{"id":131940,"date":"2016-07-31T19:15:13","date_gmt":"2016-07-31T17:15:13","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=131940"},"modified":"2016-07-29T17:03:59","modified_gmt":"2016-07-29T15:03:59","slug":"this-is-how-much-you-should-spend-on-an-engagement-ring-in-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/lifestyle\/131940\/this-is-how-much-you-should-spend-on-an-engagement-ring-in-south-africa\/","title":{"rendered":"This is how much you should spend on an engagement ring in South Africa"},"content":{"rendered":"

If you’re planning on getting married\u00a0– or are at least thinking about it –\u00a0chances are you’ve already begun to add up the costs, including how much you should spend on the engagement ring.<\/p>\n

Engagement rings are typically simple bands with a\u00a0gemstone rooted in it – most often a diamond. They’re traditionally worn more by women (though that has changed with time, and varies across cultures), and signify the promise or commitment to the relationship.<\/p>\n

One of the first recorded uses of a diamond engagement ring was in 1477, by Archduke Maximilian of Austria, who proposed to Mary of Burgundy – though the tradition of using rings to signify coupling can be traced back millennia, across various cultures.<\/p>\n

The tradition largely persists today, with many western societies playing out the tried-and-true showing of love.<\/p>\n

While a typical engagement process is still standard today, diamond producers have noted a worrying trend among younger generations – or ‘millenials’ – where the need to spend thousands of rands on a diamond ring is losing its appeal.<\/p>\n

In July 2016, The Economist reported that the global diamond industry (from mining to retail) is in a bit of a rough spot, as consumer demand for the rare gem has slumped.<\/p>\n

Notably, this is driven by two circumstances almost unique to millennials – an increasingly strained financial position, and greater awareness around the social ills and exploitation often involved in digging them up.<\/p>\n

How much should you spend on an engagement ring?<\/strong><\/p>\n

The “rule of thumb” with engagement rings has always been to spend two months’ gross salary on a band. According to local craftsmen, Poggenpoel Diamond Jewellers<\/a>, this\u00a0rule\u00a0seems to be what most South Africans go for.<\/p>\n

In South Africa, the average spend is between R30,000 and R40,000<\/strong>, the group said – though noting that there were extreme swings above and below that range.\u00a0Financial journalist, Maya Fisher-French previously pegged the typical budget for an engagement ring at R20,000<\/strong>.<\/p>\n

A recent survey conducted by GoBanking<\/a> looked at the traditions around engagement rings and how much people are willing spend on them. The poll of over 2,000 North Americans found that the largest portion of respondents (36%) would not spend more than $1,000 (R14,000) for a ring.<\/p>\n

\"Engagement<\/a><\/p>\n

Only 6% agreed with the two months’ salary rule, while 11% said they would spend more than $5,000 (R71,000).<\/p>\n

Similarly, a\u00a0poll run by BusinessTech found that\u00a0almost 60% of South Africans wouldn’t pay more than R10,000 for an engagement ring, with the number of people willing to spend big money diminishing after R35,000.<\/p>\n

At the time of writing, a vast minority\u00a0said they would pay more than R60,000.<\/p>\n

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How much should you spend on an engagement ring?<\/strong><\/p>