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The cost of buying an engagement ring in New Jersey.

By Kimberly McNamara 1 years ago 1308 Views No comments
The cost of buying an engagement ring in New Jersey.

We explain the engagement ring costs in New Jersey

When it comes to popping the big question, a lot of our customers want to know how much it’s going to cost to buy the engagement ring of their significant other’s dreams. Taking that big step and purchasing an engagement ring is a HUGE deal. It represents not only starting a new chapter in your life, but also making a lifelong commitment to your significant other through the symbol of a diamond ring.

But how much will it cost you? What does it cost to buy an engagement ring in New Jersey?

Fortunately, for those of us living in the Garden State, the cost of an engagement ring varies, and you’re in a great location to find something within your budget without breaking the bank. Let’s consider some of the factors that contribute to the cost of buying an engagement ring in New Jersey.

Why are engagement ring costs in New Jersey so high?

If you're a resident of New Jersey, you're aware of the expenses that come with living here. Being a part of the greater New York City area means a higher cost of living, higher property taxes, and higher expectations.

Higher expectations are what I want you to focus on here. We’re not saying that your significant other has higher expectations that others around the country, but we are saying that on average, New Jerseyans are spending more on engagement rings because they choose to.

To put things into perspective, a study was conducted by POPSUGAR (a global media company specializing in lifestyle media) regarding the difference in engagement ring costs across the United States. This study revealed that New Jerseyans on average are spending around $8,500 on an engagement ring. By comparison, residents of South Dakota are spending around $1,250.

Why is this? Simple. We’re buying more expensive engagement rings with larger, higher quality diamonds when compared to other areas of the country because we want to.

Diamonds sold near bigger cities (i.e., most of New Jersey) are generally larger and better than diamonds sold in smaller, more rural areas. This means higher costs because we choose to buy better, larger diamonds. Consumers around major metropolitan areas tend to be slightly older with higher incomes, are willing to spend more money, and are more in touch with fashion trends. Additionally, when everyone around them is wearing a 1.5- or 2-carat ring, many people want to match what their friends have.

But what may seem like a costlier area in which to buy an engagement ring actually isn’t itself so costly. People are buying rings as a function of their tastes and are generally choosing to buy larger rings.

In fact, if you were to go to Smalltown, South Dakota, chances are your choices for jewelry stores would be slim. Since there isn’t as much competition in rural areas as there is in New Jersey, you may end up paying more for less. Generally, any area near a major city tends to have cheaper jewelry and diamonds because of competition. That goes double for the New York Metropolitan Area because jewelry stores like Braunschweiger Jewelers have to deal with competition from the Diamond District on 47th Street in New York City.

In short, New Jersey is spending more on engagement rings because we choose to. However, people get more bang for their buck because of competition.

To learn more about engagement ring costs, check out our article What should an engagement ring cost? to learn some of the ins and outs of buying a ring.

Engagement Ring Costs in NJ

Bigger engagement ring costs may mean bigger budgets

Being next-door neighbors to New York City, we are one of the most fashion-forward and trendy states in the U.S. We have access to the diamond district in New York City, where diamonds of any shape or size are readily available and the choices are endless. Wondering what a diamond could cost you? Check out our Diamond Link page to price out diamonds at Braunschweiger Jewelers.

In today’s day and age, brides are more interested in unique, intricate and bold designs versus traditional and simple. This alternative concept of nontraditional engagement rings opens a whole new world of possibilities. Different metals, fancy-cut diamonds, and intricate designs all alter the price of a diamond engagement ring. Settings and completed bands can range in cost. Check out our Build a Ring page to see the differences in cost between the various types of settings available at our jewelry stores.

For example, a 14k white gold mounting set with a 0.50-carat round brilliant cut diamond can be easily purchased for less than $3,000, but altering the cut of the diamond or the intricacy of the mounting will increase the price.

Again, the takeaway here is that price is often dictated by tastes. Since brides want something beautiful, unique, and on par with what their friends have, people are choosing to spend more money.

Engagement ring costs are impacted by… taxes

Another factor that contributes to the cost of an engagement ring in New Jersey is sales tax. New Jersey’s sales tax is currently at 7%, but will be dropping slightly in the next few years. When spending a few thousand dollars on an engagement ring, you're looking at adding a couple hundred dollars just in tax. For example, if you have a $5,000 budget, you will need to purchase a ring for around $4,500 to stay under budget after taxes are added.

New Jersey’s sales tax is relatively high in comparison to neighboring states such as Delaware and Pennsylvania. Delaware is the home of 0% sales tax, while Pennsylvania has a 6% sales tax. New York, on the other hand, is slightly higher than New Jersey at around 8.5%. Engagement ring purchases in New York City are subject to both New York City and New York State taxes combined.

Engagement Ring Costs in New Jersey

Engagement ring costs are just the beginning

Engagement rings in most cases are later accompanied by a wedding band. Wedding bands are exchanged on the day of the wedding between both the bride and groom. So in addition to purchasing a wedding band to accompany the engagement ring, you will be purchasing a wedding band for the groom, as well.

In most cases, the wedding bands are less expensive than the engagement ring due to the simplicity of the band. Usually a wedding band is something much simpler, such as a polished metal or a ring with small diamonds incorporated. When thinking about wedding bands, a bride’s ring can range anywhere from a few hundred dollars to a few thousand depending on the design, while men’s rings can range from a hundred dollars to a thousand depending on the metal type.

We go over the details on engagement ring and wedding bands in another article, Engagement ring costs vs. wedding band costs.

Being that New Jersey is among the most expensive states to live in, it is also one of the most expensive states for have a wedding reception. ValuePenguin (a research company focused on value and finances) researched the average cost of a wedding reception in each state. Based on this research, the average cost of a wedding reception in New Jersey is between $41,000–$48,000 and $250–$350 per person. That said, the engagement ring is only a small fraction of the bigger picture.

After your wedding, you'll need to start thinking about insuring your engagement ring and wedding bands if you have not already done so. To insure your jewelry, you will need an insurance appraisal from a jeweler or certified gemologist. Here at Braunschweiger Jewelers, we offer an insurance appraisal with the purchase of your engagement ring at no additional cost. Other jewelry stores may charge a fee to write up an insurance appraisal. Typically, an appraisal runs from $150 and above. Appraisal services can different depending on the reason for the appraisal. To learn more, check out our article How much does jewelry appraisal cost?

Insurance varies depending on each policy and company, but a general cost to insure your ring is $1 to $2 for every $100 that it would cost to replace. For example, if your ring would cost $8,000 to replace, you might expect to pay between $80 and $160 per year to insure it. Jewelry insurance varies based on location, meaning that in cities where the risk of theft is higher, the rate of insurance is also higher. Check out our article How do I insure my jewelry? to learn more on the subject.

An engagement ring is a piece of jewelry that will be worn for the remainder of one’s life. It will be well loved and cherished. Jewelry that is worn on a daily basis will require maintenance and repair. It is recommended to have your engagement ring evaluated by a jeweler every 6 months to maintain the integrity of the piece. Routine maintenance such as re-tipping the prongs, polishing the ring shank, and tightening the diamond will usually require a fee from your jeweler. Braunschweiger Jewelers offers complimentary cleaning and routine evaluations to ensure your engagement ring is safe and sparkling for years to come.

Closing thoughts on engagement ring costs in New Jersey

Once you consider all the factors associated with buying and maintaining an engagement ring, it’s time to figure out a budget that suits your situation. Just because the average cost of a wedding ring in New Jersey exceeds $8,000 doesn’t mean you HAVE to spend that much. There are plenty of options to cater to each budget, and all that matters is that you and your future fiancée are comfortable with the purchase.

You can choose to spend whatever you want for an engagement ring in New Jersey. If you have a $1,000 budget, a $5,000 budget, or a $10,000 budget, you’re almost guaranteed to find the ring you’re looking for. Yes, engagement rings in New Jersey cost more on average, but that’s not because of anything aside from personal preferences.

To learn more about the engagement rings we offer, feel free to visit either of our New Jersey jewelry store locations in Morristown or New Providence to see for yourself and talk to any of our expert jewelers.

If you'd like to talk to someone directly about repairs, you can contact us online anytime by emailing us at info@braunschweiger.com, or simply fill out our contact form. We'll answer your questions quickly.