The idea that people should spend their three months’ salary on a wedding ring wasn’t popular until the 1980s. However, before that, there was already a similar tradition that traced back to the 1930s Great Depression. It all started with a marketing campaign.
As people know, the Great Depression was a time when business owners suffered losses due to decreasing sales in many industries. The diamond industry was one of the business sectors that got affected.
De Beers, a diamond retailer then, found an idea to increase the company’s sales. It marketed diamonds as a symbol of eternal love. This campaign resulted in the increasing popularity of diamond engagement rings.
Furthermore, De Beers initiated the idea that a diamond engagement ring should cost at least one month of their salary to prove someone’s true love. The campaign succeeded in increasing diamond sales by 50%. Moreover, the popularity of the one month’s salary rule lasted for decades until the 1980s when the number increased to three months.
Is the Three Months’ Salary Rule Necessary?
Although the tradition started as a marketing campaign, some people believe there’s a good financial reason behind it. Owning a ring that costs three months of salary can prove financial stability. Furthermore, the ring can serve as an investment that covers emergency events such as sickness or job loss.
However, this rule has been criticised for being overly simplistic. It also gives unrealistic expectations to society. Despite the drawbacks, many still follow this tradition due to societal pressure.
The decision to follow the three months’ salary rule ultimately depends on your personal situation. If you find it impossible to save three months’ worth of living expenses while working paycheque to paycheque, then there’s no reason to force yourself to do it.
Even if you manage to save that much money, it doesn’t mean following the rule is necessary for you. Instead, you might want to consider investing it in other, more stable assets.
In the end, there are many more things to consider about getting an engagement ring other than your budget. Here’s a list of that:
While choosing an engagement ring, keep your partner’s style and personality in mind. The ring could last forever, so make sure it’s timeless.
- Diamond or Gemstone
An engagement ring doesn’t need to have a diamond as its centrepiece. Other gemstones, such as sapphires and emeralds, can look as elegant and beautiful as diamonds.
Look for a ring certified by a credible body. This ensures that the diamond or other gemstone has been appropriately graded and appraised.
Choosing the Right Engagement Ring Seller
In choosing the right engagement ring seller, you need to consider several things, including its selection, certification, expertise, and price range. You also want to ensure it has transparent and fair policies on returns, exchanges, and warranties.
Here are some recommended places to buy engagement rings online:
- Purely Diamonds
- Tayor & Hart
- Blue Nile
If you prefer to do in-store shopping, you can consider these places to visit:
- Mappin & Webb
The Bottom Line
The three months’ salary rule for buying an engagement ring is a personal choice and not a hard and fast rule. While it provides some financial benefits, there are more things to consider when buying an engagement ring other than its price.