No item of jewellery is quite as emotionally charged as the engagement ring. It symbolises your commitment to a future together and shows your fiancé-to-be that you understand their unique taste and style preferences. When it’s time to choose an engagement ring, you’ll probably start to feel mounting pressure to get it right.How much do engagement rings cost? Do you really need to spend three months of wages on a ring, and will your partner even care about the cost? We’re here to be the voice of reason among all the expectations, glittering diamonds, and princess cuts.
So, how much is the average engagement ring in the UK? If you’ve had the three-month-rule in the back of your mind, you’ll probably be relieved to note the following:
With average spending sitting below £2000, engagement rings don’t have to be an extravagant expenditure. Indeed, modern couples are turning their backs on five-figure diamond dazzlers, choosing to focus their finances on buying a home, hosting their wedding, or simply saving during the cost-of-living crisis.
The notion that we should spend the equivalent of three months’ wages on an engagement has become deeply ingrained in the culture of marriage. This rule-of-thumb was actually a clever marketing ploy by the famous diamond company De Beers, launched in the 1930s and again in the 1980s. Given that you’ve probably taken this tradition into consideration – you can see it was marketing that worked. De Beer’s campaign was designed to tap into the insecurities of nervous young men looking to propose. A lot has changed since then, with modern living costs making such an expenditure unachievable (or certainly financially unwise) for many.
Now you’ve drawn a line through the three-month sum, what’s a ballpark figure that can guide you? You don’t want to leave your partner feeling undervalued nor do you want to get down on one knee with a beautiful ring but a bucketload of debt. How much should you spend? The sensible answer is to spend what you can afford on a ring that feels meaningful.
In the spirit of healthy communication within a relationship, you may also want to discuss a budget with your partner. If all your finances are pooled, they may not agree with a significant expenditure on a ring – best to touch base on this matter before you splash out!
Some couples are now embracing a one-month salary rule. The median salary in the UK (£2,253 in 2023) makes the average engagement ring cost discussed above more achievable. More compatible with today’s cost-of-living pressures and realistic saving goals, the sum still gives plenty of scope to buy a high-quality ring.
From the precious metals and stones used in the ring to the jeweller who creates it, there are many factors that affect the final price tag of an engagement ring.
The centre stone can account for a whopping 70% of the total cost of an engagement ring, with the band, embellishments, and crafting making up the other 30%.
About 25% of your ring budget is the cost of the metal used in the band and setting. Platinum and white, rose, and yellow gold continue to be the most popular metals for rings. They’re practical, too, since softer metals can be easily scratched and dented over time. Platinum and gold now sit at similar price points thanks to global price rises in gold.
Most of your money, therefore, goes toward the gem. The cost of this centre stone is driven by its:
You’ll need to think about the setting for your centre stone – how it is mounted on the ring. You may think a simple setting would be less expensive, but this isn’t always true. The very simple solitaire setting is one of the most popular for engagement rings, looking extremely elegant and showcasing a diamond or gemstone in all its radiant glory. However, it’s actually more expensive per carat than other settings.
You can be canny with your setting. Consider a halo setting if you need your centre stone to be smaller, but know your partner wants maximum sparkle. Here, the central stone is surrounded by a halo of smaller stones, amplifying the glitter with fewer carats.
High-street jewellers buy their materials in bulk, allowing their prices to be lower than those of an independent jeweller working with small batches. Therefore, the average engagement ring cost from a jewellery brand chain is likely to be lower.
If you prefer to “shop local” or want a bespoke design or to repurpose a ring (such as a family heirloom), an independent jeweller ticks all your boxes. You’ll just need a bigger budget or be willing to settle on a smaller centre stone and a simpler setting.
Do you need to have a good understanding of your partner’s jewellery preferences when buying an engagement ring? Absolutely! You’ll need to rummage through their jewellery box and spend months casually strolling past ring displays, asking, “Do you like that one?”. But their personality and style cannot define your budget. You must set a budget based on your financial situation and then work within that budget to find the right ring.
We always wish we had more money to spend, but there’s plenty you can do to maximise your budget when you’re looking to get down on bended knee.
Think carefully about your diamond shape. Some shapes make the stone appear more prominent, giving you the visual impact for less. Think pear and oval shapes and emerald cuts to maximise the appearance per carat.
Naturally mined diamonds have been the most popular choice for engagement rings for decades. But they’re expensive. Beautiful, but expensive. Lab-grown diamonds offer a significantly cheaper alternative. Chemically, these stones are identical to natural diamonds. To the naked eye – also identical. Only a tiny mark placed on the base of the stone allows jewellers to know it’s been lab-grown.
If you know your partner would be happiest with a larger central stone, a lab-grown diamond could bring that dream to life – but on a budget.
Does it have to be a diamond? Celebrities and influencers have made opting for different precious stones more popular, with emeralds and sapphires proving popular in contemporary and vintage-inspired designs. Moissanites offer a great alternative and a much lower price tag for all the brilliance and icy depth of a diamond. Ideal for the partner who doesn’t really care about diamonds but enjoys the aesthetic, a well-cut moissanite is a winner.
If you want to maximise your investment long-term, go for the best cut, colour, clarity, and cut your engagement ring budget can afford.
The 4Cs are also an excellent place to look for compromise to maximise your budget. Though the grading system of the 4Cs influences the price of the stone, to the layperson many of the grades will look the same. You can opt for a lower grade at a lower price without any notable differences. There are significant savings to be made by choosing a lower-clarity stone, whose inclusions can add charm and character.
A single larger stone in a solitaire setting is the height of tradition, but it’s an expensive route. A cluster of smaller stones can reduce your engagement ring cost but still offer all the razzle-dazzle you want.
If your partner has inherited a piece of jewellery with a precious stone, an engagement ring, or a wedding band, you can repurpose the piece to create a ring steeped in sentimentality. You may worry that repurposing will be expensive, but you may find you can create the perfect ring for less than the average engagement ring cost.
A temporary engagement ring offers a host of benefits. If you plan to propose on a romantic foreign holiday, travelling with thousands of pounds worth of engagement ring may fill you with dread. Perhaps you’re worried about buying a ring your partner won’t like, or your finances simply won’t accommodate a nice ring. A proposal ring is a neat solution.
This temporary ring allows you to pull off the surprise proposal and then gives you and your partner time to find or save for a ring that is just right. You need to be confident that your fiancé-to-be will be happy with this approach and won’t be disappointed with not receiving the real deal there and then.
What is the average stone size for an engagement ring?
How much do engagement rings cost? That largely depends on the size of the central stone. You’ve waded through the murky waters of how much you should spend, but understandably, you want to buy your partner a ring with a stone that won’t underwhelm.
Diamonds are measured by weight (carats) rather than size. In the UK, the average carat for an engagement ring is 0.6. Remember, you can be clever by choosing cuts and shapes that accentuate the stone, allowing lower-carat diamonds and gemstones to make as big an impression as one of a slightly larger carat.
Can I haggle on the price?
In the UK, we’re not as comfortable haggling as other nations—but now is an excellent time to start! You’re spending a significant amount of money when you buy an engagement ring, and given the markups made on stones and metal, you may find a jeweller willing to offer a discount. Especially when purchasing a higher-value ring, even a small percentage discount can represent a decent saving.
Should I borrow money to buy an engagement ring?
Larger jewellers may offer a repayment plan, but check their interest rates. You may be better off using a credit card if you know you can pay it off promptly.
In recent years, building up savings has become increasingly challenging; borrowing money may seem like your only option. What would your partner think? Will the monthly repayments impact the quality of your life? Could you afford an inexpensive temporary ring instead?
Should I insure an engagement ring?
An engagement ring’s cost is only one part of its value. Whether you’ve spent £1000 or £10,000, it holds significant sentimental value to both you and your partner. If the ring is accidentally damaged, lost, or stolen, insurance offers you the peace of mind that repairs or a similar replacement can be arranged.
Don’t rely on your home insurance to cover an engagement ring. It may not offer sufficient coverage and there may be no cover at all outside the home.
TH March has been protecting the nation’s most precious items of jewellery for over 130 years. Get in touch with our friendly insurance experts today to see how we can help you keep your engagement ring safe. With a dedicated handler, you’re assured of a sensitive and swift service if you need to make a claim.