The amount of money people spend on diamonds and engagement rings is usually shrouded in mystery. When it comes to diamonds, people aren’t very likely to talk about how much they spend. That makes it pretty difficult for most first-time buyers to even know where to start.
If you’re thinking about getting engaged (and shopping for an engagement ring) then you’ve probably wondered how much to spend on the diamond. There is no set-in-stone rule for how much you should spend, and there are so many factors when it comes to the ring and the diamond that you might feel like a rock in a hard place (no pun intended, of course).
If you find yourself Googling “how much should I spend on a diamond?” or “how much are people really paying for diamonds?” or even “how much money is an average engagement ring?” then this data is for you.
Here at Ritani, we think buying a diamond should be as straightforward as possible. So we put together a map to show you how much people are actually spending on their bling. The 15 cities that buy the most diamonds spend anywhere from $5.4k to $10k per diamond. Here’s the breakdown of what each city pays on average:
Top 5 Diamond Spenders
They say everything’s bigger in Texas, right? Dallas, TX forks over the most cash: an average of $10,068 per diamond. Trailing just behind is San Francisco, where people spent an average of $9,663 per diamond. Seattle takes the number three spot: $7,657. Their bling average is only $30 higher than Los Angeles at $7,627. Washington, DC comes in at number five, spending an average of $7,529 per diamond.
Who Buys the Most Diamonds?
In addition to showing who spends the most money per diamond, we also wanted to show which regions purchase the most diamonds. In terms of sheer volume, we find that the tech and entertainment centers of the West Coast purchase more diamonds than any other region. The West Coast’s diamond obsession is closely followed by the East Coast’s business, finance and political capitals. Next up is oil-rich Texas, and retiree-destinations Florida and Nevada. People aren’t buying as many diamonds in the middle of the country and throughout most of the south.
It’s no surprise that these diamond buying trends mirror Forbes’ map illustrating where the richest Americans live.
A Personal Decision
A diamond engagement ring is a symbol that you’re able to save and provide for a family. While knowing how much your friends and peers are spending can give you an idea where to start, the most important thing is to acknowledge your own budget and your own parameters for spending. How much you spend on an engagement ring is entirely up to you and what you can afford.
To learn more about diamonds and engagement rings, check out our Education Center.