Engagement Rings Under $5,000: The Ultimate Buying Guide

Shopping for an engagement ring can be tedious. There are so many factors that go into it – how do you know what ring your partner will like? Where is the best place to buy the ring? How much should you spend? In this guide, we will discuss how to find the perfect engagement ring for $5,000 or less.  

Can you get a nice engagement ring for $5,000 or less?  

Absolutely! A $5,000 can get you a beautiful, high-quality diamond and setting. You can easily buy a 2-carat lab diamond or in some cases even a 2.5-carat lab-grown diamond ring with this budget. It all comes down to the quality of diamond that you choose. 

Is $5,000 too much for an engagement ring?  

their 2021 study that the average amount spent on an engagement ring in the U.S. was $6,000. If $5,000 for an engagement ring feels like too much for you, look into our financing options like 12-month interest-free financing. 

Choosing a Diamond 

Earth-Grown vs Lab-Grown Diamonds 

There are two types of diamonds available: earth-grown (mined) diamonds and lab-grown (manmade) diamonds. Lab-grown diamonds have become increasingly popular for engagement rings since they are much more affordable than mined diamonds. Lab-grown diamonds can cost 30-50% less than earth-grown diamonds and are 100% real diamonds. Lab-created diamonds are identical physically and chemically to natural diamonds and will test as a diamond when a diamond tester is used. If you are on a budget of $5,000 or less for your engagement ring, we recommend lab-grown diamonds in order to get the most bang for your buck. You can get a much larger, higher-quality stone by choosing a lab-grown diamond instead.  

Shop Our Lab-Grown Diamond Inventory 

Understanding the 4 Cs 

The 4 Cs are crucial to understand while shopping for a diamond. The 4 Cs stand for Cut, Color, Clarity, and Carat, and are the universal standard for determining a diamond’s quality and value.  

Cut 

Cut has the biggest impact on the appearance and beauty of a diamond – cut will affect how much a diamond sparkles, and also how large it looks. A diamond that is not cut well can appear even smaller than other diamonds of the same carat weight. A diamond can receive one of the following cut grades: Ideal, Very Good, Good, or Poor. Ritani does not carry diamonds with a Poor cut grade.  

Choose the best cut grade possible for your diamond – for round-cut diamonds, choose an Ideal cut; for fancy shapes, choose a Very Good cut.  

Color 

The diamond color scale goes from D (completely colorless) to Z (light yellow). At Ritani, we only carry diamonds from D to L. Most diamonds naturally have some color; a little color isn’t a defect.  

Most people want an icy white diamond, so they assume they should purchase a colorless diamond (D, E, or F color grades). Unfortunately, colorless diamonds are costly due to their rarity. Luckily, near-colorless diamonds (G through J color grades) will still look white and are much more affordable. Near-colorless diamonds are perfect if you are looking for an engagement ring that is $5,000 or less.  

Clarity 

Most diamonds naturally have inclusions, which are imperfections on the inside of the stone. Clarity measures how many (or how few) inclusions a diamond has. Too many inclusions can impact the beauty of a stone.  

At Ritani, we offer diamonds from Flawless (no inclusions or blemishes) to SI2 (may have inclusions visible to the naked eye). Choose a diamond with a minimum clarity grade of VS2 to get the perfect blend of beauty and affordability. SI1 and SI2 diamonds are sometimes eye-clean, but are not always, so it’s necessary to view HD images and videos of your stone.  

Carat 

Carat is the measure of how much a diamond will weigh. One carat is equivalent to 200 mg. Carat isn’t necessarily a reliable indicator of diamond visual size, as visual size can be affected by things like cut and diamond shape (for example, marquise-cut diamonds have the largest surface area, making them appear larger than any other diamond shape).  

The carat weight you choose is ultimately up to your preferences and budget. As discussed earlier, you can get a much larger stone by choosing a lab-grown diamond.  

Another tip is to buy shy. The price of diamonds will increase if they are popular carat weights (for example, 1 carat, 1.5 carats, 2 carats, etc). If you are looking for a 1-carat diamond, choose a diamond in the 0.90-carat range instead. These diamonds will appear the same size as a 1-carat diamond and can help you save hundreds of dollars. 

Diamond Shapes 

There are a variety of different diamond shapes, each with its own unique look and personality. Here are a few of the best-selling diamond shapes to consider for your engagement ring.  

Round-Cut Diamonds 

​Round-cut diamonds are the #1 best-selling shape and are incredibly timeless, classic, and versatile. Round-cut diamonds also produce the most sparkle. Since they are in high demand, they are also the most expensive diamond shape.  

Cushion-Cut Diamonds

The cushion-cut diamond has antique roots, making it perfect for someone who loves classic beauty. It is (generally) square in shape with softly rounded corners. The length-to-width ratio of the cushion cut varies, so some cushion cuts will appear squarer, and others will appear more rectangular.  

Princess-Cut Diamonds 

​The princess cut is modern and full of sparkle. This square-shaped stone delivers crisp, clean lines that guarantee timeless beauty.

Oval-Cut Diamonds  

Oval-cut diamonds have a large surface area, making them appear larger than other diamond shapes like the round-cut or cushion-cut. This elongated diamond shape will flatter your finger by creating the illusion of a longer, slenderer finger.  

DISCOVER ALL DIAMOND SHAPES 

Choosing a Setting

Solitaire Engagement Rings

​Solitaire engagement rings feature a simple, plain metal band and a single diamond. Solitaire settings let your diamond really stand out. These settings tend to be the most affordable since they do not feature extra diamonds or embellishments. Solitaire settings at Ritani currently start at $284. 

Halo Engagement Rings ​

​Halo engagement rings feature a tiny circle of diamonds surrounding your center stone, creating more sparkle and the illusion of a larger center stone. Halos can also help protect your center stone – diamond shapes with a point like the pear-cut, princess-cut, or marquise-cut are prone to chipping. Halo settings at Ritani currently start at $680. 

Sidestone Engagement Rings ​

​In a sidestone engagement ring, diamonds line the band for graceful sparkle. Sidestone settings at Ritani currently start at $900. 

Three-Stone Engagement Rings ​

​Three-stone engagement rings feature a center diamond flanked by two additional diamonds, creating a balanced look. Sometimes called a trilogy ring, this style is said to represent your past, present, and future together as a couple. Three-stone settings at Ritani currently start at $2,020. 

Vintage-Inspired Engagement Rings 

​Vintage-inspired engagement rings are usually very unique, glamorous, and feature opulent details. However, these settings can be more expensive due to the extra diamonds and metal that go into making them. Vintage-inspired settings at Ritani currently start at $680.

Metal Options 

At Ritani, we offer 14kt and 18kt white gold, 18kt yellow gold, 18kt rose gold and platinum. 14kt white gold, since it contains less gold, is the most affordable option. Gold is very durable and will produce an affordable, long-lasting setting. 

If you are looking for an engagement ring under $5,000, you may want to stay away from platinum. Platinum is very rare and thus more expensive. Platinum is technically still feasible for a ring under $5,000, but you may have to sacrifice the size or quality of your diamond.  

Where to Buy Your Ring 

Shopping online for your engagement ring is the best thing you can do for yourself and your fiancée. Getting a diamond ring from a brick-and-mortar jeweler will be much more costly since they must pay more for overhead and inventory. It’s estimated that you can save 40% or more on your purchase by choosing to shop online.  

We get it – buying a diamond ring online can be daunting. That’s why we’ve created Free In-Store Preview, which allows you to preview your loose diamond or completed engagement ring in person before purchasing it. While brick-and-mortar jewelers will present to you rings set with cubic zirconia (a diamond simulant), this experience allows you to see the ACTUAL stone that you are interested in buying. There is never any obligation to make a purchase – if you don’t love it, walk away without spending a dime.  

Learn More About Free In-Store Preview 

Final Thoughts 

-If you choose to shop at Ritani, look for diamonds with the Best Value badge. These diamonds are less expensive than comparable diamonds that are also available through other jewelers. In our filters, you can also select “Best Value” to exclusively shop for these diamonds.  

-Each diamond at Ritani has a Diamond Cost Breakdown. This feature shows you what we pay to acquire the diamond, our fulfillment cost, markup, and final price. Our Diamond Cost Breakdown provides you with the clarity that you are getting your diamond for a fair price. 

-Try our Ring Recommender below. Enter your budget and engagement ring preferences and we will create the perfect ring for you based on your tastes.  

-If you ever need help choosing the right stone, our non-commissioned Virtual Gemologists are available to assist you.