What was the average cost of an engagement ring in 2024?
Price is often top of mind when purchasing an engagement ring. In our study, the average range for engagement ring value among respondents* was between $2,500 and $5,000.
On average, the engagement ring is the 3rd most expensive item consumers own behind their home and car.
Most popular engagement ring styles in 2024
Engagement ring style trends change over time - from the delicate, ornate rings of the early 1900s to the bold, colorful gemstones of the 1980s. Have a look at the engagement ring style trends of 2024.
Most Popular Metal Type for Engagement Rings: Gold Reigns Supreme
Our study ranked white gold as the most popular engagement ring, chosen by 35% of respondents. This metal alloy contains roughly 75% pure gold and 25% of another paler metal, such as nickel, zinc, platinum or palladium.
Rose gold came in a close second, chosen by 33% of respondents. This gold alloy, with its distinctive pinkish hue, is created by adding copper to pure gold. While white gold is chosen at similar rates across all age groups, older generations tend to favor rose gold more than younger generations.
TREND WATCH: Keep an eye on the emerging yellow gold trend. According to The Knot,
yellow gold engagement rings have increased in popularity by 15% over the last three years as the number of those favoring white gold has shrunk slightly.
Mixing metals in jewelry is a trend that ebbs and flows over time.
Brilliant Earth’s “Engagement Ring Trends in 2024” revealed that mixing metals within a single engagement ring, such as using white gold prongs on a yellow gold band, is another trend gaining in popularity.
Setting the stage: most popular engagement ring settings
An engagement ring’s setting plays a crucial role in its overall appearance. Chosen by 31% of respondents, the channel setting, which holds gemstones in a channel formed by two metal strips, creating a sleek, continuous line of stones, is the most popular. While older respondents prefer channel settings, younger generations gravitate toward three-stone settings.
The solitaire setting, (containing a single gemstone) was the second most popular engagement ring setting, favored by 22% of respondents.
TREND WATCH: Our research indicates younger engagement ring buyers favoring three-stone settings; however, research by The Knot shows this trend has declined since 2015, as traditional solitary stone rings begin to regain popularity.
The ring quest: where do people buy their engagement ring?
43% of study respondents purchased their engagement rings from jewelry brand stores, while 28% bought theirs from retail stores and 10% patronized a local business.
Our study suggests that engagement ring buyers don’t spontaneously stumble into a ring store. 80% of respondents conducted their own engagement ring research prior to buying, beginning 1-3 months before the big purchase.
Surprise proposals will always exist; however, a growing number of couples are opting to shop for engagement rings together, with 46% of respondents stating they jointly shopped for their engagement rings.
How often do people wear their engagement rings — and where?
50% of study respondents wear their engagement ring on a daily basis, with 35% donning it several times a week.
Those who have recently gotten engaged or married are more likely to wear their engagement ring than those who have been married for 5+ years.
When and where? 75% of respondents wear their engagement ring to work, with 63% stating they wear their ring to social events. Running errands and at home round out the top four, selected by 53% and 50% of respondents respectively.
The misplaced engagement ring
Where Are Engagement Rings Lost?
Of those who have had the misfortune of losing their beloved engagement ring, 92% report that the loss occurred while on the go.
- 50% lost their ring during work travel. 38% lost their ring while vacationing.
- Speaking of travel – 72% of engagement ring damage occurs while traveling.
- Beware the Water: Our study suggests water is the largest culprit of engagement ring losses, with 25% of losses occurring in an ocean or lake and 27% in a pool.
- Regarding theft, 33% of engagement ring thefts occur at the airport, 45% from the owner’s car, 37% at the ocean or lake and 39% at restaurants.
Worried About Losing Your Engagement Ring While Traveling? We Can Help: How to travel with jewelry safely
Why it’s important to protect engagement rings with Insurance
For 74% of respondents, their engagement ring was their first piece of fine jewelry. As the proud owner of a new engagement ring, many decide to insure their valuable rings, for a variety of reasons. Here are the top influences:
- Mention from jeweler. 67% report purchasing insurance to protect their engagement ring after it was mentioned as an option by their jeweler.
- Desire for financial protection. Just as individuals understand the value of protecting their car and home, a large portion of engagement ring owners (61%) are motivated by the idea of protecting this valuable asset against damage, loss and theft.
- Recommendation from insurance agent. Insurance agents work to ensure all valuable items owned by their clients are being properly insured. 57% of respondents state their decision to purchase insurance for their engagement ring was influenced by an insurance agent.
NOTE: Our study also revealed that insuring an engagement ring is often a “gateway insurance”, with 50% of respondents going on to insure other pieces of fine jewelry after insuring their engagement ring.
Wondering when to purchase Insurance for your engagement ring?
While 20% of respondents approached the engagement ring buying process with the intention of securing insurance upon making a purchase, 49% ultimately obtained insurance after buying an engagement ring. In contrast, 24% of respondents waited to insure their ring after the proposal, 6% after purchasing their wedding bands and 1% after the wedding.
It is, however, recommended that you purchase your jewelry insurance as soon as possible to ensure you are covered, should loss, theft or damage strike! Protect your engagement ring with Jewelers Mutual insurance for peace of mind and financial security
