Ring budget
When acquiring a ring, it is good to first define your budget, as the precious metals and diamonds used in the ring greatly affect its price. A clearly set budget makes it easier to find the most suitable and stunning ring for you. However, when buying a ring, it's worth investing in a good quality one, as a quality ring will last a lifetime and, at best, become a family heirloom.
How big should the ring budget be?
There are many different rules of thumb regarding ring budgets around the world. For example, a common rule in the United States suggests spending two months' salary on a ring. Another well-known rule is to acquire a diamond ring whose carat weight matches the woman's age (e.g., a 30-year-old woman, a 3.0 ct diamond). In Finland, there are no specific definitions or rules of thumb for the price of a ring, so a ring purchased according to a budget that suits your own finances is definitely the best choice. Ultimately, the price tag of a ring is hardly the most significant factor for the wearer.
Why do ring prices vary so much?
Ring prices vary according to fluctuations in the world market prices of precious metals. For example, the price of gold fluctuates continuously, but ring manufacturers review their prices a few times a year. Another factor affecting the price of a ring is the fineness of the precious metal, for example, the quality of gold. Especially in plain engagement rings, the quality and quantity of gold are factors affecting the price of the ring. In diamond rings, the quality and size of the diamond affect the price of the ring. Often in diamond rings, the price does not change as radically between different sizes as in plain rings, but the cut of the diamond greatly affects the price of the ring; the price difference between two similar diamonds with different quality cuts can be up to 50%.
The images below show a indicative price comparison for 14k and 18k yellow gold and white gold 3mm wide flat profile engagement rings. The images clearly illustrate the changes in price as the ring size (i.e., the amount of gold) and the quality of the gold change. With some ring manufacturers, there is also a price difference between yellow gold and white gold rings. Most often, palladium white gold rings are slightly more expensive than yellow gold rings.
In diamond rings, the most significant price difference is created by the size and quality of the diamond. The cut of the diamond has a great impact on the price of the ring, as the cut is one of the most important factors of a diamond. Even if a diamond is otherwise perfect, a poor cut greatly affects its appearance and thus significantly reduces its value. A smaller, excellently cut diamond is usually more expensive than a larger, slightly less well-cut diamond. The images below illustrate the price differences of diamond rings based on diamond color and clarity.
The quality of diamond cut is influenced by three areas, which are graded as: excellent, very good, good, fair, and poor. Among ring manufacturers, for example, Sandberg only uses diamonds in its rings whose cut grade is excellent (3ex), meaning the cut quality is always the best possible.
If the ring does not specify, for example, its color, clarity, or cut quality, it is advisable to confirm these before making a purchase decision to avoid overpaying for the diamond. Often, omitting to mention these features indicates a lower quality diamond.