Your engagement ring will be one of the most precious pieces of jewellery you own, and the cost usually reflects this. When considering your engagement ring budget, knowing the average price of engagement rings can help provide a guide.
How much an engagement ring costs can vary greatly depending on the style and materials you choose. First, we’ll consider one of the main factors that impact the cost of your engagement ring - the diamond.
“ Many people aspire to a half-carat or one-carat diamond, but a smaller diamond can be just as beautiful“
What impacts the cost of a diamond engagement ring?
If you choose a diamond ring, the quality and size of your diamond will have a significant impact on the total cost.
Carat weight refers to the size of the diamond. The higher the weight of a diamond, the more it costs. Many people aspire to a half-carat or one-carat diamond, but a smaller diamond can be just as beautiful. A stone with a rounded total carat weight such as 0.50ct or 1.00ct will cost more, due to the demand for these sizes. A slightly smaller diamond such as a 0.45ct or 0.90ct will look very similar, but the costs will be less. In the UK, the average size of diamond is around 0.60ct, with most brides hoping for a stone between 0.50ct - 1.00ct in size.
The shape you choose for your diamond impacts cost. Round brilliant cut diamonds cost more per carat than fancy shapes such as princess or emerald stones. This is because they are in greater demand and as the cutting process uses a higher proportion of rough material.
When it comes to the quality of your diamond ring, the colour, clarity and cut of the diamond impact price significantly. The higher the colour, clarity or cut grade, the most expensive the diamond.
What is the average cost for a diamond engagement ring?
The average price of an engagement ring in the UK is currently just over £2,000, with couples’ spend ranging from £600 to £10,000.
Our clients usually spend around £2000 - £6,000. We love crafting engagement rings for all budgets, from a delicate solitaire to a show-stopping ring.
How much should I spend on an engagement ring?
Knowing the average engagement ring cost is a starting point for setting your budget. But deciding how much to spend on your engagement ring is a very personal decision. Despite the many rules and guidelines around the topic, the only thing that should matter is how much you want or are able to spend.
We are here for you, whether you have a modest budget or want to ‘push the boat out’. Our signature range of engagement rings starts from under £1,000 for a classic solitaire ring. Prices rise from there with larger diamond sizes and more intricate design choices.
Do I need to spend two months’ salary on an engagement ring? / The two-month salary rule
Traditional wisdom suggests spending two months' salary on an engagement ring. We prefer our rule; spend what feels comfortable. Two months’ salary was a guideline invented in the 1980s. It is more important to consider your budget, lifestyle, and personal situation.
The guidance to spend two months’ rule was part of a 1980s marketing campaign, equating a minimum level of spend to the depth of your love. We feel differently. Your engagement ring is itself the symbol of your love and commitment. The value of your engagement ring is in the personal significance, not the cost.
How can I get the engagement ring I love within my budget?
Sometimes, the ring or style you fall in love with isn’t possible within your set budget. That’s where our experience comes in. As there are so many parameters that affect engagement ring cost, there are as many ways to help bring your desired style within budget. The complexity and weight of the ring design, the number and size of diamonds, and the centre gemstone choice all impact the final cost.
When it comes to diamonds, there is some flexibility in the quality you choose depending on the size and shape of your chosen stone. A diamond doesn’t need to be ‘perfect’ in quality to be beautiful. Read our guide on diamond clarity (link to diamond quality blog - #4) to discover more.
Alternatively lab grown diamonds can provide a fantastic option to get a larger or higher quality diamond at a lower price point.
We can advise where you can save money, and where quality is important. For instance, a step cut shape like an emerald or Asscher cut need a higher clarity and cut grade than a brilliant cut stone. This is because the sparkling facets of a brilliant cut stone, such as a round or princess diamond.
Your budget is one of the things we will ask you about during our consultation, and we will never propose options that exceed that unless you ask us to.
Can my engagement ring budget change in future?
Sometimes couples plan to stretch their budget now in order to ensure they will still love their engagement ring in the years to come.
However, there is an alternative. It is becoming more popular to upgrade or remodel engagement rings, perhaps at a time when your budget increases. It may be reassuring to know you have options in the future if you want a more extravagant engagement ring.
We can remodel your ring, adding a halo or shoulder stones. We can even help ‘trade in’ your centre stone to a larger size. You can read more about the process in our blog on remodelling, here.
Knowing the average cost of an engagement ring helps guide your own budget. But when it comes to choosing your engagement ring, remember love matters most. The value of your ring is in the commitment it symbolises, not the price.
If you’re ready to explore engagement rings, start with our signature collection. For our guidance in finding a ring perfectly suited to both your lifestyle and budget, book a personal, no-obligation consultation here.
