At the end of the day, the amount spent is arbitrary.
What really matters, experts say, is that couples see eye to eye. "If each partner's expectations aren't met or communicated to each other, frustration and disappointment can result that will eat away at the happiness in the relationship," Terri Orbuch, also known as The Love Doctor, tells TD Bank.
Many young couples these days choose not to purchase a diamond at all. Although millennials spent $26 billion on the stones in 2015 alone, more than any other single generation, according to the De Beers Annual Diamond Insight Report, they approach both money and marriage differently, and it's affecting their spending habits.
For one, millennials aren't getting married as early as previous generations. Many millennials are choosing not to get married at all.
Among those who do plan to say "I do," many opt for nontraditional stones, such as sapphires or rubies, to signify commitment. Those can stand out more and can also serve as a way for consumers to rebel against what some see as the diamond industry's heavy-handed marketing tactics.
Many millennials also simply have other priorities. As they increasingly value experiences over things, young couples might choose to put their money toward a wedding or honeymoon than blow the budget on one ring.
This is an updated version of a previously published article.
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