What is the Cost to Make a Custom Engagement Ring?

Congratulations! If you are reading this you must be researching engagement rings. One of the most frequent questions we get asked is, “how much does it cost to make a custom engagement ring”? First, let’s explore average costs of engagement rings in general. Then we’ll explore topics that will affect the budget you’ll want to set aside for a custom engagement ring. If you’re exploring custom engagement rings in Toronto and trying to understand what factors influence pricing, this guide will walk you through what to expect.

How much Does an Engagement Ring Cost in Canada?

According to a wedding statistics website the average cost of an engagement ring in Canada is $3500-$6000. The global average cost of an engagement ring is between $5200-$6500. The average cost of an engagement ring in the United States is a bit higher between $5000-$7000. It will be interesting to see how the exponential increase we’ve seen in the price of gold recently will affect these averages.

These statistics are not broken down into how many of these engagement rings were bought off the shelf versus how many were custom made. It is possible to custom make an engagement ring for $3500 but more of the budget will need to be allocated to labour.

Creating an engagement ring from scratch requires more labour than reproducing many rings from the same mold. But, on the plus side, it means that you will have a unique engagement ring designed just for you!

How Much is the Average Cost of an Engagement Ring in Toronto?

There are no statistics available on average cost of an engagement ring in Toronto. A good estimate can be found by starting with the average cost in Canada and the high end of the global average. Taking these averages into account the average cost of an engagement ring in Toronto is between $3500-$6000.

Again, these average costs don’t take into account whether these engagement rings are ready-made or custom made. From our experience we agree that the cost to make a custom engagement ring averages between $3500-$6000. We ensure all of our engagement rings are heirloom quality which means they are built to last a lifetime.

Off the Shelf vs Custom Made

Typically an off the shelf engagement ring will be less expensive than a custom engagement ring. There are many companies that offer high quality ready made engagement rings. But, there are some that don’t.

When doing your research you may find websites claiming that a brick and mortar store will charge more for a similar ring that you can get cheaper online. Sometimes that is true if the ring is fairly classic in design. It is also often true when comparing two large companies, one online and one more of a mall jewellery store.

But if you’re comparing a large jewellery company to a local jeweller, the comparison is not apples to apples. Sometimes opting for the “cheaper” option means you will save money now but pay in the future. Here are a few things to consider:

• Are you able to see the ring in person to ensure it is the same as you have envisioned?
• Will they stand behind their product and offer a long term warranty?
• Do they offer repairs and resizing on their own work?
• How difficult is it to contact the company when there is a problem or a repair is required?
• How will you maintain your ring over time if you aren’t able to bring it somewhere to have regular assessments and cleanings?

Making an Informed Decision on the Cost to Make a Custom Engagement Ring

When making a large investment it makes sense to do your own research. Topics to consider that will help you to make an informed decision about your engagement ring budget are: design requirements, materials desired, quality craftmanship and reputation.

Design Requirements

How do the design requirements affect your engagement ring budget? First, if you are able to find what you want, and it already exists as a finished product, then that simplifies the amount you’ll need to set aside.

But what if what you’re looking for doesn’t exist? In this case you’ll want to create a custom engagement ring. As we discussed above there is more labour involved when creating a custom ring from scratch.

While we strive to work with all budgets, a the typical cost to make a custom engagement ring will start at $1800 for a solitaire design, not including any gemstones. The value of this investment will repay itself in time because your ring will have been created by trained goldsmiths, using the highest quality materials, to last a lifetime.

Materials Desired

If you have very specific materials in mind that you would like to use in your engagement ring this will also help you to establish the budget for your engagement ring. For example, if you would like a 2 carat oval blue sapphire set in 18k yellow gold it would be a good idea to do some research on rings that use these materials and figure out an average cost.

After you’ve figured out the average cost you may decide to create a custom engagement ring using your preferred materials. One of the best parts of creating a custom engagement ring is that you are able to see gemstones in person so you can select your favourite.

We find that the gemstone selection and final decision becomes an integral part of the proposal story. Choosing your own gemstones adds a level of personal connection that just can’t be found with an off the shelf engagement ring.

Quality Craftmanship

There are many commercial companies that create engagement rings of excellent quality and craftmanship. They will tend to be more expensive than others because they’ve put thought into the design, used the highest quality materials and employed skilled trades people in the production. Beware of an engagement ring deal that seems too good to be true. It probably is.

To maximize your budget but also ensure quality craftmanship you can use a balance of priorities. A large company will have a large overhead whether it’s primarily an online company or not. By necessity these companies will need to factor in their overhead into their cost. A smaller company that also produces engagement rings with thoughtful design, the highest quality materials and employs skilled trades people will have a smaller overhead. The overhead at a smaller company will still be factored into the cost but the amount will be smaller.

The cost to make a custom engagement ring will always be more because there is more time and skilled labour involved. But an additional benefit of creating a custom ring is that you will be involved in the selection of the materials so you can ensure you’re getting the best options.

There are some companies that claim they do not factor in overhead into their cost at all. But, if you look closely, you will find they’ve just disguised this cost by using lower quality materials and smaller amounts of precious metal. They reduce material costs, sometimes to an amount that makes the ring non-functional, to make the ring less expensive. The result is poor craftmanship.

Reputation

The reputation of the person or company where you buy your engagement ring is another important consideration for your budget. No doubt this is a large investment you are making, maybe even one of the first large purchases you’ve made. You’ll want to make sure that the person or company you are working with is reputable.

When in doubt, check the reviews. Many companies, large and small will have reviews that you can read to get a sense of their approach to customer service and quality product. Also, you can see if they are members of any accredited industry associations or groups.

At Posy we are proud to be members of the Canadian Jeweller’s Association. We are also proud of our google reviews. Our Posy listing is relatively new so if you’re looking for more google reviews you can also find them at Suzanne Crudden Jewellery and Carey Pearson Designs.

The Role of Social Pressure

There was a marketing campaign years ago that implied a person should set aside two months salary for an engagement ring. Unfortunately, this created social pressure for years on the amount that should be spent on an engagement ring. It also implied, incorrectly, that the amount spent on the engagement ring correlated to the amount a person was valued.

This rule, if it ever was a rule, thankfully no longer applies. We encourage couples to talk to each other about a reasonable budget that is affordable but will also ensure a quality engagement ring.

Our philosophy is that the meaning is the value. The true value of jewellery is its sentimental value, not its material value. This will be true for your engagement ring. It will not be about how much it cost but what it represents, the love and commitment between two people.

We know that beginning the process of buying or creating an engagement ring can be overwhelming. Maybe even intimidating.

Our approach is no pressure, focused on listening to you. We welcome all budgets and offer the ability to reuse your jewellery (all of it, not just the gemstones). Everything we do centers our clients and their stories

If we can help answer any questions or provide you with a quote we would love to help you start your journey.