What Is the Average Cost of an Engagement Ring?

When it comes to an engagement ring, there are two major discussion points: How pretty is it, and how much does it cost? The average cost of an engagement ring varies, but knowing more about the ring can help you to understand the price.

Cost

There is no general "average" cost for an engagement ring. Some cost as little as $1,000, while others can exceed $20,000. There are certain design factors for each ring that can give you a better idea as to its cost.

Metal

The metal used for an engagement ring can give you a better indication of its cost. Gold, platinum, titanium and silver are all popular metals for engagement rings. According to Ring.com, silver is the least expensive, and platinum is the most expensive.

Diamond Size

The size of the diamond, known by its weight in carats, is what makes the cost of the engagement ring. The bigger the size, the more expensive the ring.

Diamond Cut

The cut of the diamond also speaks to the cost of the engagement ring. Certain cuts are less expensive, such as emerald and princess, while other cuts are more expensive, such as Hearts on Fire and Asscher.

Diamond Setting

The setting for the ring also affects the cost. There are multiple settings for each type of diamond--the number of prongs and the portion of the diamond affect the cost. According to Love to Know, prongs are the cheapest, while tension and bevel settings are the most expensive.