While many millennials may be gravitating away from diamond engagement rings, they are still a very popular option for proposals. If you do want to rock a diamond ring but don't want to go into debt doing so, consider a different type of diamond.
According to The Knot, lab grown diamonds look just like their traditional counterparts but have a much lower price tag. In fact, the price of a 1-carat lab diamond is about $1,600 compared to a mined diamond, which could cost up to $12,000! Lab diamonds are also better for the environment and offer a conflict-free sourcing process.
Another option is a moissanite ring. While this type of diamond ring may have a bad reputation, the idea of gifting one of these affordable beauties is becoming more popular. According to a survey done by The Knot, 19% of couples who didn't go with a diamond engagement ring instead went this route when proposing in 2019.
With all of these alternative engagement ring options, there's no reason you need to stress about buying and wearing a big diamond rock. Tap into you and your partner's personalities and get something that speaks to you as a couple. Best of luck and happy proposing!
