Conventional wisdom dictates that a guy should spend 2-3 months’ salary on an engagement ring. And if you go by the guidelines, the cost of a diamond ring can go as high as $10,000 to $20,000 depending on your income.
However, you don’t have to break the bank in order to buy a breathtaking diamond ring nor do you have to follow the rules established by jewelers that make you spend more.
In today’s article, we will showcase some of the very best engagement rings for under $5000 (in our opinion). We will also reveal insider tips to shopping smart and help you get best bang for your buck…
With a budget of five thousand dollars, you can explore a variety of designs and still get a good quality engagement ring. Below, we’ve rounded up 10 of the prettiest engagement rings with a variety of different metals, diamond sizes and shapes.
Scroll down to check them out and feel free to click on the images to see full details!
An elegant setting created by Blue Nile, this platinum setting flaunts a halo that accentuates the size of the center stone. The micropave diamonds on the shanks add another dimension of sparkle to the ring too.
FYI, I’ve recently purchased this ring design from Blue Nile. I’ve also written an indepth review of the ring’s craftsmanship and appearance. If you are interested to see close up pictures and learn about the entire shopping process, click this link…
This knife edge solitaire ring design combines an evergreen design with low pricing. At the time of writing, the 6 prong setting costs only $240 and offers superb value for money. Simple, classy and affordable!
This dainty ring has a 0.84ct H color internally flawless round diamond that is surrounded by a floral motif. When seen from a distance, it resembles a bouquet of flowers on your finger and is bound to attract compliments from people.
This gorgeous ring boosts a lovely heart shape halo that encircles a 0.82 carat diamond. Besides adding sparkle to the ring, the halo also serves to highlight the outline of the center stone and accentuates its shape appeal.
A fusion of nature and vintage inspiration, this alluring ring features a 1 carat Asscher cut diamond that is held securely with 4 prongs. The intertwining leaf design on the shank is finished with a lovely milgrain edge.
This 14k white gold ring takes inspiration from the vintage era and showcases a hand engraved motif. On the sides of the ring are pave melee diamonds that add a layer of brilliance and sparkle. The detailing on this ring is fantastic as well and you can see the expertly handmade milgrain edges.
Sometimes less is more. This petite solitaire design from Blue Nile utilizes a beautiful frame to secure the center diamond. In this manner, the basket enables the diamond to capture light effectively from the surroundings.
One of the most popular multi-stone ring designs in today’s market, this classic 3-stone ring design features baguette sidestones on the shanks and carries symbolic meaning. The wire basket is custom made to fit the center stone and secured with ball prongs.
This demure ring features pave melees both the prongs and basket to create a 360° array of sparkle. To add even more bling, the center stone is also accented with diamonds on the shanks for a display of fireworks!
This spectacular halo engagement ring features an emerald cut diamond that is surrounded by 20 round melees. The highlights of the ring are the hand-carved Fleur de Lis motifs and this is topped off with milgrain accents for the center stone.
Having been in the industry for years, let me tell you that one of the biggest mistakes consumers make is to buy a preset or off-the-rack diamond ring. While doing so may seem “convenient”, it usually results in a compromise on quality and selection.
On top of that, there is an obscurity in prices since the cost of different components of ring have been “bundled” together. Factors like these enable unethical jewelers to overcharge or push subpar goods from their inventory.
The bottomline is, you should avoid preset engagement rings or “ready-to-ship” options. Instead, you should ONLY be looking at building your own ring based on a loose diamond selection and setting of your choice.
And don’t worry, it is actually a pretty straightforward and fun process. So, if you have a budget of $5,000 for an engagement ring, let me show you the smart way for shopping.
First of all, you need to determine exactly what you want and figure out your recipient’s preferences. These questions should help you piece things together…
Let’s face it, most of us have a limited budget to work with. Determining ring specifications before hitting the stores will prevent you from wasting time running around in circles and save you a lot of frustration. More importantly, it also helps you avoid unnecessary upsells and keeps you focused on the task at hand.
If your recipient wants a Tiffany inspired solitaire ring setting, this knowledge will enable you to work backwards and calculate how much of your budget would be left for the center stone. Let me illustrate this by using one of the best 6 prong solitaire setting from White Flash that costs $1,600.
The Vatche U-113 is the best Tiffany style ring design in the market.
With a budget of $5,000 for the engagement ring, it leaves you $3,400 ($5000 – $1600) for the center stone. With some simple math, you know exactly how much you can spend on the center stone and this helps you narrow down the available options immediately.
Simply by using search filters, you can instantly narrow down diamond choices for cherry picking.
On the other hand, if you found out that your recipient expects a 1 carat diamond for the proposal ring, then your priority in budget allocation would be geared towards the center stone. In this case, the leftover balance from your budget would go towards the setting.
To illustrate this, let’s say you shortlisted the following 1ct princess cut diamond from James Allen which costs $4,140. With a budget of $5,000, this would leave a balance of $860 ($5,000 – $4,140) for the setting.
With this information in hand, you can now narrow down the available setting designs that costs around $860. See screenshot below…
Contrary to what some people may think, building your own ring on a five thousand dollars budget is pretty straightforward and well worth the effort. Not only does it allow you to cherry pick the best diamonds, it is also an enjoyable experience to handpick the ring for a loved one.
As you can see, the perfect engagement ring doesn’t have to cost a fortune. If you shop smart and approach the purchase with a practical mindset, it is possible to buy a stunning ring for under $5,000.
Remember to think of her personal style and preferences before deciding what to buy. And as a reminder, sometimes less is better. The key is to strike a balance between your budget and expectations.
Good luck with the ring shopping and if you have any questions or need help with a selection, feel free to drop me an email or leave a comment below!