Average Cost of an Engagement Ring 2024

In 2024, the current average cost of an engagement ring is between $4,770 – $5,580.

  • The most popular engagement ring cut is the round brilliant diamond
  • The average woman’s ring size is about 6.
  • December is the most popular month for buying engagement rings
  • The idea that a man should spend 2 months salary for an engagement ring originated from De Beers marketing materials.

Round cut also known as a brilliant cut is the most popular diamond shape. A round brilliant diamond has a total of 58 facets including 33 facets on the crown and 25 facets on the pavilion part.

The carat weight of a loose diamond refers to the weight of the stone when it is measured on a diamond scale. The unit of measurement is called “carat” as opposed to a gram. A “carat” is equal to 200 milligrams or 0.2 grams and is divided into 100 points. For example, 1.50ct is equal to 1 carat and 50 points or 150 points. For more information on this topic, click here.