Emery Oval Diamond Bezel Engagement Ring | Lisa Robin

Budget Guide

Engagement Ring Budgeting

We understand that each client has a unique budget, and we are dedicated to helping you find the best options. Learn more about setting a budget for your engagement ring.

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Engagement Ring Budgeting


When it comes to creating an engagement ring, one of the first things you should do is set a budget. Having a budget allows you to focus your search for the ideal diamond or gemstone and make decisions about the design of the ring.  This will make the search for your perfect engagement ring that fits your budget much easier. Check out this guide to learn more about determining the right amount to spend on your engagement ring.

As you consider your an engagement ring options, it is important to determine a budget that you feel comfortable with. There are many myths surrounding the appropriate amount to spend on a ring, such as the suggestion to spend two or three months' salary. However, it is important to remember that there are no set rules for this decision, and what works for others may not work for you. These "rules" are a myth and actually began as a marketing tactic created nine decades ago to increase revenue from diamonds. While it is important to buy the best ring you can afford, it is possible to find a beautiful gem and band without breaking the bank.


An engagement ring is one of life's significant purchases and you should feel comfortable with the budget you set. Engagement ring prices vary greatly, so there are not set rules or guidelines on how much to spend. You may have heard the rule of thumb of spending two or three months' salary on an engagement ring perpetuated by a diamonds marketing campaign years ago. What's best for someone else may not be suitable for you. You don't have to break the bank to get a beautiful engagement ring. Lab created diamonds and the popularity of colored gemstones make the ring of your dreams well within reach.

The Ultimate Engagement Ring Budget Calculator: A Complete Guide

In this complete guide, we'll walk you through the process of determining your ideal engagement ring budget, step-by-step. Whether you're on a tight budget or have room to splurge, our calculator will help you find the sweet spot.

We understand that everyone's financial situation is unique, so this guide will give you valuable insights into the factors to consider when setting your budget. From understanding the 4Cs (cut, color, clarity, and carat) to exploring metal options and ring styles, we've got you covered.

Don't let the stress of choosing the perfect engagement ring overwhelm you. With our Ultimate Engagement Ring Budget Calculator, you can make informed decisions and find the ring of your dreams without breaking the bank. Let's embark on this exciting journey together and create a budget that reflects your love and commitment.

The 4 C's of diamond quality and how they affect the price

When it comes to engagement rings, diamonds are often the gemstone of choice. Understanding the 4 C's of diamond quality (cut, color, clarity, and carat) will play a significant role in determining the price of your ring.

The diamond cut refers to its proportions, polish and symmetry. A well-cut diamond will reflect light beautifully, creating that iconic sparkle. However, a higher-quality cut often comes with a higher price tag. Finding the right balance between cut quality and budget is crucial.

Color refers to the presence of any tint in a diamond. The Gemological Institute of America (GIA) grades diamond color on a scale from D (colorless) to Z (light yellow or brown). The less color a diamond has, the more valuable it is. However, keep in mind that subtle color differences may not be noticeable to the naked eye, so opting for a slightly lower color grade can help you save money without compromising on appearance.

Clarity refers to the presence of any internal or external flaws, known as inclusions and blemishes, respectively. The GIA grades clarity on a scale from Flawless (no imperfections visible under 10x magnification) to Included (imperfections visible to the naked eye). While a higher clarity grade is desirable, keep in mind that most inclusions are not visible to the naked eye, so you can consider a slightly lower clarity grade to stay within your budget.

Carat weight refers to the size of the diamond. As the carat weight increases, so does the price. However, it's important to note that carat weight is not the only factor that determines a diamond's value. A smaller diamond with exceptional cut, color, and clarity can be just as stunning as a larger one.

How to Get The best Diamond for your budget

If you're looking for the perfect diamond and ring design that fits your budget, there are several options to consider. You can compromise on certain diamond qualities or explore the possibility of lab grown diamonds. We've gathered some helpful tips to help you get the best value for your engagement ring budget.

5 Tips for maximizing your engagement ring budget

Tip #1
Consider a Lab Grown Diamond

The introduction and acceptance of lab grown diamonds have had a significant impact on the costs of engagement rings. While the average cost of an engagement ring in the US is a little over $5,000, your budget may vary depending on your preferences.

Several factors can affect the price of your ring, such as the type of metal, whether it's gold or platinum, and the stones used - including lab-grown diamonds, which give you the same traditional diamond look and feel at a lower cost.

Tip #2
Consider Diamond Shape That Appears Larger

When it comes to diamonds, those with a large spread tend to appear bigger and cover more of the finger. The oval, pear, and marquise shapes are among the largest appearing diamonds. Interestingly, most diamond shapes appear larger than the popular round diamond, which is also the most expensive due to its unmatched sparkle.

Tip #3
Consider Diamond Quality

The carat, clarity, and cut of the stones also determine the final price of your ring. Understanding these details can help you create a realistic budget or even discover you have more flexibility than you thought!

Tip #4
Consider a Colored Gemstone

Color engagement rings are a top trend. Consider natural alternative gemstones, which typically cost considerably less than natural diamonds or lab created alternative gemstones for budget friendly choices.

Alternative Gemstones for Engagement Rings

While diamonds are the traditional choice for engagement rings, they are not the only option. There is an array of stunning alternative gemstones that can offer both beauty and affordability.

One popular alternative is the classic sapphire. Known for its striking blue hue, sapphires symbolize wisdom and serenity. They are also highly durable, making them an excellent choice for everyday wear. Additionally, sapphires tend to be more affordable than diamonds, allowing you to get a larger stone for your budget.

Another alternative gemstone is the vibrant aquamarine. With its deep aqua color, aquamarine symbolize passion and love. Like sapphires, rubies are durable and make a statement on any engagement ring. While high-quality aquamarine can be more expensive, they are still often more affordable than diamonds.

If you're looking for a burst of color, consider gemstones like emeralds or morganites. Each gemstone has its unique characteristics and symbolism, allowing you to personalize your engagement ring and make a statement.

Tip #5
Don't Shy Away From Custom Designs

Are you deciding between a ready-to-order or custom engagement ring? Custom rings come in various price points based on their design, but with Lisa Robin's collection, you don't have to pay a premium. We've curated a stunning collection of our custom rings to help you visualize your final vision without breaking the bank.

Consider payment Options

Ultimately, the decision of how much to spend is up to you and your personal financial situation. Some may choose to save a substantial amount, others may opt for financing. Consider your budget and best option for payment and make your decision from there. 

We are here to help
You don't need to be an expert

That’s why we are here to guide you through every step - from understanding what carat, color, cut and clarity mean, to designing the perfect ring.

Learn About Rings

See our guides to budgeting, choosing a ring metal, determining the best style and ring size when buying a ring.

Learn More

Learn About Diamonds

A guide to understanding diamond quality, and everything from diamond shapes to lab grown diamonds.

Learn More

Engagement Ring Styles

Learn to select the shape and style of engagement ring you prefer and help with determining the details.

Learn More

Common mistakes to avoid when budgeting for an engagement ring

When it comes to budgeting for an engagement ring, there are a few common mistakes that you should avoid:

1. Neglecting to set a budget: Going into the process without a clear budget in mind can lead to overspending or feeling overwhelmed by the options available. Set a realistic budget that aligns with your financial situation and stick to it.

2. Focusing solely on carat weight: While a larger diamond may seem impressive, it's important to consider the overall quality and appearance of the stone. A smaller diamond with excellent cut, color, and clarity can be far more stunning than a larger one with lower quality.

3. Not considering alternative gemstones: Diamonds may be the traditional choice, but alternative gemstones can offer unique beauty, affordability, and personalization. Explore different options to find the perfect gemstone for your partner.

4. Sacrificing quality for size: It's tempting to prioritize carat weight over other factors, but remember that quality is key. A smaller diamond with exceptional quality will always outshine a larger one with poor quality.

5. Forgetting about ongoing maintenance and insurance: Engagement rings require regular maintenance and may need repairs or cleaning over time. Ask about our lifetime care plan to protect your engagement ring. Additionally, consider insuring your ring to protect your investment. Factor in these additional costs when setting your budget.

By avoiding these common mistakes, you can ensure that your engagement ring budget is well-planned and aligned with your priorities.

Conclusion and final thoughts

Choosing an engagement ring is an important and exciting decision. By setting a realistic budget and considering the factors discussed in this guide, you can find a ring that perfectly reflects your love and commitment.

Our Ultimate Engagement Ring Budget Guide is a valuable tool that will help you navigate the process with confidence. It enables you to make informed decisions, explore different options, and find the perfect ring for your budget.

Remember, the true value of an engagement ring lies in the love and commitment it represents. Whether you opt for a traditional diamond or an alternative gemstone, prioritize the factors that matter most to you and your partner. With our guide, you can embark on this exciting journey and find the ring of your dreams without breaking the bank.