The average price of an engagement ring is now $6,351—a significant rise from the $5,095 recorded in 2011, according to The Knot 2017 Jewelry & Engagement Study.
The survey polls 14,000 engaged or recently married brides and grooms across the United States. Some highlights already appeared in last month’s JCK.
The survey found that 70 percent of grooms figure out the ring’s budget on their own—though 8 percent decided with their partners. Twenty-nine percent of grooms said they spent more than expected.
Most brides (90 percent) were happy with the amount of money their husband-to-be spent on the ring: 6 percent wish they had spent more and 4 percent wish they had spent less.
Only one in three couples—33 percent—shopped for the engagement ring together. The average purchaser took three and a half months to finally pull the trigger on the ring.
But 72 percent of grooms said they faced challenges in buying a ring, including not knowing if they were getting a good deal (35 percent) and not knowing diamond terminology (28 percent).
The survey also found that online sales are growing, with 14 percent of engagement rings bought online, up from 10 percent in 2011. Some 45 percent were purchased at local or independent jewelers.
In addition, online is now the most popular way couples have met, with online dating mentioned by 17 percent and social media by 2 percent, for a total of 19 percent. That beats traditional methods like meeting through friends (17 percent), college (15 percent), and work (12 percent).
Other noteworthy stats:
Average number of rings examined before purchase: 26
Percentage that bought a custom-designed ring: 45 percent
Most popular shape: Round (52 percent)
Average center-stone carat size: 1.2 carats
Average ring total carat weight: 1.8 carats
Most popular ring metal: White gold (61 percent)
For more jewelry information from The Knot survey, click here.
(Image: Malakan Diamond)