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Singer Taylor Swift’s engagement ring from now-fiancé Travis Kelce is guessed to have come at quite the price. The Hollywood Reporter recently quoted a diamond expert who claimed a similar rock could be worth upward of $1 million.
While comparison is the thief of joy, those thinking about popping the question can make a suitably grand gesture—at a more equitable price point—if they have a plan.
Level Playing Field, With Rocks
Swift’s ring is purported to be a cushion-shaped diamond in a brilliant cut of roughly 10 carats set in 18-karat yellow gold, according to The Hollywood Reporter. And believe it or not, members of the public may be able to afford a reminiscent rock without quite the earth-shattering price tag, if their hearts so desire.
The diamond industry is currently in a state of limbo, thanks to tariffs that went into effect on Wednesday. U.S. President Donald Trump has imposed a 50% duty on most goods from India, which is the country’s largest source of diamonds.
The act means Americans may find diamond prices fluctuating as natural gemstone exporters bear the brunt of the levies, according to diamond industry analyst Paul Zimnisky.
Zimnisky suggests turning to lab-grown diamonds, or real diamonds birthed in controlled laboratory environments as opposed to mined from the earth, as an affordable alternative.
According to With Clarity, lab-grown diamonds cost an average of $800 to $1,000 per carat, meaning that a 10-carat diamond could cost as little as $10,000.
$10K Is Still Nothing To Sneeze At
For many households, $10,000 is still a lot of money. An April 2024 Empower survey that queried 1,192 Americans found their median emergency savings was $600, with 21% having no savings at all.
Engagement rings can thus be a long-term investment, like a car or a house. And like these bigger purchases, a savings plan can help you get your hands (or fingers) around that gemstone in no time:
- High-yield savings accounts (HYSAs). These accounts offer higher interest yields than standard savings accounts, helping you earn as you squirrel funds away for the person of your dreams.
- Certificates of deposit (CDs). CDs offer similar interest rates to HYSAs, but are often meant for long-term savings, as funds cannot be removed for a fixed term. The upside is that account holders lock in a fixed annual percentage yield (APY) that helps their money grow steadily. If you know you’re not ready to get on one knee for quite some time, CDs are a great option for steady fund growth.