A diamond ring doesn’t come cheap. But, those who buy it know that it’s worth every penny spent on buying it. The presence of a diamond ring makes every occasion a little more special and memorable. A diamond ring is also very versatile as you can gift or make somebody wear it on different occasions. When you think of timeless engagement rings, you think of a diamond ring. While diamond engagement rings are much sought after, there is also a lot of demand for bridal diamond rings as well.

If you have been planning to buy a diamond ring for someone, you must be wondering about the kind of money you need to set aside to buy it. While vintage engagement rings, which have diamonds on them are very expensive, you could get contemporary diamond at lower rates. You will get a variety of diamond rings to choose from when you visit a jewelry store or look for options online. To ensure that your search doesn’t make you feel exhausted, you should decide on a budget right before you start looking for the ideal diamond ring.

According to a Jewelry and Engagement Study conducted by The Knot in 2020, you have to spend, on an average, $5,500 to buy an engagement ring in America. As per the study, 25% of the respondents spend in the bracket of $1,000 - $3,000 to procure an engagement ring. As far as buying diamond rings in America is concerned, you should be ready to spend between $3,500 and $6,000 when you go shopping for a diamond ring. In cities like Chicago and New York, according to the survey, buyers are willing to spend higher amounts to purchase large-sized diamond rings.

A lot of thought goes into buying a diamond ring. Much of it pertains to the financial decisions you need to take after deciding to procure a diamond ring. You must not buy a diamond ring that proves to be a liability for you or one which takes a toll on your financial health. These days, many financial agencies offer different type of loans for buying diamond rings.

While opting for such a financial scheme wouldn’t be a bad idea, you must carefully examine the terms and conditions attached to them before you take a loan. If the jeweler is giving you an option of paying EMI for it, you must figure out whether you can afford to pay the monthly payment that they ask you to.

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