You’ve found the one person you want to spend the rest of your life with. Now you just have to ask that person the one question that will change the rest of your lives forever, “Will you marry me?”

But before you get down on one knee, you’ll likely want to procure that special piece of fine jewelry that’ll forever serve as a reminder of your love and commitment, an engagement ring.

Chances are that before you even begin thinking about what type of engagement ring style, gemstones, metal, etc. your significant other would like, you’re probably wondering how much money you’ll need to set aside for the ring.

The answer is that it depends. Engagement rings can cost anywhere from $0 (if you’ve inherited the ring from a family member) to millions of dollars. According to The Knot’s annual jewelry and engagement ring study, the average cost in 2019 for an engagement ring in the Midwest was $5,300.

Here at Kloiber Jewelers, we’ve created engagement rings for as little as a few hundred dollars to rings upwards of a hundred thousand dollars. The cost depends on a variety of different factors including:

• Quality, Size, Type, and Quantity of Gemstones: Diamonds are the number one choice for engagement rings. Their beauty and ability to stand up to everyday wear is incomparable to any other gem, making them one of the most valuable types of gemstones in the world. Diamonds that are large in size, colorless, have few inclusions, and have the best cut will demand the highest price. But not everyone can afford a high quality diamond. Those looking for a less expensive diamond alternative may want to consider gems such as sapphires, moissanite, and rubies.
• Metal: The amount and type of metal needed to create your engagement ring will also affect its price. Platinum will offer the best protection for your gemstones but will also cost the most. White gold, yellow gold, and rose gold are all suitable options for engagement rings and cost a fraction of the cost of platinum.
• Style: Engagement rings that require a great deal of skill and labor to create will cost more than rings with easy-to-make, simplistic designs.

So ultimately, the cost of an engagement ring is really up to you. Your budget along with the style and quality of the ring and gemstones will determine the cost of the engagement ring. We recommend setting aside an amount you feel comfortable spending on the ring and working with an experienced, reputable jeweler who will be able to guide you into making the best use of your budget to ensure you end up with a well-made ring you can be proud to propose with.