Profitt Report: The average engagement ring costs more than $6,300 according to a survey

Photo credit: MGN

Weddings are no doubt expensive, but the costs are not confined to the day’s celebrations. It often starts with the proposal and a pricey engagement ring. The wedding website, the Knot, tracks spending habits and finds the average cost of an engagement ring is more than $6,300.

David Gaines of Gaines Jewelry in Flint shows us what we need to know before purchasing a ring.

The Knot said on average, the proposer will look at 26 rings before making a purchase.

“Those four C's everyone talks about are very important, they don’t tell the whole story,” Gaines said.

Those C’s are color, clarity, cut and carat. However, Gaines said some diamonds are described the same way, cost the same amount but look quite different.

Gaines said sparkle usually wins out over size, but he thinks you need to see the stone to make the right decision.

How you pay for the ring is up to you. Paying in cash will help you avoid paying even more in interest. Some stores offer layaway and there are interest-free financing options.

“My advice to customers is don't go down that road unless you know, six months from now or 12 months from now, you will be able to pay that off,” Gaines said.

Because if you don’t, the company will usually back-charge you all that interest.

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