That is a very personal decision and I’ll explain why.
The ‘Rule of Thumb’ created by a marketing campaign in the 1940s was that two months salary should be spent on the engagement ring and it certainly worked to boost the profits of jewellers but as the ring is more about emotional than income, other consideration should come to play.
The three major considerations should be:
- Your partner’s expectations
- Your Budget or ability to meet those expectations
- Your partners taste in style and jewellery
The goal is to find a balance between the three.
An interesting side consideration is that statistically, those who pay $thousands or even $millions have shorter marriages, so the higher the ring price, the shorter the marriage whereas marriages where under $5000 was spent on the ring, tend to be long lasting.
My summation on that is that where appearances are placed above the relationship, the relationship will get into trouble but if the love and devotion are stronger, the love will be lasting.
So the best outcome is to buy a ring that you can afford but which is to your tastes.