A third say a sub-$1,000 ring is OK.

Americans have fairly modest expectations for how much an engagement ring should cost, a new study finds.

In fact, more than a third of respondents in the CreditDonkey.com survey said an engagement ring should cost under $1,000. And only 19 percent felt it should cost more than $5,000.

Survey results are representative of the U.S. internet population, according to CreditDonkey.

Expectations among millennials are a bit higher than the average. For example, fewer than 29 percent of women aged 25 to 34 said a ring should cost less than $1,000.

The survey also asked about lab-created diamonds. About 45 percent of respondents said it doesn't matter to them whether a diamond is natural or lab-grown.

CreditDonkey conducted the online survey of 1,064 Americans aged 18 and over between April 2 and April 4. It was conducted using Google Surveys.

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