Traditionally, men have been advised to spend two months’ salary on an engagement ring, but have you ever wondered if that is what people are really spending?
Anyone shopping for engagement rings in Atlanta faces a unique challenge. Unlike other large cities, there is no diamond district and finding the perfect diamond can take time.
Rare Carat, a new start-up, hopes to make the ring search a bit easier by using IBM Watson technology — an artificial intelligence platform — to help users compare prices of diamonds from a range of online retailers such as Blue Nile, Costco and Solomon Brothers.
Each week, the company analyzes data from more than 14 million shoppers to find out what people are looking for.
In Atlanta, shoppers are spending an average of $8,059 for an engagement ring and they are buying diamonds that are on average 1.47 carats.
While $8,059 is the average spend, there are plenty of shoppers in the $2,000 – $4,000 range as well as in the $10,000 and up range.
The most popular shape is round (34 percent of Atlantans), followed by pear (14 percent), oval (14 percent) and cushion (13 percent).
Atlanta ring shoppers are most concerned with sticking to their price range, carats and cut, but they are willing to compromise on clarity.
Ajay Anand founded Rare Carat after embarking on a frustrating three-month search to find an engagement ring for his girlfriend in 2015.
He spent countless hours typing search terms in Google to educate himself on the process but he still ended up with unanswered questions.
Each day he would also have to enter the same search terms into 15 different websites and then struggle to compare what he found across each site.
In an effort to make the process of ring shopping easier, Anand launched Rare Carat in October 2016.
In addition to allowing shoppers to compare prices, the site avoids diamond-ese by using real language to fuel searches.
Anand hopes the site will help demystify the diamond industry and help buyers find the engagement ring that is perfect for them.