Affordable Engagement Rings: Where & How To Buy

The History of Engagement Rings

As with many Western aspects of modern-day society, we can trace back engagement rings to Ancient Rome. These ancient engagement rings were imagined in a simple band style, with different materials used and excavation discoveries have proved gold to have been a popular choice.

Engagement rings were officially acknowledged by Pope Nicholas I in 850 AD, according to the GIA. This is the first time that such rings were given a name and the intention of the rings were communicated. However, diamond engagement rings were not popularized until much later in time. The first recorded engagement ring with a diamond dates back to 1477, when Archduke Maximilian of Austria proposed to Mary of Burgundy. While engagement rings were brought to the US in 1840, it was almost five centuries later, in 1947, that De Beers launched its infamous ‘a diamond is forever’ campaign, which catapulted their place into American society.

How Much Do Engagement Rings Cost?

Engagement rings don’t have to be the classic one-stone band designs we’re now used to seeing. Over the years, different trends and styles have emerged, perhaps including colored diamonds or multiple-stone designs. Whether it’s Megan Fox’s ‘Toi et Moi’ ring or Jennifer Lopez’s bold green diamond ring, celebrities lead the trends.

In the span of two years, between 2018 and 2020, the average amount spent on engagement rings halved. Whereas the average spent price was $7,829 in 2018, in 2020 it was down to $3,756. Spending suggestions for engagement rings has changed drastically over time, as it used to be recommended to spend three months’ worth of salary on an engagement ring, whereas now this rule is no longer the expectation. The trends show that consumers are leaning towards more affordable engagement ring options.

How To Buy Affordable Engagement Rings Online

When buying online, it is always best to go to the experts, especially when it comes to a meaningful piece, such as an engagement ring. Diamonds have universal specifications which help to assess the quality of the stone and without this information, you won’t be able to tell from imagery alone whether it’s the type of diamond you are looking for. A good starting point is to get to grips with diamond grading and the ‘Four Cs’:

1. Carat Weight

Carat weight, which is often abbreviated to ct, is the standard unit of measurement for diamonds and gemstones, which is measured to the thousandth of a carat and rounded to the nearest one hundredth.

2. Color Grade

Color grades for white diamonds range from D (colorless) to Z (tinted yellow or brown). The more colorless a white diamond is, the more valuable it is going to be. Colored diamonds are more difficult to grade and require highly trained laboratory graders.

3. Cut

The cut grade determines how a diamond transmits light, and thereby how much ‘sparkle’ the stone appears to have. The grades range from Excellent to Poor.

4. Clarity Grade

The clarity grade is based on the amount of external and internal flaws. Flawless diamonds are much more valuable due to their scarcity.

How To Keep Engagement Ring Costs Down

When you're thinking of popping the question, it's a good idea to give yourself a realistic budget for the engagement ring. Whatever price you are looking at, there are ways to keep costs down so you can get the very best for your buck. 

One of the best ways to save money on your engagement ring is by buying pre-owned. Not only is it better for the planet, but you'll be able to get more for your money without compromising on quality.

myGemma boasts an array of affordable engagement rings, with new styles added regularly. From brand to price and diamond specifications, use the filter options to find your perfect match. Alternatively, use our White Glove Service offering to help you on your journey or make the most of our Diamond Concierge Service to create your dream engagement ring.