A Guide from Scott’s Custom Jewelers

When you’re ready to pop the question, one of the most common (and stressful!) decisions you’ll make is: “How much should I spend on an engagement ring?” The truth is, there’s no one-size-fits-all answer — but there are several variables to consider.

At Scott’s Custom Jewelers, we know that every love story—and every budget—is unique. The right amount to spend on an engagement ring isn’t a set number; it’s what feels right for you, your partner, and your future together.

The Truth About the “3-Month Salary Rule”

You’ve probably heard the old rule that says you should spend two or three months’ salary on a ring. Yikes! That idea came from a 20th-century marketing campaign — not from real-life couples.

Today’s couples are smarter about their money. They want a beautiful, meaningful engagement ring without the financial stress. So, whether that means spending $1,500 or $15,000, what matters most is creating something personal that will last a lifetime.

What Affects the Price of an Engagement Ring?

When setting your budget, here are the main factors that impact cost:

• Diamond or Gemstone Choice – Lab-grown diamonds, natural diamonds, inherited diamonds, — even sapphires, and rubies — all vary in cost. Lab-grown diamonds are especially popular right now — they’re exactly the same as mined diamonds chemically, optically and physically, but cost up to 80% less than mined diamonds.
• Setting Style – Solitaire, hidden-halo, name brand, or custom settings can affect both style and cost.
• Metal Type – Platinum, white, yellow, or rose gold. Depending on how much metal is in the design will affect the total cost of an engagement ring.
• Customization – A custom-designed ring isn’t necessarily more expensive than an “off-the-shelf” ring. A custom ring lets you control your budget and design every detail to match your taste.

What’s the Average Cost of an Engagement Ring?

In 2025, the average engagement ring in the U.S. costs around $6,000, but most couples spend between $2,000–$8,000.
At Scott’s Custom Jewelers, many of our custom lab diamond engagement rings fall in the $3,000–$5,000 range — proving you can have a stunning, high-quality ring without overspending.

How to Set a Ring Budget You’ll Feel Good About

1. Decide what’s comfortable for you. Focus on what fits your lifestyle and finances.
2. Talk with your partner. Some couples plan the purchase together, others prefer a surprise — just make sure you’re on the same page.
3. Compare options. Lab-grown and mined diamonds both offer beauty — see them side-by-side in person.
4. Work with a trusted jeweler. The right jeweler will explain your options clearly and help you maximize your budget.

Engagement Ring Budget Q&A

Q: Is it okay to spend less than the average on a ring?
A: Absolutely! Your ring should match your budget and your priorities. Many couples today are choosing meaningful designs that emphasize craftsmanship and sentiment over size or price tag.

Q: Are lab-grown diamonds worth it?
A: Yes — lab diamonds are chemically identical to mined diamonds, eco-friendly, and more affordable. You can often get a larger or higher-quality stone for the same price. And no one — not even a jeweler — can tell them apart without special equipment!

Q: Can I design a custom engagement ring on a budget?
A: Definitely. At Scott’s Custom Jewelers, custom doesn’t mean expensive. It means personal. We can work within nearly any budget to design something that’s uniquely yours — even using inherited gems or family stones.

Q: How do I know if I’m getting a fair price?
A: Look for transparency. We show you diamond options side-by-side and explain what affects the cost so you can make an informed, confident decision.

Final Thoughts

There’s no universal rule for how much you should spend on an engagement ring — only what feels right for you.

At Scott’s Custom Jewelers, we help you design a ring that fits your love story and your budget. From classic solitaires to one-of-a-kind custom designs, we’ll guide you every step of the way.

Ready to start your design?
Schedule your custom appointment today and discover how easy (and fun!) it is to create the perfect engagement ring — right here at Scott’s Custom Jewelers.

In fact, it’s been more than 500 years since Archduke Maximilian of Austria presented Mary of Burgundy with the first diamond engagement ring. Diamonds have come to symbolize purity, faithfulness, love, and luxury. Still the most popular option for an engagement ring today, diamonds are incredibly strong so they can be worn everyday without worry. 

Before we dive into the alternatives, it helps to understand exactly what we mean by a diamond — and how lab-grown versions compare.

What Is a Natural Diamond?

A natural diamond is a crystal made entirely of carbon atoms arranged in a unique structure called a diamond lattice. It forms deep within the Earth’s mantle under extreme heat and pressure over billions of years, before being brought closer to the surface by volcanic activity. Natural diamonds are prized for their unmatched hardness (a 10 on the Mohs scale), exceptional sparkle, and enduring symbolism of love and commitment.

What Is a Lab-Grown Diamond?

A lab-grown diamond is a real diamond created in a controlled laboratory environment that replicates the natural conditions under which diamonds form in the Earth. Using advanced technology, such as High Pressure High Temperature (HPHT) or Chemical Vapor Deposition (CVD), scientists produce diamonds that are chemically, physically, and optically identical to mined diamonds. The main differences are their origin and typically a lower cost, as well as the ability to ensure an ethical, conflict-free source.

Learn more about lab-grown diamonds

Top Diamond Alternatives for Your Engagement Ring

If a natural diamond is not your vibe, then here’s some great alternatives for your engagement ring.

1. Lab-Grown Diamonds

If you love the look and durability of a diamond but want a more affordable or eco-conscious option, lab-grown diamonds are a perfect choice. They offer the same brilliance and hardness as mined diamonds but can cost up to 80% less.

Why choose lab-grown?

• Conflict-free and sustainable
• Lower price for the same quality
• Endless customization options

Cons of lab-grown

• Low prices mean less options if you want to trade up in size later
• Not all lab diamonds are the same, so you still need guidance from a reputable jeweler

2. Moissanite

Moissanite is a popular diamond substitute known for its white color and brilliance. It’s also almost as hard as a diamond, making it a great choice for everyday wear.

Why choose moissanite?

• Exceptional sparkle and fire
• Very durable (9.25 on the Mohs scale)
• More affordable than both mined and lab diamonds

Cons of moissanite

• The stone is so hard, it’s brittle and tends to break off in large shards or chunks when it’s hit
• Large moissanite stones have a blue or even a rainbow cast to them that’s often distracting
• Little or no resale value

Compare moissanite vs diamonds

3. Sapphires

Thanks to a certain royal blue sapphire ring worn by Princess Diana (and now Kate Middleton), sapphires have become a romantic alternative to diamonds. While blue is the most famous color, sapphires also come in all colors of the rainbow.

Why choose sapphires?

• Rich color options for a personalized look
• Extremely durable (9 on the Mohs scale)
• Lab grown sapphire offer a sustainable and conflict free option, while also being extremely affordable

Cons of sapphires

• Natural sapphires have the same human-rights issues as natural diamonds
• Lab grown sapphires tend to be all the same, uniform shade

See our sapphire engagement ring designs

4. Emeralds

For a bold and vibrant engagement ring, emeralds offer a lush green hue that’s instantly captivating. They do require more care than diamonds or sapphires since they are softer and can be prone to chipping.

Why choose emeralds?

• Distinctive, vivid green color
• A luxurious and romantic choice
• Perfect for vintage-inspired designs
• Lab grown emeralds are harder than mined and a good choice in rings

Cons of emeralds

• Natural emeralds have many inclusions or fault lines in them, and often break
• Mined emeralds can be as pricey as natural diamonds
• Small natural emeralds vary in shade, making them hard to match

Caring for emerald jewelry

Frequently Asked Questions About Diamond Alternatives

1. Are diamond alternatives as durable as diamonds?
Not always. Diamonds score a 10 on the Mohs scale, making them the hardest gemstone. Moissanite and sapphires are softer, but are also excellent for everyday wear, while softer stones like emeralds require more care.

2. Will people be able to tell if I don’t have a natural diamond?
In most cases, no. Lab-grown diamonds and natural diamonds are can’t be distinguishable by the naked eye without special equipment. Moissanite and white sapphires can look similar to natural diamonds because they are a clear gem, but they do not have the same sparkle as diamonds (both mined and lab created.)

3. Are lab-grown diamonds considered “fake”?
Not at all. Lab-grown diamonds are chemically and physically identical to mined diamonds — the only difference is their origin. Plus they are sustainable and conflict free. They also are less expensive than natural diamonds making them a win in all the columns!

4. Which diamond alternative is the most affordable?
Moissanite is often the most budget-friendly, followed by lab-grown diamonds and lab grown colored gems.

5. How do I care for a softer gemstone?
If you choose a softer stone like emerald, opt for a protective setting, avoid harsh impacts, and clean it gently with warm soapy water.

The truth about lab-grown diamonds

Choosing Your Perfect Stone

When picking a diamond alternative, think about your lifestyle, budget, and personal style. Some stones, like lab diamonds or sapphires, are excellent for daily wear, while softer stones like emerald may need more care.

And remember — the most important thing is that your engagement ring reflects your story. Whether it’s a sparkling lab-grown diamond or a vibrant sapphire, the right ring is the one that feels perfectly you.

Explore our custom engagement ring process

Ready to explore your options?
At Scott’s Custom Jewelers, we specialize in creating one-of-a-kind engagement rings with any stone you love. Whether you’re repurposing family diamonds or are set on a diamond alternative, we’ll help you design a custom ring that’s as unique as your love story.

Are Lab Grown Diamonds Sustainable?

Yes, and it’s probably the most common reason our customers are choosing lab grown diamonds over mined diamonds.

For a little background, lab grown, or man made diamonds, are grown in laboratories using processes that duplicate the conditions under which diamonds naturally develop. Therefore, they are identical to mined diamonds, chemically, optically, and physically, which is why the Federal Trade Commission has said a diamond is a diamond whether it’s grown in a lab or dug out of a mine.

In fact, the FTC no longer defines a diamond by using the term ‘natural’ because it is now possible to create lab diamonds that are exactly the same as mined diamonds. It’s essentially pure carbon crystalized in the isometric cubic system.

Lab grown diamonds also have big advantages on their environmental impact, such as less CO2 emissions and no soil being dug up in enormous amounts. The labs that we use also have invested in solar energy to power their equipment, so their carbon footprint is even smaller! So yes, sustainable engagement rings ARE possible!

Conflict Free Diamonds: The Importance to Our Customers

Up until a year ago, all lab grown diamonds were considered conflict free. But unfortunately, Russia, who has 1/3 of the worlds’ mined diamonds, got into the lab game to help fund their conflicts.

The United States has placed sanctions on Russia for importing mined diamonds, but Russia has gotten around these sanctions by shipping their uncut stones to other countries. Hopefully, this ‘work-around’ will be stopped soon.

Scott’s is very diligent when it comes to sourcing all of the diamonds that we sell. As a 4th generation jeweler, we have curated a list of suppliers for all of our gold, gemstones, and diamonds. Being conflict-free is the number one question we ask before placing an order.

Lab Grown Diamonds Price: A Huge Factor

After sustainability, price is probably the main reason our customers are choosing lab grown diamonds over mined diamonds, and who can blame them! Lab diamonds generally cost 70-90% less. That. Is. Huge!

With all of the added expenses that today’s young people are faced with (student loans!), being able to chose an affordable engagement ring is a welcomed relief.

In fact, most of our customers are able to choose a bigger, better quality, trendy engagement ring style AND stay under their budget. Which brings us to the next point…

More Budget for Fun and Custom Engagement Rings

With these savings, our customers are opting for personalized details in their custom engagement rings.

Designing that special ring is truly exciting, especially when you can incorporate elements like hidden halos, diamond pave bands, or pops of color in the overall design. And the best part? Using small lab diamonds adds an extra layer of charm and uniqueness. It’s these details that make the process so enjoyable!

Since we use CAD (computer aided design) and 3D printers, our customers are part of the design process, and the possibilities are endless!

Engagement Ring Insurance: Lab Diamonds Cost Less

Many people don’t think about this, but insuring their lab diamond engagement ring will cost them less than a mined diamond ring.

Actually, because insurance is kind of pricey, many people simply DON’T cover their engagement and wedding rings against loss, and then they regret it.

We’ve found that our customers can generally insure their custom lab grown diamond solitaire ring for about $50 a year, compared to over $250 a year for a comparable mined ring. That’s a lot of savings!

Affordable, Sustainable, and Conflict Free: Lab Grown Diamond Rings are Here to Stay

Discover the brilliant, affordable, and sustainable options that lab grown diamond rings offer! After you pick out the gem that “winks at you,” as Grandpa used to say, we’ll help you craft the perfect custom engagement ring to capture your love perfectly!

When it comes to exploring engagement ring styles, modern bride and grooms want to find a fusion of elegance, craftsmanship, and affordability. Luckily, at Scott’s Custom Jewelers, all of these options awaits!

In this blog, we’ll explore the top 10 affordable engagement rings both you and your partner will love. From classic designs to contemporary styles, there’s something for every budget and personal taste.

1. Solitaire Rings

The classic, solitaire engagement ring is the “gold standard” amongst jewelers, making it a timeless style. Simple and elegant, this style features one gem on a plain band.

At Scott’s Custom Jewelers, we’re setting half of our solitaires in 14k yellow gold, with the other half divided between 14k white, platinum and rose gold. There are tons of options you and your partner can choose from!

Of course, the most cost-effective option is reusing a family diamond in the setting, but lab grown diamonds are also a great idea! Lab diamonds generally cost 80% less than mined diamonds, and have the benefit of being sustainable and conflict-free. This makes designing your own engagement ring much more affordable without sacrificing brilliance!

Interested in learning more about lab grown diamonds and how they are the most sustainable (and stunning) option for your jewelry? Download the whitepaper!

2. Three Stone Engagement Rings

Filled with meaning and romance, the timeless three stone diamond ring is another great choice for couples on a budget.

Traditionally, the three stones signify the past, present and future. Other symbols include the Trinity in Christian religions, or even the visual of two people (the side stones) becoming one unit (the center stone).

We’ve even made three stone engagement rings with diamonds on either side from each family, and a newly purchased diamond in the center to signal the next chapter in the family legacy. There’s so much meaning in these rings!

3. Vintage Inspired Engagement Rings

Many modern couples still finds themselves drawn to the allure of vintage inspired engagement rings. These exquisite pieces often boast intricate designs on the sides, scalloped edges, and delicate hand engravings or beadwork encircling the stones.

The charm of vintage rings becomes even more pronounced when reusing small, cherished, family diamonds. Scott’s Custom Jewelers uses the precision of CAD technology to create a perfectly fitted custom ring for those family jewels!

Adding a contemporary twist, the marriage of vintage and modern takes place seamlessly when some lab grown diamonds are incorporated into the piece. This not only infuses the ring with a touch of the present but also ensures a remarkably cost-effective approach.

4. Halo Rings

If you want to incorporate a family diamond, but you’re not too keen on the size or shape of the stone, a custom diamond halo engagement ring is a perfect solution.

With our personalized design process, we have the ability to craft a tight halo encircling the center stone, creating an illusion of either a bigger stone, or even a different shape all together! We’ve repurposed mom’s marquise-shaped diamond, and with a custom diamond halo, made it look like an oval style engagement ring. It’s like a wonderful play of smoke and mirrors!

5. Contemporary Engagement Ring Styles

Our Columbus jewelry store is seeing an increasing number of couples opting for modern or contemporary engagement rings. These exquisite pieces boast striking features such as bold edges and alluring asymmetrical lines, turning them into true showstoppers.

Another contemporary style involves incorporating colored gemstones into the design. These delightful pops of color infuse the ring with a playful whimsy, making each piece truly one-of-a-kind.

6. Gemstone Engagement Rings

Let’s talk about color! It’s fascinating how more and more modern couples are veering away from traditional diamonds and embracing the allure of colored gemstone engagement rings. Interestingly, stones like sapphires, rubies, and emeralds were actually the gems of choice back in the 18th and 19th century. It wasn’t until 1947, with DeBeers’ famous marketing campaign “diamonds are forever,” that diamonds took the spotlight in engagement rings.

One of our sons (we have 5 boys and 1 girl) recently designed an absolute stunner—an engagement ring featuring a captivating marquise-shaped blue sapphire as the center stone, elegantly accented with trillion-shaped diamonds. The best part? All the stones were lab grown, making this masterpiece surprisingly affordable without compromising on beauty or brilliance.

7. Oval Diamond Ring Styles

Every era has their hallmark diamond shape. Round diamonds have always been the number one stone shape for custom engagement rings, but other shapes have been associated with certain time frames.

In the 1970s, marquise shaped diamonds were the popular style to go with. The 2000s were filled with square, or princess shaped stones. And the 2020s will be know for the oval shaped diamond.

The long, lean shape of the oval looks great on every hand. Currently, we’re setting most of our oval diamonds in 14k yellow gold and they look amazing!

8. Two Stone Engagement Ring

Two stone engagement rings – also knows as “toi et moi” (you and me) – debuted over 70 years ago when First Lady Jacqueline Kennedy showed off her beautiful emerald cut emerald and emerald cut diamond ring to the world. Now that trend is coming back in style!

Did you know there are no rules when it comes to designing your two stone engagement ring? We’ve made these stunning looks with couples’ birthstones, cherished family diamonds, or even a combination of a lab-grown diamond and a vibrant colored gemstone. Each design is so unique, and filled with meaning.

9. Custom Engagement Ring Styles

Most people think custom engagement rings are for those on a budget. That’s not true at all!

At Scott’s, custom engagement rings present a super affordable option, especially if you’re considering reusing diamonds from old jewelry. Not only do you get to bypass purchasing new gems by recycling your own, but we take it even further by offering the option to trade in old gold, which comes off the price of your new piece.

We use our CAD technology and 3D printers to custom design the engagement ring, all done in-house in our Dublin, Ohio jewelry store (we don’t use a third party to design like most other jewelry stores). And you can incorporate all kinds of cool features in the new piece.

Imagine having both of your initials engraved on the piece, personalizing it in a way that speaks to your unique love story. We’ve even made a beautiful piece with the silhouette of two penguins with a small diamond pebble between them, beneath the main stone, symbolizing the story of how penguins choose their mates! The possibilities are endless!

And the best part? At Scott’s, these features don’t come with additional costs—they are all part of our design process!

10. Refurbished Rings

Sometimes, the most budget-friendly and sentimental choice for an engagement ring is refurbishing or repairing a beloved family ring.

Here at Scott’s, we take pride in our full-service, in-house jewelry shop located in Columbus. With a team of three skilled and experienced jewelers and goldsmiths, equipped with the latest tools and technology, we can expertly breathe new life into that cherished “I do” heirloom!

Explore Affordable Engagement Ring Styles

When it’s time to look for engagement rings, bring your partner with you to design the perfect ring at Scott’s Custom Jewelers! Chose from one of our gorgeous, ready-made pieces, or unleash your creativity and design a unique, custom piece that symbolizes your love. Schedule an appointment today and let’s make something beautiful, together!