How much are people really spending on engagement rings these days?
While wedding traditions become more and more laissez-faire, the engagement ring spend question will just not go away.
It was actually a marketing campaign in the 1930s by the De Beers diamond cartel that introduced the idea that a ring should cost a single month's salary. By the 1980s, De Beers had upped their game and the price guideline. They released an advert featuring a woman and her diamond ring with the words: "Two months' salary showed the future Mrs Smith what the future would be like."
Decades on, articles like this one say no less than three months’ salary should be splashed on an engagement ring. It’s the love of your life after all.
But the ring spend question was finally turned on its head when a new report found that the more expensive the rock, the more likely a divorce.
Yes, a study out of Emory University surveyed over 3,000 participants and found that couples whose engagement ring cost $2,000-4,000 were 1.3 times more likely to divorce than those whose engagement ring cost between $500-2,000.
We can only assume that George Clooney, who dropped £450,000 on a seven-carat diamond for Amal Alamuddin, had not read the report.
Insuring your engagement ring
Regardless of how much you spend, there’s no such thing as a cheap engagement ring. That’s why it’s a very wise move to have the ring insured.
Having your ring insured between buying it and giving it is simple. Just contact your home insurance provider to arrange cover. While your usual Home or Contents policy may cover an engagement ring inside the home (subject to certain limitations), it may not be covered outside the home. And it is outside the home when your ring is most likely to be lost or stolen... sometimes in the most bizarre ways.
When your engagement ring might not be insured
When it comes to popping the question, romantic thoughts and profuse sweating are likely to overshadow concerns of your insurance policy. But we urge you to do so, because, from the moment possession of the engagement ring moves to your new fiancée (congratulations!), to the moment you become legally married, there can be a ‘loophole period’ when your engagement ring might not be insured.
Following a (successful) proposal, the ring belongs to your fiancée. But depending on your living arrangements, her possessions may not be covered; for example if you don’t live together, or if her name is not on the insurance policy. In those cases, the ring might not be protected. Your fiance will need to call her own insurance company to arrange cover.
How to lose a ring in 10 days
Sarah Darling’s lost ring story is worth retelling. When out shopping in Kansas, she emptied the change in her purse into the cup of a homeless man.
But she forgot she’d put her 1-carat diamond ring into the purse earlier. The next day, Sarah went to find him and the man, Billy Ray Harris, remembered her and handed her the ring. The story went viral with headlines like “A Diamond in the Rough” and “Story with a Ring to it”, and $187,000 was raised for Harris online. He is now living in a house of his own.
Hollywood actress Megan Fox wasn’t so lucky. When Brian Austin Green proposed on a Hawaiian beach in 2010, Fox promptly dropped the 2 carat engagement ring. It was lost in the sand and never found.
Insuring a ring everywhere: “All Risks” cover
Stories of lost engagement rings are the stuff of nightmares. So have it covered outside of the home with additional “All Risks” cover. This optional extra on your contents insurance covers items for loss, damage or theft outside the home, and includes worldwide cover for up to 60 days in each policy year (that’s the honeymoon covered). Just specify the ring and its value on your policy. (Many insurers will charge extra for this cover)
Then your engagement ring will be insured whether you are at the office or the altar, sun bathing or out shopping.
The information provided above is generic information and is not specific to 123.ie products.