How much should you spend on an Engagement Ring?
You are ready to pop that all-important question and probably wondering how much you should be spending on your engagement ring. This may seem like a really tough question, but it doesn’t have to be. Preparing for your proposal is an exciting time and you want a beautiful ring to make it all happen. An engagement ring indeed is one of the most special gifts you’ll ever buy. It symbolises your love and your commitment to a life together. This important ring also reveals that you’re invested in your shared future. The best way to decide how much to spend on your engagement ring is simply what you can afford and once you know your budget, there are so many ways to maximise the value of the money you spend and we would love to guide you through the selection process.
• How much should you spend?
• Average engagement ring costs around the world
• Expectation vs affordability – finding the perfect ring without blowing a hole in your pocket
• Clever ways to maximise the impact of your diamond engagement ring
How much is too much or too little?
There are many thoughts on how much you should spend on an engagement ring, most of which are outdated, impractical, or irrelevant to today’s couples. Traditionally, prospective grooms have relied on the ‘two months salary’ rule, or variations on that of one or three months. Other guidelines include the average cost or the average size of an engagement ring. However, none of these takes into account the personal circumstances, budgeting priorities, or financial goals of the couple.
By one, two or three months' salary?
A long-accepted method has been that you should spend at least 2 months’ salary on the engagement ring. Other recommendations along this same theme vary up or down from one month to three months. It is however now considered somewhat archaic to tie a woman’s worth to a man’s earning capacity.
Instead, we recommend that the couple jointly takes into account, their
Lifestyle
Financial commitments
Savings goals
By average cost of an engagement ring
The advantage of this approach is that it is extremely simple; you decide on how much you will spend on the ring based on an average cost set by spending trends.
How much should an engagement ring cost in the US?
In 2022, recent surveys put the average cost of an engagement ring in the United States at between $5000 and $75,000. This is pushed up unrealistically though, by the big spenders of over $20,000 and once these are removed, the average is closer to $3,000.
How much would an engagement ring cost in the UK?Analysing recent data, the average amount spent on an engagement ring in the UK ranged from £600 to over £10,000, with an average of £2,100. Other trend analysts have pegged the average cost at £5,000.
£5,000 will cover the cost of a 0.75ct. to 1ct. natural diamond, G colour, VS2 clarity on a solitaire or halo setting. However, the price of the diamond depends on the cut quality, clarity, colour, and shape, so a 1-carat diamond of the highest quality can cost up to £12,000.
The price of engagement rings in Europe
Within the EU, the average is €2,300, with marked differences from country to country, going up to an average of as much as €5,000.
€1,000 A very simple yet well-finished engagement ring, with a diamond of around 0.25 carats, in good quality, made from 18 karat gold.
€2,500 – €5,000 offers greater variety, with diamonds of premium quality (G/H colour, SI 1 / VS2 clarity, very good cut), with a carat weight of 0.5ct.–1.0 ct., in 18 karat gold in a range of designs and side stones or a halo setting.
€5,000 to €10,000 price range, the possibilities are practically limitless. Carat weight of 1.0–1.5, potentially with multiple larger diamonds, precious stones in multiple colours, bespoke and tailored to your personal preferences.
Average 18k gold diamond engagement ring costs across the globe
| US | UK | EU | |
|---|---|---|---|
| Range | $5,000 – $75,000 | £600 – £10,000 | €1,000 – €5,000 |
| High Spender | < $20,000 | < £5,000 – £10,000 | < €5,000 |
| Average normal | $3,000 | £2,100 – £5,000 | €2,500 |
But seriously? Don't you think that your financial means should determine your engagement ring budget? Should you try to keep up with the Kardashians or a worldwide or national average?
We believe that no one should go into debt to finance their engagement ring! Particularly when so many beautiful and budget-friendly options are available. On the other end of the spectrum, many couples can afford to spend far more. So it makes no sense to be limited to a national average.
Expectation vs affordability
Many women already have their perfect ring in mind, down to the style, choice of stone, shape, and setting. This is understandable as it will no doubt be the single most important piece of jewellery she owns and she will be wearing it every day. She wants a design that makes her happy to look at and proud to flaunt. It must also suit her aesthetic style.
Have an open and honest conversation about the engagement ring cost.
Talking about the cost of the ring may not be romantic, but you must both be on the same page. To make sure you're both happy, it's best to get both of your expectations lined up.
When diamond size matters
Many diamond engagement rings are chosen based on their visual size. According to research, it is estimated that the average size of a diamond in engagement rings purchased in the USA is 1.10 carats, and 0.7 carats in the UK and other Commonwealth countries.
When you are shopping for a diamond engagement ring, it's good for you to understand that a diamond’s carat weight (size) is not the only factor influencing the price tag. If size matters to her or you, it’s quite easy to achieve the desired size while remaining within a budget. You can do this by varying the other ‘C’s of clarity, cut, and colour which also influence the cost of a diamond engagement ring.
For example, a 1.10 carat, round, D colour, flawless (FL) diamond will cost approximately $19,000 and a 1.10 carat, round J colour, SI 2 clarity diamond will cost approximately $4,200. They are both 1.10 carats, but the price varies dramatically.
Clever ways to maximise the value of your diamond engagement ring design
Luckily, the vast price range of expertly curated engagement rings that we offer allows you to find an affordable ring that is guaranteed not to disappoint. Here, we have a few tips on how to maximise value even in a lower price range.
Slight inclusions don't matter When it comes to diamond engagement rings, many people immediately think they need a flawless or internally flawless stone. Both are extremely rare and very costly. On the other hand, very very slightly (VVS) included, very slightly included (VS), and slightly included (S) have inclusions or blemishes that are only visible under 10x magnification.
When budget is a factor, rely on certified visually clean (from VS2), authentic stones in a near colourless grade between G and J which provide great value for money.
Lower cut grade The cut grade is a measure of how well light is reflected within a diamond, giving it its sparkle. Again, only a trained jewellery expert will be likely to distinguish between a very good or an excellent cut stone!
So for great value at a lower price, opt for a very good cut.
Lower gold karatage Another way to trim engagement ring costs without compromising on visual impact is by choosing a ring crafted in lower karat solid gold. A 14-karat gold diamond ring is just as appealing, yet more durable, and perfect for everyday wear than a ring crafted in 18k or 22k.
Lab-grown diamonds cost less and offer greater value for money. A diamond that is created in a lab is just as real as a mined diamond. They have the same physical and chemical properties, only lab-grown diamonds are free of conflict and questionable ethical practices that are common in many diamond mines. Just like natural diamonds, lab-grown diamonds are graded and priced according to the Four Cs; and most importantly, lab-grown diamonds cost 40 – 50% less than natural diamonds of similar size and quality. The cost difference is even greater for larger carat weights and fancy coloured diamonds!
To conclude, it’s never a good idea to set your engagement ring budget by looking at what other people spend. Your bride-to-be will appreciate the effort and time you take to source the perfect ring without jeopardising your joint financial future. There are online budget calculators that can assist in tailoring an engagement ring price estimate to suit your pocket. And once you know your price range, we offer expert guidance to help you maximise the impact and value of your spending.