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 recent 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.
US consumers spend an average of $5,871 on an engagement ring.
According to The Knot's 2015 Real Weddings Study, which surveyed 18,000 US brides and grooms married that year, consumers are spending an average of $5,871 on the ring.
And while the rule of "save up two to three month's worth of salary" is long outdated, experts are advising couples to seriously consider finances before buying a ring.
Diamonds are graded and priced based on the "four C's," which include cut, carat, color, and clarity.
The four C's are important to know because they help you understand the quality of the diamond, and they also help determine its price.
For example, a one carat round shaped diamond with an "ideal" cut grade can range from $2,521 to $12,857 at Ritani depending on its grade for clarity and color.
Cut grade determines the diamond's "sparkle" effect.
The cut grade is determined by the diamond's proportions and symmetry of each facet of the diamond — which directly effects the way the diamond captures and reflects light, creating that beloved "sparkle" effect.
Cut grade is measured on a scale from "ideal" to "poor."
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