Your ring finger has worn the same stone for years. The setting still holds, the band still fits, but something feels off. Maybe your taste changed. Maybe your finances did. Maybe you look at that ring and see a version of yourself that no longer exists. Upgrading an engagement ring is a practical decision dressed up as an emotional one, and there is no reason to pretend otherwise.
The average engagement ring in the United States costs $5,200, according to The Knot’s 2024 Jewelry and Engagement Study. That figure has dropped steadily from $6,000 in 2021. People spend less than they used to, and they think harder about what they want. An upgrade lets you correct the compromises you made the first time around.
Cuts That Hold Their Value
Not every shape trades equally. Kay and Jared require your upgrade to cost at least double the original, so the stone you pick now affects what you can afford later. Round brilliants remain the most common, but marquise and oval shapes have gained ground. An emerald cut diamond tends to show size well relative to carat weight because of its elongated facets. Pear shapes offer similar visual advantages.
The 2025 Real Weddings Study from The Knot found hidden halos now appear on 18% of rings, overtaking classic halos. East-west settings also gained traction after Zendaya wore one to the Golden Globes. These details matter when you plan to trade up again in a few years.
Lab-Grown Diamonds Changed the Equation
The cost difference between lab-grown and natural diamonds has become too large to ignore. Diamond analyst Paul Zimnisky reported that in the first quarter of 2025, an unbranded round 1-carat lab-grown diamond averaged $845. A comparable natural stone ran about $3,895. That gap lets you upgrade size without upgrading budget.
The Knot’s 2025 Real Weddings Study found that 52% of couples chose engagement rings with lab-grown center stones. That figure increased 6% from the prior year and 40% since 2019. BriteCo’s data shows consumers are putting the savings toward larger stones. The average lab-grown engagement ring center diamond grew from 1.31 carats in 2019 to 2.45 carats in 2025.
Fortune reported that 1-carat lab-grown diamonds dropped from an average price of $3,410 to $892. Ken and Dana Design estimates lab-grown stones typically cost 80% to 95% less than mined equivalents.
Buying Your Own Ring
The reasons people buy fine jewelry have expanded beyond relationship milestones. The Jeweler’s Blog noted that female economic independence drives a portion of self-purchased jewelry sales. Late marriages and a general interest in personal markers of achievement factor in as well.
NuOrder research found that almost half of Gen Z consumers surveyed said they splurge on themselves at least once a month. That rate exceeded both Millennials at 43% and Gen Xers at 34%. Younger buyers see jewelry as a personal reward, not a gift from someone else.
Hailey Bieber upgraded her oval engagement ring to a stone between 7 and 11 carats, estimated at over $1 million according to Elle. She confirmed the new ring was only 1 carat larger than the first. The elongated shape made it appear substantially bigger. Lauren Boc of Hera jewelry credits Bieber with popularizing oval cuts when she got engaged in 2018.
Regional Price Differences
Where you live affects what you pay. Business Insider reported that Washington state leads the country with an average engagement ring cost of $10,109. California follows at $9,482, and Illinois comes in at $9,197. If you purchased your original ring in a lower-cost region and now live somewhere pricier, your upgrade budget may need adjustment.
Nearly two-thirds of buyers spend less than $6,000 on an engagement ring, according to The Knot. One-third spend under $3,000. These numbers provide a baseline for what most people consider reasonable.
Timing Your Upgrade
Retailers run promotions during predictable periods. Holiday sales in November and December typically include financing offers. Valentine’s Day brings similar deals. If you plan to use a trade-in program, call ahead to confirm the original purchase documentation is on file.
The condition of your current ring matters. A professional cleaning and inspection before trade-in ensures you know what you have. Small repairs might increase trade-in eligibility if the damage falls within covered parameters.
Ring Concierge founder Nicole Wegman observed that couples now prefer bold designs because they allow for creative combinations of gemstones and proportions. The desire for personal expression has pushed maximalist styles forward.
What You Actually Get
An upgrade buys you better materials, larger stones, or more precise craftsmanship. It does not buy you a new relationship or a fresh start. The ring sits on your finger, and the meaning you attach to it remains yours to decide.
The numbers support upgrading as a financially viable option. The programs exist. The market accommodates lab-grown alternatives. The only question left is what you want on your hand for the next several years.
Image Credit: depositphotos.com
