This topic can be addressed in many ways. The first direction this blog will take is addressing communication. The communication between each party of an engaged couple is the first important step towards budgeting for an engagement ring (or not). Heck, communication is the first most important step towards a happy and healthy long term relationship and marriage. Second, is do not panic! Beautiful rings come in all makes and models.
Couples should have the discussion about whether an engagement ring is right for them at all. When I look on various search engines, in some cultures the couple purchases engagement rings for each other. (Latin America and Eastern Europe). In other counties such as India, Japan and Kenya other items such as gifts, money, iron bangles, etc instead of a diamond. In Germany, a gold band is given and worn on the left hand and then moved to the right hand after marriage.
As an engaged couple, once you have decided what is important for each of you in the form of an engagement ring, it is time to ask the question,"What is a good budget for an engagement ring?" In East Tennessee, this question can be influenced by local culture and the economic climate unique to our region.
This post will help you navigate the complexities of setting a budget for an engagement ring that reflects both local trends and your financial situation.
What Does the Average Ring Cost?
Engagement ring prices vary based on numerous factors such as diamond quality and size, type of stone other than diamond, metal type for the band, and brand influence as well as the location at which you purchase the ring. Nationally, couples typically spend between one to three months’ salary on an engagement ring with a diamond stone and for many, particularly in areas like East Tennessee, this guideline may feel impractical due to differences in living costs and earnings. Now let's be real, the last thing you want to be doing is making payments on an engagement ring while you plan for a wedding and your future.
According to Goggle, in 2024, the average engagement ring with a diamond setting, in the U.S. costs between $5,500 and $6,200. In East Tennessee, this average drops slightly to around $4,000 to $5,000, giving you a clearer framework to work within. Remember this is for a high quality diamond. In the end, it’s about finding a budget that fits your financial comfort level rather than strictly adhering to national trends.
Factors Influencing the Budget in East Tennessee
I promise not go dive to deep into this topic. I. have lived in Tennessee my entire life and seen the economy change from decade to decade as well as the influence of Covid and increased growth of our state.
Local Economy
East Tennessee's cost of living is generally lower than the national average yet the cost of affordable housing and groceries have increased over the past several years as well as local wages may also be lower, affecting how much you can realistically spend on a ring.
If you are set on a diamond, and if the average salary in your profession is around $40,000, your budget for an engagement ring to be more in line with $3,000 to $5,000, rather than $10,000 that might be more typical in larger urban areas. The traditional guide is only spent one to three months salary on an engagement ring of any type.
The Southern Way (In my opinion)
Let's talk about the Southern way. (This is all personal opinion. I have no research to back up any of this!) In the South, culture often values meaningful connections and simplicity over extravagance. Yes we love nice things, but we so value our families, our relationships and our commitments to others. We can talk about the stereotypical culture of how we enjoy sitting on the front porch, time in our gardens or out for hikes in our many state parks but let's be realistic and just say that some people (of all geographic areas) value what we like over cost (as long as it is realistic).
Ok, let move away from that thought process and my opinion and such say that we all like to be trend setters and we all love options. Yes we do love showing off our engagement rings, yet I see couples often prioritize sentimental aspects of the engagement ring rather than focusing solely on its price tag. Do you know couples that opt for family heirlooms or custom designs that symbolize their unique bond, rather than standard, high-cost pieces? This approach can lead to a budget that feels more personal and less pressured by what is expected by others or family.
What is available in your area? But First Let's talk Statistics
According to a survey of 2,000 US adults, both men and women, using the market research company Censuswide, a November 2023 Gemstone Survey found that by the Diamonds are peoples first choice (50.3%). Following are emeralds, ruby and amethyst rounding out the list.
What About Lab Grown Diamonds?
According to RareCarat.com lab-grown diamonds are not the same as imitations or simulants. They have all the same properties as mined diamonds, including physical, chemical, and optical properties. They state on the site that the only difference between the two is their origin and you need special equipment to test it to find if it is lab-made or natural. They also state that as of 2025, 50% of engagement rings sold in America hold a lab grown diamond.
RareCarat.com states that while it does cost money to grow a lab grown diamond, it is less than what it takes to mine a natural stone. This savings is passed along to you, the consumer. Typically, a lab grown diamond with the same specs (4C's) as a natural will cost about 1/3 to 1/4 of the price. Be sure to check out the full list of pros and cons for purchasing a lab grown diamond over a mined one.
PROs
A bigger diamond for the same budget
Lab made diamonds will look the exact same.
Lab grown diamonds are viewed as more sustainable and eco-friendly.
Lab grown diamonds are conflict-free by definition (see Rare Carat’s conflict-free policy on natural diamonds: https://www.rarecarat.com/blog/company-news/diamonds-and-ethics )
CONs
Lab grown diamonds resale value is more uncertain - if that matters.
Even though lab and nat diamonds are chemically the same, the "natural" origin of a diamond might matter to some people.
There is a third option
Moissanite is dramatically lower in price than diamonds and less in price than Lab Grown
Check out this web site: https://www.brilliantearth.com/gemstones/buying-guide/moissanite/
There are excellent charts and information detailing the three types of "stones" I have listed in this post.
Choosing the Right Jeweler
Once your budget is set, finding a reputable jeweler may be the next step. Ask friends and family recommendations for where they purchased their rings. Many check online review for these recommendations and other stores as well.
I'm a visual person, so taking the time to visit local and regional jewelry stores would be something I would need to do. Traveling to larger towns in Middle Tennessee and East Tennessee could offer you an opportunity to customize any ring to help meet your budget. Engaged couples in the Crossville area might travel to Nashville, Knoxville or Chattanooga to see what they have to offer. See the different types of stones available may help you determine which is the right one for you.
Don't forget to see what a unique stone such as an emerald, ruby, sapphire and amethyst
Enjoying the Experience
Deciding on your engagement ring budget in East Tennessee requires consideration of local economics, cultural views, and your personal financial situation. It's essential to prioritize what feels right for you without feeling constrained by trends, what others think or what you see others wearing. You be You!
By carefully assessing your finances, exploring options, and choosing the right jeweler, you can find a ring that beautifully symbolizes your love without jeopardizing your financial future. And don't forget about the family heirloom that may be sitting in a jewelry box somewhere just waiting for the right hand for it to be places on. Whether its the bride's family or the groom's, an heirloom ring or stone can mean so much to many.
My final thought is that no matter the look, the perfect engagement ring will be the one that reflects you as a couple, brings the two of you together as you will look and think about it ofter as it is a symbol of the love you both hold.
Oh, wait, one more thought - The surprise engagement! How does that factor into to this post? Let's address that soon.
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