Solitaire engagement rings are the most popular style of diamond ring, with a single central stone and a smooth band. While $10,000 may seem like an incredible budget to work with, it's important to keep your expectations in check. How much you should spend on an engagement ring is totally up to you and your partner. These expensive rings are made with the best quality stones, often 18-carat gold and platinum.
Wedding rings are often given as a second ring to complement a more expensive diamond engagement ring. If taking out a loan to buy a ring places you above that threshold, you may want to postpone buying the engagement ring until you have reduced your debt. If you're choosing an engagement ring for someone else and you have no idea what's in vogue, check out bridal magazines for advice on your sweetheart, you're probably watching too. However, if you can't afford it and you might not even have 10,000 saved up for emergencies, then that 10,000 is too much.
Most people spend about 4% of their total annual pre-tax income on their engagement rings, and for the average person, the ring is worth approximately 2 months' salary. You've probably heard the famous rule that you should spend two (or more) months' salary on an engagement ring. While silver isn't as popular of an option for engagement rings, it can be just as beautiful and more affordable. So, if you are wealthy and you are sure that you will not miss the 10,000 meters, and if you are sure that your partner will appreciate wearing that beautiful ring, then it may be worth it.
It's ideal to pay for an engagement ring in cash because you won't have to worry about its cost anymore and also because most jewelry stores offer big discounts on cash purchases. A decade later, when I bought my engagement ring, I realized that I didn't love the traditional patented cut of Tiffany & Co and that I wasn't interested in paying more for the prestige of that little blue box.