- US consumers spend an average of $6,351 on an engagement ring.
- Aside from a diamond’s size, various factors go into the pricing of an engagement ring.
- A diamond’s cut, carat, color, and clarity determine its price.
Online diamond retailer Ritani knows exactly what its customers are looking for when they visit the site: an engagement ring.
“Not only is this [ring] generally [our customer’s] largest purchase to date, it’s typically the millennial male, and he has no idea what he’s doing,” Ritani’s Vice President of Marketing, Mark Keeney told Business Insider during a visit to their Manhattan diamond factory.
We toured the diamond factory to find out everything you need to know when it comes to purchasing a diamond engagement ring. Below, see how much people are spending, the most popular cuts, settings, and how the “four C’s” can affect price.