How Much Should You Spend On An Engagement Ring?

Is two months' salary really enough?

But where did the two months' salary rule come from?

how much to spend on engagement ring

If you’re shopping around for an engagement ring (or even just window-shopping), you might’ve heard of the “two months’ salary” rule. But you should forget that — it’s 2018 for crying out loud! Find out how much to spend on engagement ring here.

Weddings are getting more and more expensive. In Singapore, weddings typically range from around S$27,000 to S$52,000, according to Value Penguin. Thankfully, there’s less pressure now to spend a huge amount of money on a ring.

The diamond ring tradition isn’t as old as you’d think. The De Beers Institute of Diamonds coined the phrase “diamonds are forever” in the 1930s to boost sales after the Great Depression. Soon after that, a De Beers campaign came out, reading: “Two months’ salary showed the future Mrs. Smith what the future would be like.”

Basically, you can blame advertising for all these rules.

How much to spend on engagement ring: Just do your best

But today, the rules have shifted so much that De Beers president Andrew Coxon doesn’t believe in them anymore. 

"When men ask me how much should they should spend on a diamond engagement ring I always reply with the same answer," Andrew Coxon, De Beers president, tells Harpers Bazaar. "Quite simply, I say 'do your best’.”

Doing your best, Coxon says, doesn’t mean spending as much as you’re able to. Doing your best includes spending time together in the store to choose the perfect ring.

“In my experience, the memory of the day you spent together will always be remembered fondly, long after the cost is forgotten,” Coxon says.

Couples now aren’t obsessed about how much a ring is worth, but the meaning behind the ring.

It doesn’t have to be a diamond

“Some people want an internally flawless diamond, period, the end,” Los Angeles jeweller Anna Sheffield tells Metro. “And then others have an idea to build a stack of rings over time. And still some don’t even want a diamond; they would prefer a precious or semi precious coloured stone.”

So how do you choose an engagement ring? Go with your gut. Look for a ring that speaks to you. If all goes well, you’re going to be wearing it for a very long time.


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