How Much Should I Spend on an Engagement Ring?

An engagement ring isn’t just jewelry. It’s a promise—a symbol of love, commitment, and the forever you’re building together. But when the time comes to buy one, almost every man asks: How much should I spend on an engagement ring?

The truth? There’s no single right number. The best engagement ring strikes a balance between budget and beauty, lifestyle and legacy, personal values and shared meaning. In this article, let’s clear up common myths, explore what really drives cost, and find a budget that feels right for your love.

4 Common Myths About Engagement Ring Spending

1. “It should cost two or three months’ salary.”

This marketing rule is outdated. Your engagement ring should fit your financial comfort and not a generic formula.

2. “The bigger the diamond, the better the ring.”

In reality, an engagement ring’s beauty lies in its design, craftsmanship, and the meaning it holds. Smaller center stones shine brighter when they’re of high quality and paired with the right setting.

3. “Engagement rings are investments.”

While diamonds are valuable, engagement rings are not primarily for resale. After all, they’re heirlooms of love. Their true return is in meaning, not money.

4. “You have to buy a natural diamond.”

Today, couples are embracing both natural and lab-grown diamond options. There’s no single better choice because what matters most is quality. All you need to do is choose the stone that best aligns with your values, love story, and budget.

Here’s the truth: The right ring isn’t about cost. It’s about what feels authentic to your story.

5 Factors That Influence How Much You Should Spend on an Engagement Ring

When deciding on a budget, consider more than just the stone and setting. Think about:

• Financial Readiness: Choose a budget that won’t strain your future together.

• Shared Values: Do you both prioritize luxury, sustainability, symbolism, or practicality? Let your values guide your choice.

• Lifestyle: If you both enjoy adventures and live active lifestyles, you may want a durable platinum ring and a secure setting. Those who live slow and relaxed days may lean toward ornate gold designs.

• Legacy & Meaning: Do you want a ring that can be passed down as an heirloom, or one that reflects this special moment at present?

• Personal Priorities: Some couples prefer allocating more for their wedding or future home, while others want a special ring to mark this new chapter. Both choices are perfectly valid.

What’s the Average Engagement Ring Cost?

In the Philippines, most couples invest ₱50,000 to ₱500,000 ($900 to $8,800) in an engagement ring. The final amount varies depending on the choices you’ll make, especially when it comes to the center stone, metal, and design.

The Center Stone: Natural vs. Lab-Grown Diamonds

The diamond is the heart of an engagement ring, both technically and symbolically.

• Natural Diamonds
  Priced at around ₱200,000 to ₱700,000 ($3,500 to $12,300) for a 1-carat stone, natural diamonds are prized for their rarity and timeless story. Formed over billions of years under immense heat and pressure, each natural diamond represents endurance, strength, and a love that has stood the test of time. With a perfect 10 on the Mohs hardness scale, they are unmatched in durability, making them ideal for daily wear.

• Lab-Grown Diamonds
  Typically ranging ₱50,000 to ₱100,000 ($900 to $1,800) for a 1-carat stone, lab-grown diamonds share the same chemical, physical, and optical properties as natural ones. They are equally brilliant and durable, but lab diamonds are more accessible in price. Symbolically, these gemstones represent a modern kind of love: intentional, ethical, and future-focused. For couples who value sustainability and innovation, lab-grown diamonds are a thoughtful choice.

The Metal: Gold vs. Platinum

• Gold: Warm, versatile, and traditional. The price of a plain gold band starts at ₱40,000 ($700). Available in yellow, white, and rose tones, gold offers flexibility in style and customization. Its malleability allows intricate designs, though white gold may need replating over time.

• Platinum: Rare, hypoallergenic, and exceptionally strong. A plain platinum band starts at ₱50,000 ($880). It doesn’t wear down, develops a graceful patina, and is able to secure diamonds with unmatched strength. Platinum symbolizes a love that grows more beautiful through time.

The Design: More Than Beauty

• Solitaire Setting: From ₱80,000 ($1,500). It’s a classic and timeless design showcasing a single diamond as the centerpiece to symbolize unity and simplicity.

• Halo Setting: From ₱100,000 ($1,800). A halo setting means that the center diamond is surrounded by smaller stones, signifying how love radiates outward.

• Pavé Setting: From ₱100,000 ($1,800). With diamonds set along the band, a pavé design represents the sparkle of life’s shared moments.

• Three-Stone Setting: From ₱120,000 ($2,200). Three center diamonds symbolize love’s past, present, and future—a deeply meaningful design for many couples.

Beyond the Price Tag

Don’t overlook warranty, after-sales care, and ethical sourcing. Certification from GIA or IGI, resizing, replating, and polishing services ensure your ring remains as brilliant as the day it was given. Moreso, choosing ethically sourced natural diamonds from Forevermark, Canadamark, or blockchain-traced stones adds another layer of meaning, ensuring your forever piece was created with integrity.

FAQs: How Much to Spend on Engagement Rings

Q: How much should I spend on an engagement ring in the Philippines?

A: Most couples spend ₱50,000 to ₱500,000 ($900 to $8,800). Just keep in mind that your budget should reflect your priorities and comfort.

Q: What’s the most durable option?

A: Platinum bands with diamonds offer unmatched strength, but with proper care, a gold engagement ring is also long-lasting. Choosing the right setting that protects your center stone is equally important, as well as working with a reputable jeweler who crafts with integrity.

Q: How do I know if I’m overspending?

A: If it compromises your future plans (home, travel, savings), it’s too much. The ring should celebrate your love, and not create stress.

Choosing Your Forever Piece

At the end of the day, asking “how much should I spend on an engagement ring?” is really asking: “how much is right for us?”

Forget outdated rules. Focus on your story, your shared values, and the meaning behind your engagement ring. The right choice is one that feels timeless to both of you.

At Lucce, we’re here to help you find not just a ring, but Your Forever Piece. Explore our signature collection of engagement rings, designed to honor your love today and for always.