagement ring which I still marvel at the cut and brilliance of the diamond till this day. Excellent service with wonderful good quality gems, Sylvie and team have been wonderful to deal with. My friends who I introduced to L’excellence have all had wonderful experiences with Sylvie as well. Very highly recommended.” – Jolyn.H |
| Review 2 | “Great experience having an engagement ring made with L’Excellence. Sylvie was very knowledgeable and incredibly patient. Having gone through five or six different designs, the final product exceeded expectations – could not be happier.” – James.C |
Company | Draco Diamonds |
| Speciality |
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| Pricing | Click here to view |
| Website | https://draco-diamonds.com |
| Address | Geylang East Avenue 3, Block 1013 #07-116, Singapore 389728 |
| Telephone | (65) 8768 3453 |
| Operating Hours | 10am – 9pm daily |
| Review 1 | “Due to the virus outbreak, the previous bespoke jeweller couldn’t complete my ring on time as his factory in China had closed. I found Draco online and was met with professional and promising service. Javian attended and delivered all of my request and suggestions for my engagement ring. I highly recommend this place. Looking forward to meeting him again for my wedding band!” – Farhan.Z |
| Review 2 | “Will definitely recommend Draco Diamonds! Javian was very friendly, and patient with me throughout the entire process — from the first meet up (sharing of the 4Cs of a diamond) all the way to the completion of the customised engagement ring. Thank you once again for helping me to find the perfect engagement ring that is customised for my fiancée! She love it a lot!! 😁” – Xue.W |
Company | Meyson Jewellery |
| Speciality | Diamond Specialist |
| Pricing | Click here to view |
| Website | http://www.meysonjewellery.com/ |
| Address |
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| Telephone | (65) 6634 4478 |
| Operating Hours |
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| Review | “Really helpful staff at this branch, Meyson offers really competitive pricing on their engagement rings. I’m thankful to them for being patient and not try to up-sell me. Definitely recommend giving them a visit if you’re in the market for an engagement ring.” – Gordon.L |
Company | The Canary Diamond |
| Speciality | Diamond Dealer |
| Pricing | Click here to view |
| Website | https://www.thecanarydiamond.com |
| Address | 402 Orchard Road, Delfi Orchard #01-12, Singapore 238876 |
| Telephone | (65) 6736 3383 |
| Operating Hours | Mon-Sat: 10am -6pm |
| Review 3 | “Made an engagement ring here. Good responsive service. A 3d rendering of our ring was provided prior to the casting – enabling an effective feedback loop.” – Nick.P |
Engagement Ring Misconceptions, Misplaced Beliefs
Spending Three Months’ Worth of One’s Salary
It is widely believed that engagement rings require potential grooms to extravagantly splurge approximately three months of their salary, but this is a widely held misconception that does not cohere with our current economic climate. There are no hard and fast rules on how much you should spend on an engagement ring, it really is completely up to you, your budget constrictions.
Procuring a More Affordable Diamond via Ecommerce
It is potentially less prudent to shop for diamonds on the internet because these may be coarse, crude trinkets that are not genuine, that may be imitations rather than genuine and indiscernible by the layman as a fake. It is better to consult a trusted jeweller.
How Much to Spend and How Much is too Lavish?
Though there is no determined price limit when procuring engagement rings, you might be concerned on overspending and wasting unnecessary savings. Try to fish out your fiancé’s preferences via hints dropped about your intended purchase and consulting your partner’s family.
How to Reduce Engagement Ring Spending
If you are working within financial constraints, you can still procure a fabulous, resplendent ring by being a shrewd shopper.
Exclude the Diamond
Diamonds are lavish features of engagement rings, so you can slash costs by using a diamond supplement in place of a diamond stud. You could procure a white sapphire, which bears a close resemblance and dazzle to a lavish diamond. Alternative supplementary gems are blue sapphires, rubies, emeralds. According to pedigree, these may be more affordable, though rare gems might cost more.
More rare stones that are getting trendy: Green tourmaline, peachy-pink morganite, and ice blue aquamarine.
Understand Your Context
Remember everything varies with context. Your fiancé may understandably be thrilled with Meghan Markle’s three-stone engagement ring, but such pedigree costs an astronomical amount, potentially exceeding financial constraints. Rather, if you restrict the spending to the ring’s gem, consider a traditional solitaire design to accentuate the main gem.
Choosing a less premium hue, shade of pigmentation and sharpness may considerably reduce engagement ring costs (particularly with brilliant-cut diamonds) without compromising aesthetics.
Go the Antique Route
Antique diamonds are wonderful choices for concealing pigmentation, and conventionally 2-3 colours whiter than their grade attests.
How much should one splurge on an engagement ring?
When procuring an engagement ring, spend within a realistic budget that you can reasonably afford. The popular convention that claims you should spend two months’ salary on your ring was fabricated by the diamond company DeBeers to compel more people to splurge on diamonds.
It is not prudent—and potentially financially foolish—to spend in extremes for a wedding symbol, token, a luxury that is more symbolic than material.
Indeed, an engagement ring is a symbol of love and commitment. Exceeding your budget to splurge on a lavish diamond is tradition. However, we live in different times.
Why two months’ salary is antiquated
- Two months’ salary has always been a splurge for an engagement ring. However, this old standard is not practical, realistic now—especially for couples who want to wed in their 20s or early 30s.
- We do not live in the 1950s.
- The millennial generation is graduating with more and more tertiary loan debt and facing reduced entry-level pay. They face costs of living that are highly inflated, even property is astronomically priced.
- Most women are working (at least before having kids) and often out-perform men in careers. Even with dual incomes, many have tight budgets for property and raising children.
- The median age of marriage is rising in Singapore. Many marry late. Hence it does not make sense to splurge when one has many urgent bills to finance.
How Much People Spend on an Engagement Ring
There are many finance journals, magazines around advising on the budget of your engagement ring. Here is the typical advice: you should spend 3 months of your income on an engagement ring. First, look at the statistics. A recent study reported that most males in Singapore are willing to spend around $5,000 to $7,900 on their engagement ring. Singaporean females, in contrast, merely, frugally expect their partner to spend between $2,000 to $4,900.
A simple one-carat solitaire ring will set you back by only about $1,799 to $5,000 in Singapore, with a survey of brands here. But of course, money should not be the only factor, the ring merely symbolizes your union.
Engagement Ring ($3,000 – $5,000)
Most people spend around $3,000 – $5,000 on their engagement ring.
The common budget can get you a ~0.3 – 0.4 carat diamond (with setting), depending on where you purchase it from, and the specifications.
Is it worth procuring a diamond ring from Tiffany and Co.?
If you shop at NTUC, you are part of the herd. If you shop at Tiffany, you are part of the exclusive rich (or so they claim and clamour). Their profit margins are exceedingly high for a retailer, 59%. They operate in a price-impervious segment of retail. Making prices more affordable would dilute the very intentional prestigious image, branding they have crafted.
Armani, Hermes, Gucci, Cartier, Fendi, Rolex, Louis Vuitton, Coach, Mercedes, Rolls Royce. These names are prestigious. They all have the same trait shared- a luxurious image, brand. Wear a Rolex, and people associate you with wealth. (And perhaps being vulgarly ostentatious, flashy). Wear a Casio and they are mundane. Exclusivity comes with hefty price tags.
Editors Note:
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