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Engagement Rings: How Much Should You Spend?

This year alone about 2 million Americans will be tying the knot. That's a whole lot of ring and wedding planning and a whopping 72 billion dollars spent on weddings. But before planning the wedding, the biggest question that comes to mind is this, "How much should I spend on an engagement ring?"

Photo by Rachel Pfuetzner

Through the years we have heard a lot of rules including but not limited to spending three months' worth of your salary and other myths brought about by diamond companies.

The truth is, finding the perfect engagement ring doesn't have to be as complicated as we make it to be. In fact, you can spend lesser than what The Knot reported as the average cost of engagement rings in the United States if you know where to look.

It's important to NOT being your marriage in debt and find a ring that is both beautiful and of great quality. You must remember that diamonds all come from very limited places in the world, so why do prices differ? It all boils down to operating costs and other factors. Your best bet for buying the perfect diamond engagement ring for a low cost is to get in touch with a wholesaler and get it at the best market price possible.

As an example, The Catherine carries a 1.04 Carat H SI2 princess cut diamond engagement ring is GIA Certified and is set on a halo setting, for other companies, this might sell for above the average national cost but at Trumer Fine Jewelry, you can have this for only $4,200. The stone alone will cost you $3,300 while the setting at only $900.