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In this wall I will be discussing wedding ring costs and factors!

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This image displays the carat sizes and band thickness on a women's hand. 

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I chose this photo because ring thickness and carat sizes are major decisions to make when looking for a wedding ring and impact the cost majorly. I like how you can see the clear differences in the ring's all on the same finger.

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This image displays a stack of 5 wedding and engagement rings varying in size and textile.

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I chose this picture because I think it displays the different textures and styles a ring could have such as diamond-encrusted, a top diamond, or a plain band. It also shows that some people wear multiple rings which will affect price.

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What is a typical amount to spend on a wedding ring? Does it depend on the cost of your engagement ring? If he spent a lot on your engagement ring, does that mean you need to also spend quite a bit on your wedding ring?

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Summary:

This website is for an actual jeweller in Canada with a page dedicated to helping people select and budget for their ideal ring. They first discuss how much someone should spend and give you the average cost of a wedding ring in Canada for 2023 which is helpful for creating a “ballpark” estimate when you know nothing about rings.  They also have a good list of factors to consider before buying a ring.

Why I Chose it:

I chose this website because it has easy-to-follow and helpful advice from knowledgeable jewellers. They give all the information to you to make an informed decision. I also like how they noted how much rings vary in price and whilst someone may spend 3 months' salary another will spend 1 month.

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Budgeting for an Engagement Ring | Peoples

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Planning on purchasing an engagement ring? Learn how to budget for an engagement ring with Peoples Jewellers' helpful guide.

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Summary:

This website breaks down what they believe to be the top five cost factors when it comes to ring shopping. They start with the biggest cost factor to the ring which is the center stone and then break it down further to the cut and colour of ring.

Why I Chose it:

I chose this website because of the diagrams they use. When you scroll through the website they break down the ring costs explaining the ways that cut, colour, carat sizes can affect the cost along with a diagram. They also discuss the different kinds of stones that could be the center stone and how the accessibility of those stones and how rare they are affect the price.

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How Much You Should Spend On An Engagement Ring In 2022 | FRIDA Fine Jewellery

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Today, there are no rules on how much to spend on an engagement ring. Here are the most important factors to consider when determining a budget.

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Summary:

This is another Canadian jeweller and this one offers a tab for calculating the cost of a ring. They ask you to input your yearly income, monthly costs, and how long until your planned proposal to start giving you ring suggestions. They also offer easy to complete research tabs to determine what type of metal you want to use and a diamond education guide so you can make an informed decision.

Why I Chose it:

I like this website because it is short but gives you all the important information as well as additional links to further your research. Like other other websites they discussed the average cost of rings in Canada but also discussed options to lower the cost for rings out of your budget.

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Wondering how much you should spend on an engagement ring?
Our calculator will help you set budgets based on your lifestyle to help you buy the perfect ring.

One step closer to finding the perfect ring

From the information you provided you should be able to save a maximum of $ 300 per month.

As you have 5 months until you wish to propose, this should give you a total of $ 1500 available to spend on the ring.

Here are our favourite products recommended for your budget:

What's the average cost of an engagement ring?

So you're getting ready to pop that all-important question but not sure how much you are expected to spend on buying an engagement ring. The CA average paid price for an engagement ring is around $570 and it is worth pointing out that you can definitely purchase a beautiful piece for this amount. Although it is also worth noting, the amount you choose to spend should be determined on your personal preference and budget.

You may be wondering how to choose an engagement ring. There are many important factors which affect the price you will pay. This is determined by the metal type chosen, the diamond cut, clarity, color and carat weight and the overall design. For example those with a tighter budget may wish to opt for a more affordable 9kt gold, which is both practical and classic, whereas those with a slightly larger budget may choose a durable and elegant platinum.

What ring can I afford based on my salary?

It is important to determine how much of your salary you should save for the ring. The age-old myth is that an engagement ring should be equivalent to between one to three month's wages. For some, however, this may seem a lot of money to be spending on a piece of jewelry and it should really be based on how much you feel comfortable with spending. It is a good idea to look at exactly what you can afford, this should be a calculation based on your annual salary, monthly expenditure, current savings and the amount of time you have left until you pop the question. Simply fill in the details above, and our handy engagement ring calculator will help determine how much you should be able to afford.

The best ways to save for an engagement ring?

There are a few quick tips to help you when saving up for an engagement ring. The first and possibly the most important thing is to do your research, visit our diamond education and metal guide to learn more about how to choose the best diamond for your budget and the differences between precious metal types. You may or may not by this point have an idea of the type of ring you would like, do some research into the different styles to get an idea of what you can afford. It is then a good idea to set your budget (use our engagement ring calculator as a guide) and stick to it as closely as possible!

Once you have the budget in place it is time to save, why not try setting up automatic transfers into another savings account, skip the bigger purchases and save any loose change instead of spending it. No matter what your method is, it is a good idea to commit to it.

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How much to spend on her engagement ring? Our engagement ring calculator will help you set a budget to buy the perfect engagement ring.

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Summary:

This is a Global News Article all about price point and how to save money when finding a ring. They suggest buying other gems instead of diamonds to save money when ring shopping. There is also an authors website linked that is a beginner’s guide to shopping for a diamond with out spending too much money.

Why I Chose it:

I chose this article because it was specifically for Canadian shopper and not from a Jeweller where they benefit on swaying your opinion. They attached other useful resources to do more indepth research. I like how they offer alternatives that are actually useful such as changing the shape to make a smaller diamond appear larger, using other gems, and finding rings online for discounted prices.

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Get ready for a wave of engagement rings to flood your Facebook feed: December continues to be the most popular time for men to take the plunge and pop the question.

Twenty per cent of Canadian men in a relationship are expected to propose this month, according to the 2015 Wedding Bells survey. But that doesn't mean they necessarily want to spend a fortune on the ring.

How much should you spend?

"In many cases the guy isn't prepared to spend anything if he can avoid it," jokes Duncan Parker, the vice president of Canada's Gemology Institute.

That could be why the Wedding Bells survey found a majority of brides have a say in how much their engagement ring will cost.

Earlier this year, rate comparison website RateSupermarket.ca pegged the average price of an engagement ring to be $4,000.

Experts say you shouldn't base how much you spend, though, on anything other than your own budget - especially since the average Canadian wedding can cost a couple upwards of $30,000.
READ MORE: Putting a ring on it? Do your research, urge financial experts
So forget about that old "rule" of spending two or even three months' salary on a diamond. It was, after all, the product of De Beers, the diamond company which also tried to instill in us that "A Diamond is Forever."

How to save money when buying an engagement ring

The easiest way to save on an engagement ring? Don't buy a diamond.
WATCH: Coloured gemstones like sapphires are becoming big in engagement ring fashion. Trish Kozicka takes a closer look at the trend.
There are plenty of diamond alternatives on the market that can be wonderful options - from sapphires, to emeralds, rubies, pearls and moissanite.

The latter looks pretty much identical to a diamond but, like the other alternatives, is sold at a fraction of the price.

Those who are set on a traditional diamond can still cut costs without compromising quality. Alastair Smith wrote a book about it and started ringspo.com, a resource for shoppers who are as overwhelmed as he was during his own search for a diamond ring.

He did a ton of research over six months before realizing he should share the information he found with others.

Here are his four of his biggest pieces of advice:
1. Don't put too much emphasis on "clarity"
Clarity, one of the "4Cs," is a measure of the imperfections (aka inclusions) in a stone.

Parker agrees it's the easiest thing to make compromises on.

"And it cuts a big part of the price out."

Unless you go below a certain grade - usually VS2, which stands for "very slight inclusions" or sometimes even SI1, which stands for "slight inclusions"), those imperfections can only be seen under a microscope.
2. It doesn't have to be a full carat to look like one
Carat is the weight of a diamond, which is most commonly associated with its size. One carat is equal to one-fifth of a gram.

"Everyone wants a one carat stone, it's a nice round number. But if you go just below one carat, say 0.95 carats - you'd never be able to see the difference in size," Smith says.

However, those near-carats can be harder to come by. The job of a diamond-cutter, Parker points out, is to cut a perfect carat. If they keep cutting less than a carat, that profit loss will eventually likely lead to job loss, he says.
3. Go for a different shape
"If you change shape from a regular round diamond there's definite savings to be had there as well. So if you go for an oval diamond, or a cushion diamond, or even a princess cut - there can be savings of up to 30 per cent on a stone that's the same carat weight and quality," Smith says.
4. Buy online
You can likely find more of the 0.95 carats online, though. That's where Smith suggests you make your diamond purchase.

Diamond expert Michael Fried of diamonds.pro, another online resource, also recommends that route.

In some cases, Smith claims the savings can be in the thousands.

He and Parker list Blue Nile as a reputable online retailer. It's certainly the largest of its kind, so the prices do tend to be lower.

However, one of its big drawbacks is that it doesn't have high-resolution photos of the diamonds it sells. That's why Fried prefers the James Allan site, which is also one of Smith's recommended retailers.

Wherever you choose to buy your diamond, Fried stresses that it needs to come with legitimate certification. GIA (Gemological Institute of America) and AGS (American Gem Society) are the two most widely accepted sources for that in North America.

He says to be weary of any EGL (European Gemological Laboratory) certifications, which have been plagued with legal troubles.

"EGL was sort of called out recently because they were using the same terminology for grades that didn't match what GI [the Gemological Institute] would've called them," Parker explains.

"And they said, 'well, we're using our own standards.'"

Here are some more fun facts about diamond rings:
Infographic designed by Janet Cordahi, Global News

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What to spend and how to save on a diamond ring - National | Globalnews.ca

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Here are four ways to get the best bang for your buck when buying an engagement ring, without compromising quality.

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Summary:

This is a short video jam-packed with quick facts and tips to help with wedding ring shopping as well as how to save money. He starts the video by going over the basic certifications you should look for when shopping for diamonds. He then goes over the four basic components that contribute to the ring's cost and posts a diagram to represent it.

Why I Chose It:

The title is what drew me to this video, it’s called “How to buy a ring for dummies” so I knew the explanation would be really broken down for me to get a good understanding because I have never been in the market for a wedding ring.

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How to buy an engagement ring - for dummies

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Summary:

This is not a Canadian video but I found that the information was really useful. He discusses online ring shopping to get the same rings you would buy in-store for cheaper. This video explains in depth how to sort through all the ring websites and designs to find your ideal ring.

Why I Chose It:

I chose this video because it explains in depth how to ring shop and has step-by-step instructions on how to navigate the websites and select your shapes and sizes to match your price point. He explains which colours to choose for the shape size and tips on cheaper colours that are identical to more expensive options.

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Diamond Shopping 101- Diamond Buying Guide on how to buy diamonds online.

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Summary:

This is a Canadian ring expert, this video is on the longer side but has good information. She starts by explaining the 4 C’s and how those affect the cost of rings. Then she goes through matching purity and carat weight to price which is one of the most confusing steps in ring shopping. She also goes through the process of buying the ring and what to expect when there. Lastly, she ends the video with tips and tricks to save money.

Why I Chose It:

I chose it because she's a Canadian ring expert so I knew she would have relevant and reliable information. The video is on the longer end but is really detailed and worth watching if you are new to ring shopping.

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Engagement Ring Shopping: Diamond prices in 2022 & how to buy one!

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Summary:

She is a Canadian fiance and style blogger she starts the video by discussing the thought process and intention behind buying a ring. She then talks about setting financial goals when ring shopping and how it is important to budgeting. She then talks about the different styles of rings and how to choose and differentiate them. She also discusses matching rings to lifestyle.

Why I Chose it:

I chose this video because she is a Canadian influencer with a background in finance so I knew this information would be relevant. I like how she broke her video down into segments so I could grasp each concept before moving on to the next. I also like how she goes in-depth about matching your ring to your lifestyle and how costs need to be reasonable to your monthly budget and finance goals.

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How Much Should You Spend On An Engagement Ring | How Much To Spend On A Wedding Ring in 2021

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1. What did you learn about your topic that surprised you the most?

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1. What did you learn about your topic that surprised you the most?

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I learned many things about ring shopping because I have never bought expensive jewellery before. The price of the average Canadian wedding ring shocked me the most I never realized people spent thousands of dollars on a ring.

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2. Provide a real-life example of how this topic is relevant or interesting to you

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2. Provide a real-life example of how this topic is relevant or interesting to you

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I know many people that have gotten married recently. I know my cousin went with a gemstone instead of a traditional wedding ring to save costs and now I know how much of a difference this would make. I also may get married in the future so I chose this topic so I could use this when making decisions on rings.

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3. If you could pass on your knowledge to a family member or friend. What do you think is the most important to pass on?

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3. If you could pass on your knowledge to a family member or friend. What do you think is the most important to pass on?

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I would definitely pass on the money saving tips to my friends. Money is tight for a lot of people right now but especially for young adults that are starting to move out, graduating, and thinking about getting engaged. I think the most important thing I can pass on is to save where you can whether thats changing the shape or using a gemstone instead of a diamond and remember that buying a bigger ring doesn’t mean its better. I would also like to pass on the reminder that a ring in an investment but also not worth ruining your finances over.