My fiancé and I have been engaged for over a year. But we still haven’t bought engagement or wedding rings because we’ve been so busy with work, life, and wedding planning. Now that our wedding is coming up, I’ve decided to start shopping online for my dream ring.
I’ve always been a bit of a goth. So my idea of a perfect engagement ring is a salt and pepper kite-shaped diamond with a matching studded wedding band. Black salt and pepper diamonds are less common than white diamonds and seem to be more expensive. Some of the ring sets I’ve been eyeing cost a whopping $5,000. Since we’re saving money by having a small wedding and I’m going to wear this ring for the rest of my life, I’ve considered splurging.
So, should I buy an expensive engagement ring? Here are some of the pros and cons of splashing out on a pricey diamond wedding ring set.
There Are Better Options Than Real Diamonds
The natural salt and pepper diamond rings I’ve been looking at are very expensive. But there are less precious stones that have the same aesthetic and are more affordable, such as moissanite, rutilated quartz, and argyle pink diamonds for sale
My sister has a moissanite engagement ring and you’d never know it’s not real. It’s just as shiny, beautiful, and durable as a traditional diamond ring. Plus, she only paid about $700 for it. Considering the average price of an engagement ring is between $3,700 and $5,900, that’s a significant savings.
Moissanite Is More Ethical
Moissanite doesn’t need to be mined, so you can also be sure it’s ethical. There are lots of human rights violations within the diamond industry. Sometimes children as young as five are recruited to mine diamonds for less than a dollar a day, six to seven days per week. They’re denied education and live in horrible conditions.
Many retailers sell ethically-sourced diamonds. But I’ve heard you can never be 100% sure where your jewels came from because there isn’t a transparent certification process for ethical diamonds. Buying a moissanite ring eliminates any worry or doubt that your ring contributed to human rights violations.
Cheaper Rings Are Associated With Better Marriages
Believe it or not, couples who buy cheaper engagement rings actually have better marriage outcomes. Men who spent between $2,000 and $4,000 on an engagement ring had a 1.3 times higher rate of divorce than men who spent between $500 and $2,000.
One theory researchers have come up with to explain this phenomenon is financial stress. Buying an expensive engagement ring is out of many couples’ budgets and may become a source of contention or resentment in the relationship.
My partner and I can afford to splurge on a ring, so it probably wouldn’t cause us significant financial stress. But that money could be put to better use to give us more financial security, which is something to consider.
Diamonds Are Forever
After careful thought, I’ve decided that buying an affordable moissanite ring is likely the best choice for me. I’ve found some inexpensive options as cheap as $60 that have the design I’ve always wanted.
But there’s still this lingering feeling that I’m doing something wrong or dishonoring my relationship by purchasing a cheap ring. A popular rule of thumb is to spend between two and three months’ worth of salary on an engagement ring.
Although this guideline was created by the diamond industry and has been widely criticized, it’s still part of our cultural zeitgeist. We all grew up hearing that diamonds are forever and an investment in a couple’s future together. They’ve become a powerful symbol of love and commitment.
By opting for an inexpensive ring, I can’t help but feel like I’m saying my relationship isn’t worth investing in. Obviously, these feelings aren’t rational, but they show just how powerful marketing can be.
Wrapping Up
I know buying a moissanite ring will be better for my wallet and conscience, so that’s probably the option I’m going to pick. I still feel this involuntary pull toward diamonds because of cultural expectations. But I know that splurging on an expensive diamond won’t make me any happier than buying an equally shiny, much more affordable moissanite ring.
What are your thoughts? Is it worth investing in a diamond engagement ring? Share your experiences in the comments section below!
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Vicky Monroe is a freelance personal finance and lifestyle writer. When she’s not busy writing about her favorite money saving hacks or tinkering with her budget spreadsheets, she likes to travel, garden, and cook healthy vegetarian meals.
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