When your heart is full, but your bank account isn’t, the perfect engagement ring may feel out of reach. Though there’s a wealth of luxury engagement rings for those with a big budget, affordable engagement rings are also carving out a glittering niche in the ring market as couples reassess their wedding spending and prioritise sentimentality over supersized sparklers. We’ll show you how to find the best affordable engagement rings without compromising on beauty or durability.
Rings have been used to signify partnership since the ancient Roman and Egyptian civilisations, but it wasn’t until 850 CE that Pope Nicholas declared that an engagement ring should be used to symbolise the intent to marry. During this era, most engagement rings were crafted from gold, and the tradition of proposing with a precious metal ring has endured across the centuries.
Archduke Maximilian of Austria was the ultimate early adopter, commissioning one of the first diamond engagement rings back in the 15th century. However, diamond rings didn’t become the stalwart proposal piece they are today until the mining company De Beers launched their astronomically successful “A Diamond is Forever” campaign in 1948.
Metal preferences for engagement rings have changed over time, with white metals becoming more popular than gold at the turn of the century, followed by a revival of yellow gold bands and rose gold alloys in recent years.
As you can see, traditions and trends come and go, but at its core, an engagement ring symbolises love and commitment. This means that even if you buy an engagement ring on a budget, the sentiment remains.
Most couples live together and share finances before getting engaged, meaning it is common for couples to discuss their available household budget for a ring. This figure can vary from less than £1000 to more than £10,000, and over the last few years, the average engagement ring spend sat just below £2000.
Choosing a cheap engagement ring isn’t just for those on a tight budget. Many couples decide they would rather divert money away from the engagement ring and channel it into savings for a home or a car or use it to make memories with a bigger wedding or a longer honeymoon.
Some couples buy an inexpensive engagement ring with the intention of making amendments or replacing the ring in the future. But if you plan to buy only one ring, there are endless options at the affordable end of the spectrum.
If you want to snap up a budget engagement ring, you need to brush up on your jewellery knowledge and understand what affects the price of a ring.
Most commonly, an engagement ring is crafted from a precious metal, and this means the band can account for up to 25% of the ring’s cost. Platinum is usually the most expensive choice, followed by higher carats of solid yellow gold, then white and rose gold, and palladium. You can enjoy significant savings by selecting an inexpensive metal like steel, titanium, tungsten, or zirconium, and – if you’re willing to deal with the tarnish and reshaping – silver.
The quality of a ring’s centre stone and its size significantly impact the value of an engagement ring. The main stone and any halo stones or side stones can contribute up to 75% of the cost of the ring.
Stones are valued according to carat, clarity, colour, and cut. Carat refers to the weight of the stone, and the higher the carat, the more expensive the stone. The clarity of a stone is an indicator of the level of blemishes or inclusions within the stone. The fewer the “imperfections”, the higher the clarity and the higher the price. Certain colours of stone hold higher values, and the saturation, intensity, and uniformity of the colour also influence the cost of the stone. Conversely, in white diamonds, it is the absence of colour that amps up the price. Well-cut stones are more desirable (and therefore more expensive) because they showcase the stone’s brilliance, depth of colour (or absence of colour in a white diamond), and clarity.
When you’re looking for affordable engagement rings for women, you need to carefully consider the type of stone it will feature. White diamonds, fancy (coloured) diamonds, rubies, sapphires, and emeralds tend to fetch the highest price tags, so there are savings to be made by selecting a different type of centre stone. If you have your heart set on the diamond aesthetic, you can turn to budget-friendly alternatives like lab-grown diamonds, Moissanite, or cubic zirconia.
Although a simple ring design can cost a lot of money if the stone is high-carat, high-clarity, and well-cut, generally speaking, the more intricate the design, the more expensive the ring. It takes time to create detailed band designs and to set additional stones. This time will be reflected in the price.
When you’re trying to stick to a budget, it’s worth remembering that when you shop with popular jewellery brands, you pay a premium based on their prestige and heritage. You can always buy a ring made from the same materials, with the same quality of stone, for less from an independent or high-street jeweller. This isn’t just the case for luxury jewellers like Cartier and Tiffany & Co, it also stands true for budget engagement ring options like Pandora and Swarovski – there are always cheaper alternatives.
The most important thing to remember when you choose an inexpensive engagement ring is that the price does not define a ring’s sentiment and attractiveness. Once you know how to maximise your budget, your engagement will neither look nor feel less just because you spent less on it.
Don’t underestimate the allure of a glittering ring. If you don’t have a non-negotiable budget in place, it’s all too easy to spend more than you planned in the heat of the moment (and under the spell of an experienced jewellery salesperson). Set your budget, and do not allow yourself any wiggle room on that figure.
Choose white gold if you want a white metal band instead of platinum or palladium. Sterling silver is an extremely affordable (though less durable) option, and as this Lab Diamond Side Stone Engagement Ring from The Diamond Store demonstrates, opting for silver can help you free up more money for diamonds.
Fans of yellow gold can turn to gold plating – or select a lower carat if you want solid gold. Lower-carat gold is less expensive but more durable since the highest carats of gold are softer and more easily bent out of shape. As a contemporary alternative, rose gold offers tonal warmth at a more affordable price than solid yellow gold.
If you’re happy to eschew tradition, you could choose a band material like titanium or tungsten. The aesthetic is edgy and modern, and there are impressive savings to be made by choosing these hard-wearing metals.
White diamonds are stunning. Their brilliance ensures an engagement ring emits an eye-catching sparkle; for many, a diamond is a must. Luckily, for those on a budget, there are many ways to maximise your budget and find affordable diamond rings:
Some ring settings are cheaper than others. A solitaire setting is generally the most affordable, yet it offers a chic, timeless look and can enhance the impact of a smaller stone – as demonstrated by the white gold Aida Ring by Austen & Blake. If you’re looking for a little more bling, rather than choosing a ring with side stones (which could add hundreds of pounds to the cost), look for a halo setting such as this white gold cushion-cut ring from H. Samuel. A halo setting is where tiny diamonds or white stones surround the centre stone, making it look much bigger and offering plenty of razzle-dazzle.
You already know that a top jewellery brand isn’t the place to find cheap engagement rings, and instead, you should spend time exploring jewellers that specialise in lab-grown diamonds and gems, recycled precious metals, cheaper metals, or second-hand rings. Browse online selling platforms like Etsy, where you may spot up-and-coming jewellery designers who are creating affordable and unique pieces. Vintage rings are in vogue, and if you’re willing to trawl the local thrift stores, you may strike gold. Or why not head online and find reputable pre-loved jewellery retailers?
How much should I spend on an engagement ring?
You should only spend what you can afford, and with options to replace a centre stone or add side stones in the future, there is no need to overstretch. Outdated traditions like spending two months’ wages are no longer followed, and there are no hard and fast rules on the type of stone or metal that should be chosen. Remember, most Brits spend less than £2000 on an engagement ring.
Do inexpensive engagement rings look cheap?
A well-made, cheap engagement ring can have just as much impact as an expensive one, but to avoid the “costume jewellery” aesthetic, it’s best to find balance within a ring. If you’re picking a low-cost metal, consider a lab-grown diamond to add the wow factor. Or, if you’re selecting a cheap stone like a cubic zirconia, consider a white gold or lower-carat yellow gold band to create a luxurious setting.
Are there cheap engagement rings you should avoid?
If you have a physical job or lifestyle, a softer, cheap metal like low-quality silver or a plated metal could get damaged easily. You may do better channelling money into a durable band and selecting a cheaper centre stone. Most importantly, don’t buy a ring simply because it’s cheap. With so many options available, it pays to do your research and find an engagement ring you love that fits your budget.
Once you’ve snapped up a bargain engagement ring, don’t forget to protect it with insurance. Whatever the budget, an engagement ring represents a significant financial investment for a couple, so it makes sense to protect it with specialist jewellery insurance. TH March understands that your ring holds both monetary and sentimental value, so our insurance policies offer worldwide protection against loss, theft, and damage, and we’ll always try to organise repairs and replacements with your original jeweller. Get a quick quote online today and discover premiums starting at just £60.00 a year.