How much to spend for engagement ring?

Pollycat

Laconic wrote: »

Another interesting point: it's very enlightening to actually look at the resale value of engagement (and wedding) rings.
I like this write up as it's entertaining, but a quick look round auction sites will confirm it -- you won't see half the retail value back.
http://www.getrichslowly.org/blog/2014/06/04/act-surprised-your-wedding-ring-is-a-terrible-investment/

Treat it as a consumable, not an investment and go for what you're really happy with.
Better yet, buy a magnificent ring for a quarter of its original sale price, used.

And that article also reiterates the De Beers story of how much you 'should' pay for the ring..

I wouldn't hesitate to buy a second hand ring - or second hand jewellery in general.
In fact I've bought several 2nd hand silver bangles at pretty good prices.
Several of my friends have also realised the value of buying second hand jewellery.

I guess the problem is that most people who are getting engaged lead with their heart instead of their heads and buy a new ring from an overpriced high street jewellers - and are consequently surprised that their ring isn't worh anywhere near what they paid for it if they need to sell it at a later stage.

Mojisola

Detroit wrote: »

My mum told me it should be a months wages, the idea being that it was an investment, and could be sold in hard times to give you cover for a months living expenses.

This was obviously before savings accounts were common and not relevant now, but interesting if this is where it came from.

It isn't. It was a calculated advertising campaign.

marisco_2

I don't think it is necessary to spend anywhere near that amount on an engagement ring. At the end of the day it is more important how someone feels than what they wear on their finger. Just a personal perspective. I would also suggest giving a token ring and then going out together to choose the actual one.