Updated August 28, 2022

Engagement Ring Statistics: 23 Surprising Facts

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Taking your relationship to the next level is a huge step. Learn about what couples did before you. Then start shopping for a diamond.

Asking your true love to marry you is a big step. And you can't show up empty-handed.

You get down on one knee. The next step is presenting your sweetheart with a carefully chosen engagement ring.

But choosing a ring can be a lengthy process. Learn what the brides value most. And how to make the most out of your money.

The Cost of an Engagement Ring

How much does the average engagement ring cost?
Before you start browsing jewelry stores, it helps to have a ballpark estimate of what an engagement ring will cost you. Researchers determined the average price comes in at right around $6,000.

How much do grooms actually spend on a ring?
The average amount spent on a ring in 2020 was $3,756. A decrease of roughly $2,000 of the average cost.

Do people spend more than $10,000 on a ring?
Nearly $6,000 is nothing to sneeze at when buying an engagement ring. Some fiancés are willing to splurge even more. Approximately 20% of couples shell out more than $10,000 on a ring.

What's the average cost for a luxury engagement ring?
Deciding to go all out on a ring doesn't come cheap. The average cost of a "luxury" engagement ring is around $13,500.

Tip: Considering a bigger diamond? Read our guide on how to pick the perfect 2-carat diamond for the best value.

What's the most expensive engagement ring of all time?
Celebrities are known for flashing some pretty pricey bling when walking down the aisle.

The most expensive engagement ring belonged to none other than Grace Kelly. The ring, given to Kelly by Prince Rainier III of Monaco, was worth $4 million. Today it is reportedly worth a cool $38.8 million.

Shopping for Engagement Rings

Do brides buy their own ring?
Interestingly, not all grooms are footing the bill for their future spouse's ring. Brides pick up the tab 14% of the time.

Are grooms alone when shopping for rings?
Some proposees don't fully trust their future spouses. At least not when choosing out the ring they will—hopefully—wear for the rest of their life. 72% of brides influenced the buying decision.

How do people research engagement rings?
Browsing in jewelry stores for an engagement ring is time-consuming. It can also be uncomfortable to have a salesperson hounding your every step. That's why around 33% of couples do their ring-buying research online instead.

Where are most engagement rings purchased?
Ring shoppers tend to head to the same place to buy their rings. Roughly 67% are picking theirs up at a physical jewelry store.

Tip: Don't overpay. You can save 40% by buying a diamond engagement ring online. That way you can get a better ring for less.

How long do grooms shop for a ring?
Choosing the right ring to propose with isn't something you want to rush into. On average, grooms spend five months looking before making their final choice.

Types of Engagement Rings and Favorites

What's the most popular diamond shape?
Diamonds come in several different shapes. But round is overwhelmingly the favorite, accounting for 40% of engagement ring sales. Princess cut is a not-too-distant second place at 22%.

How big is the average diamond?
If you're spending several thousand dollars on an engagement ring, you expect to get your money's worth. Rings that feature just a single center stone weigh in at 1.1 carats on average. Rings with additional smaller diamonds come in at 1.7 carats.

Many grooms hope to get the 1-carat benchmark. Can you afford a 1-carat diamond? Learn what you can expect to pay and how price is affected by the 4C's and different shapes.

To find the right size for you, check out our guides for 1 carat, 2 carat and 3 carat diamond engagement rings.

How big is the typical diamond in a luxury ring?
There's an old saying that you get what you pay for. That's certainly true if you're buying a luxury engagement ring. On average, the center stone for this type of ring weighs 1.5 carats alone. With the combined weight for all stones totaling over 2 carats.

How many brides prefer other gemstones?
Diamonds are a girl's best friend. But some brides take a nontraditional route. Nearly 14% of the time, they choose a ring with an alternative gemstone.

What's the most popular band type?
Yellow gold bands have long been the industry standard, but white gold is clearly the new favorite. About 45% of engagement rings purchased in 2021 had white gold bands.

Which ring feature matters most to brides?
When you're shopping for an engagement ring, it's easy to focus on the price or how flawless the diamond is. But there's a lot more to it than that. 86% of brides say the design is most important.

Keep in mind: It's important to design a ring that fits her style and personality. Part of that is figuring out what shape suits her best. Get the scoop on all the diamond shapes, who they're best for, and things to watch out for.

How important is the size of the diamond?
Surprisingly, how big (or small) the stone is doesn't determine how happy brides are with the final product. In fact, 47% of brides acknowledge that it's just "somewhat important."

What do ring buyers believe is most important?
There's a wide range of criteria grooms use to select an engagement ring. 50% of them say the type of stone is where they focus their attention. Only 20% say the setting is the first thing they notice.

Wedding Bands

Where do couples get their wedding bands?
While the engagement ring is usually more of the priority for buyers, most of them like to get their wedding bands from the same place. Nearly 60% of couples purchase theirs from the same retailer as the diamond.

How much does the average wedding band cost?
Compared to the engagement ring, wedding bands are usually less of a budget buster. The average cost for the bride's band is $1,100, and for the groom's, it's just $510.

How expensive are luxury wedding bands?
You can't have a luxury engagement ring without a luxury wedding band, and you should be prepared to pay for it. For brides, the average price is $1,560. For grooms, it's up to $731.

Which metal is most popular for wedding bands?
White gold is the number one choice overall for engagement rings. But it's a mixed bag when it comes to wedding bands. Brides choose white gold 70% of the time. But only 34% of grooms make it their top pick.

Bottom Line

An engagement ring is more than just a financial investment. It's also a symbol of your commitment to your future spouse. How much you decide to spend ultimately depends on your budget. And what your future spouse is expecting.

Does the cost have any connection to marital bliss?

Before you plunk down a huge wad of cash on an engagement ring, you might want to think twice. Researchers found that men who spend $2,000 to $4,000 on a ring are 1.3 times more likely to end up divorced than those who spend between $500 and $2,000.

References

Rebecca Lake is a journalist at CreditDonkey, a diamond jeweler comparison and reviews website. Write to Rebecca Lake at rebecca@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

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