Budgeting for an Affordable Engagement Ring

Article by Stephanie

Times, they are a-changin'! It used to be said that to budget for an engagement ring, you’d need to save and spend about two month’s worth of your salary. In today’s current economy, buyers are choosing to kick tradition and focus on what’s important to themselves and their significant other. Today’s consumers are now choosing to pay off school loans and save for a down payment on a house, rather sink cash into an engagement ring. Diamonds are one of the most expensive lifetime purchases, but they don’t always have to be! With lab-grown diamonds running about 25%-40% less than earth mined diamonds, you can confidently purchase the affordable engagement ring of your dreams. The best part is that it will come with a clear indication of where it was grown, and you can rest assured that your purchase goes to support communities negatively impacted by the diamond mining industry.

 

lab grown diamonds for affordable engagement rings

When it comes to engagement ring budgets, we have seen them all across the board from $1,000.00 to $20,000.00. Surprisingly in 2020, the budgets have been higher for engagement rings for millennials, usually coming in somewhere between $4,000.00 and $5,000.00. When shopping for lab-grown diamonds with that budget, you can get a 1.92ct, I color, VS2 clarity, excellent princess cut for $4,220.00. When shopping for an earth mined diamond with the same budget, it would cost you $4,300.00 for a 1.21ct, I color, VS2 clarity, very good princess cut diamond. To get the most for your money, whether you’re looking for size or quality, lab-grown is the way to go!

 

If you have a specific carat weight in mind, we suggest shopping for diamonds that are just below your desired carat weight. For example, if you’re wanting a 1.0ct lab-grown diamond, search for 0.98ct or 0.99ct instead. You’ll save money because they’re below a major price mark for weight, and the difference visually is nonexistent. Another way to stretch your budget is to look for a halo style ring. The halo of diamonds around the center stone gives the illusion of a larger diamond.

affordable engagement ring

Another wonderful perk of shopping with MiaDonna is that we offer an upgrade program, where we purchase your original lab-grown diamond back at the price you paid for it. If you’re looking at engagement rings, you can always start smaller and upgrade later! We also offer gorgeous lab-grown gemstones that may fit your budget as well. At only $395.00 per carat, this is a great way to get a larger center stone. We also offer free domestic shipping, a 30-day return policy, and a 90-day resizing window without any cost to you.


Here at MiaDonna, we don’t work on a commission basis. We want our customers to feel happy and confident in their purchase. We are here to support you, and provide the best service possible without any added pressure to sell you something above your price range. Our goal is to find you the best quality diamond at the most affordable price. No matter what your budget may be, we’d love to create the perfect ring for you and your significant other!

affordable engagement ring