What Is The Average Cost Of An Engagement Ring In Singapore 2022
Are you planning to pop the question soon?
Before you begin your journey with your other half, there are a few things to consider. The first step, is getting a good engagement ring.
The average cost of an engagement ring in Singapore is $1,000 to $3,000.
Of course, some couples afford a more expensive engagement ring up to $100,000, while others less depending on their budgets. For example, a one-carat ring is about 70% more expensive than a half a carat ring. Conversely, a five-carat band is seventeen times more costly than a two-carat model.
Let’s unravel some myths.
The Engagement Ring Myth That You Should Spend Three Months Of Your Salary On It
The myth of spending three months of your monthly salary on it is just that: a myth. Remember that each couple has different financial power.
You can still find gorgeous rings at affordable prices, so plan your budget accordingly. Whether your band costs $300 or $80,000, it’s the thought that counts.
But, if you do need some extra funding for your engagement ring or wedding costs, you can get a good wedding loan quote here.
The Average Cost Of An Engagement Ring In Singapore
The average cost of an engagement ring in Singapore varies according to carats.
Average Cost Of 0.1-0.9 Carat Engagement Rings
These affordable rings’ prices vary from about $765 to $2,611. You can see that each 0.1-carat increment ups the price by approximately 11%-48%.
Some Singapore stores are more expensive because they have a smaller supply, better castings, or branded designs. That means you can find the right store according to your budget.
If you have a bigger budget, you can afford more carats. The price range for a one-carat ring is between $600 and $12,600, so the prices in the table below aren’t cut in stone.
Average Cost of 1-4 Carat Engagement Rings
Here’s why this happens:
These high-carat rings differ in terms of cut. As such, there’s no “ideal” ring.
Engagement rings of over five carats are the most expensive. You’ll see their price on an upwards trend from about $82,000 to $335,000.
Average Cost of 5+ Carat Engagement Rings
These prices include your gem’s weight, which is why their prices are on an exponential slope.
Craving More Carats?
Some shops in Singapore boast 8-10-carat rings too. However, these prices aren’t transparent on their websites. You’d need to call them in person or visit the store to set up a meeting. The reason is that these shops want to ensure you’re serious. If you are, this face-to-face enquiry will ensure your purchase is streamlined.
Expect to pay at least $220,000 for a ten-carat ring, though the price can climb to as much as $3,000,000.
What Affects The Prices Of The Engagement Ring?
There’s essentially four factors that influence your engagement ring price are:
– Band material
High-clarity rings present fewer blemishes under microscopes. For example, a 10x powered-microscope doesn’t show anything on a gem if the stone has no internal flaws.
Although this factor isn’t as significant as clarity, the gem’s cut also influences the engagement ring price. For example, the price variation between an oval and a round-cut ring of 0.3 carats of the same clarity can be as low as $20.
Remember: You’ll have to fork out the most money for the round brilliant cut. This design makes your engagement ring sparkle the most because of the way its facets reflect light.
The emerald-type cut is the most affordable, although it’s relatively uncommon. As such, your wedding ring can cost almost 42% less than a round-cut band with the same properties.
The diamond’s colour on the spectrum varies between these limits:
- D: no colour; most expensive
- Z: yellowish-brown tint; less expensive
The band material influences the total cost of your engagement ring too. You’ll fork out more money for a platinum-made band, whereas a silver one is more accessible.
Diamond Clarity Grades
|Title||Flaws||Price Increase from Lowest Clarity Grade|
|I1, I2, I3||Includes Flaws: visible under 10x microscope||N/A|
|SI1, SI2, SI3||Slightly Included: visible under 10x microscope||N/A|
|VS1, VS2||Very Slightly Included: visible with effort under 10x microscope||2%|
|VVS1, VVS2||Very, Very Slightly Included: hard to detect||4%|
|IF||Internally Flawless: not visible||85%|
|FL||Flawless: not visible||N/A|
Are There Non-Diamond Engagement Rings?
If you don’t like diamonds, consider a non-diamond engagement ring that features another precious gem!
Singaporeans are currently more attracted to these types of bands in past years because they look unique. You can also choose a stone with symbolic meaning for your future wife, depending on her birth date:
- September: sapphire
- July: ruby
- May: emerald
Besides, some models are more affordable than diamond rings. Take a peek at the table below to set your price expectations:
Sapphire rings in the low-price range cost more than diamond rings. Every 0.1-carat increment increases your total price by around 11.3%. If you compare this table to the ones regarding diamond engagement rings, you can notice some interesting facts:
– Pure blue sapphires will cost you the most, but you can lower the total price if you purchase a used model.
– Emerald rings are rarer than diamonds, but they’re less expensive. For example, a 2-carat emerald ring is around $3,500, while a 2-carat diamond ring is about $4,500.
– Emerald rings’ prices vary extensively regardless of their carats. For instance, a one-carat emerald ring can cost anywhere from $900 to $3,600. This variation is caused by how much light these rings reflect. So, a shinier emerald ring will cost more.
– Emerald rings’ carat increase is around 15% compared to the 53% carat increase for diamond rings.
– Ruby rings are affordable choices too. For example, a 0.5-carat ring costs just 3% more than an emerald band. Conversely, diamond rings are 16% more expensive than ruby rings.
How To Pay For Your Dream Engagement Ring
Some Singaporeans pay their dream engagement rings with credit cards. However, this solution isn’t the best because credit cards have enormous interest rates.
So, if you can’t pay your balance in full at its due date, your interest will accumulate. As such, it will take years to become debt-free.
Another option is to wait until you’ve saved enough money. If you put aside $200/month, you’ll need to wait at least six months to purchase a 0.5-carat diamond ring. However, you’ll have to wait two years to buy a 2-carat diamond ring.
That’s why the best alternative is to apply for an affordable Wedding Loan. One that has acceptable interest rates and flexible terms.
Let us do the research for you. Get your personalised offer here.