Looking to purchase an engagement ring and working on a budget of around $5,000? Well, you are going to want to know what you can expect at this particular price range. Besides, without working in a profession that handles diamonds, you can feel pretty clueless about what is fair and what is right. So, I’d like to ease those potential anxieties here today.
So, what does a $5,000 engagement ring look like? A $5,000 engagement ring will typically contain a diamond with a carat weighting of up to 0.75-1.1. Although, the color, clarity, and cut of the diamond, or other gemstone, will impact the carat you can afford and what the ring ultimately looks like.
In reality, quoting numbers will only get you so far.
You want to see examples for yourself right.
You want to actually look at pictures of rings at this price point.
And we will get onto that shortly.
So do keep reading and or scrolling.
- 1 What Kind Of Engagement Ring Can $5,000 Buy?
- 2 What Does A $5,000 Engagement Ring Look Like?
- 3 Can You Afford A $5,000 Engagement Ring?
- 4 Tips For Buying A $5,000 Engagement Ring
- 5 Finally
- 6 Related Questions
What Kind Of Engagement Ring Can $5,000 Buy?
With a budget of $5,000, you should be able to comfortably afford a stunning, impressive ring with a decent size diamond (or other gemstone) and that your fiance-to-be falls in love with.
A common question that people often ask if how much should they spend?
Well, one angle at addressing that question is to look at how much people tend to spend, on average.
And according to a recent 2020 study in The Knot, the average cost of an engagement ring was $5,500.
And consider that’s your average.
A national average.
You’ll have people paying a lot more, and a lot less than this.
Nevertheless, it is fair to say that $5,000 is a great budget to work with and you’ll be sure to find a number of different options and styles for your partner.
For instance, with $5,000 to spend, you can afford an engagement ring similar to this beautiful 1.09 carat pave basket engagement ring in 14k white gold.
Or this gorgeous 1.00-carat platinum comfort fit solitaire engagement ring, which has your quintessential center diamond.
In short, you should not find any issues with finding a high-quality and impressive ring with your budget.
Nevertheless, with that said, you do need to ensure you do your research and due diligence so that you get the best deal possible.
Besides, not all jewelers are as fair in the pricing strategy and you need to be mindful of any additional extras that can soon inflate the price.
And here’s a quick tip.
Buying online is generally much cheaper.
It’s cheaper for the jewelry store, and these savings are thankfully passed onto us customers.
At the same time, buying a loose diamond and setting it separately, then an off-the-shelf option tends to work out much cheaper.
Or at least, you can get a bigger diamond and a better setting for your money.
What Does A $5,000 Engagement Ring Look Like?
The style of a $5,000 engagement ring can differ quite dramatically, altering the appearance and perception of the diamond size.
Here are the different settings available when looking for an engagement ring.
We will then show you examples from James Allen, of what each looks like at this price point:
- Channel Set
- Side Stone
Solitaire engagement rings are the most classic, and traditional. Featuring one singular standout diamond:
Pave engagement rings feature a band of supplementary and supporting diamonds:
$5,000 Channel Set
Channel set engagement rings offer more sophisticated supporting side diamonds:
Side-stone engagement rings provide supplementary gemstones which either complement or contrast the central stone:
Three stone engagement rings have two supporting stones, equal in size and secondary to the central stone:
Tension settings use compression to hold the center diamond in place, giving the appearance that the diamond is suspended in midair:
Halo engagement rings have supporting tiny diamonds around the band to support the central stone:
Include more old-fashioned styles:
Of course, depending on where you go and where you shop, you will see variations of the above settings.
And two rings of the same setting style can vary quite tremendously in appearance too.
And one final thing to consider here is that the diamond you purchase for each ring is where the investment goes.
Here’s a quick guide overview of what impacts the price of the diamond in a ring:
- Cut – how well the diamond is cut/polished. This has a huge impact on the appearance of a diamond.
- Color – corresponds with the color of the gemstone. Clear, colorlous diamonds are more expensive than cheaper diamonds with tints or hints of yellow.
- Clarity – how cloudy or clear the diamond is. This can include blemishes.
- Carat – this refers to the diamond’s weight, and ultimately, its size. The larger the diamond, generally the more it costs (assuming those other factors align).
Can You Afford A $5,000 Engagement Ring?
If you are looking at spending around $5,000 on your engagement ring, first and foremost, ensure that you can afford it,
Run your finances and make sure that you have enough saved for your other financial commitments and your upcoming wedding.
You’ll also need to consider that there are costs involved with maintaining the ring once purchased.
I for one would recommend some form of insurance.
You will then likely need specialized cleanings, repairs, or even resizing over the years.
So the cost of the ring does not just stop at the initial purchase.
Tips For Buying A $5,000 Engagement Ring
Here are some suggestions when buying a $5,000 engagement ring to ensure you get the most out of your budget:
- Opt for a simple setting, like the solitaire or pavé, and put more of your budget into the diamond itself. For example, your budget can get you between 0.75-1.10 depending on what you choose.
- Choose a fancier shaped diamond, to give the illusion that your center diamond is bigger than it is.
- Get an idea of what your partner likes, ahead of time and if you can, discretly.
- Opt for purchasing your engagement ring online from reputable jewlers. You tend to get more for your money this way.
This is why I like to recommend James Allen.
You get a lifetime warranty on any ring purchase, they ship worldwide, provide free resizing for up to a year, offer a 30-day return policy, and even offer financing options should your budget be at a stretch.
Check out their engagement ring selection here and build your ring today.
Now, of course, this is not the only option.
Whatever you do, be sure to do your due diligence and research on the jewler.
Take your time and consider your decision.
It’s a big purchase, after all.
At $5,000, your budget should be able to get you an impressive, gorgeous ring that fills your fiance-to-be with great excitement.
Hopefully, the examples presented here for you today give you some idea as to what to expect.
Nevertheless, when it comes to making that decision, only you will know how much you can afford and how much you should spend.
Maybe that’s not so much of a good idea or you don’t want to wait any longer.
Rest assured, it’s not the cost of the ring that really matters.
It’s what it means and how personal it is, that counts.
$5,000 can be too much for an engagement ring if you cannot really afford it and it causes you financial strain and pressure. That being said, if you can afford it, $5000 is around the average people end up paying for this particular ring.
A $5,000 engagement ring is not cheap. In fact, it is a considerable budget and one that will get you an elegant and impressive ring. However, depending on your financial situation and partners’ expectations, you may want to consider looking at more expensive rings. It all comes down to context.
Hey, I’m Allison – a bride-to-be and the chief editor here at Everlasting Occasion. Here I document all the knowledge and experience I have accumulated since researching for my wedding over two years ago. I try to answer those many questions couples have when planning their dream wedding.