Why You Shouldn’t Blow Your Savings on an Engagement Ring

Contrary to what Kay Jewelers would have you believe, buying her a giant diamond doesn’t guarantee your marriage will be as solid as her rock. More expensive engagement rings are associated with higher rates of divorce, suggests new research from Emory University.   

In an online survey of 3,000 people, men who dropped $2,000 to $4,000 on bling were twice as likely to get divorced as guys who spent between $500 and $2,000.  

That’s dicey news for many couples, considering $4,000 was the average amount spent on engagement rings in 2012, according to a report from the trade group Jewelers of America. Then again, the U.S. divorce rate is 50 percent, so there you go.

Researchers aren’t sure why a heftier price tag is linked to breakups. The study controlled for income level, so it's not being slightly wealthy that leads spouses to split.

One potential explanation: “It could be that spending a lot on the ring burdens couples financially in a way that later strains their marriage,” says Hugo Mialon, Ph.D., a professor of economics at Emory.

So what should you do if there’s a proposal in your future?

First of all, remember that it’s just a ring. As the research shows, a huge diamond doesn’t make the marriage.

“Be smart and buy what makes financial sense for your individual situation,” says Brian Watkins, president of the jewelry company Ritani. You can always skimp on certain features, such as going with white gold instead of platinum, to leave you room to go bigger on others. 

Ali Eaves