How Much Should an Engagement Ring Cost?

This question is a gem in itself, multifaceted, reflecting societal norms, finances, and the unique nature of your relationship.

An engagement ring isn’t just an expensive piece of jewellery or a display of how much money you can spend. It’s a promise embodied through a small circle of metal and gemstones. It’s a vow that speaks volumes without uttering a word, an emotion packed into a shiny package. Each ring tells a story.

So, as we explore this big question, we’ll examine a range of personal beliefs, societal expectations, and what you can afford. This blog will shed light on these factors and help you make the right decision. Let’s get started, shall we?

Silver engagement ring sitting on velvet cushion

The Traditional Spend for an Engagement Ring

You’ve probably heard this myth once or twice “Spend three months’ salary on an engagement ring.” But this is entirely false. The average engagement ring cost is rarely three months’ salary and was a marketing campaign by De Beers back in the day, and it stuck!

The “three months’ salary” rule assumes this spend won’t bury you in financial trouble. But everyone’s financial situation is different. Perhaps you have a mortgage to pay, student loans, or maybe you’re saving up for a tropical honeymoon.

In today’s world, it’s about striking a balance. It’s about making an informed decision considering your budget, your partner’s expectations, and your comfort level.

The Average Spend for an Engagement Ring

The UK’s average cost for engagement rings lies between £1,865 and £2,100. In London, the average price starts upwards of £2000.

These figures do not represent a figure set in stone but instead, paint a portrait of the financial aspects of romance in British society today. It is essential to note that every love story has its own rhythm and your personal preferences and circumstances dictate the true cost of an engagement ring.

Woman's hand wearing engagement ring being held by man

The Average Spend for Bespoke Engagement Rings

At Alicia J Diamonds, we believe that love is as unique as a diamond’s radiance, and every engagement ring should reflect the individuality of your relationship. When it comes to our bespoke engagement ring service, we start the journey at £5,000. This is an investment into a personalised symbol of your love story, so expanding your engagement ring budget is truly worthwhile. However, if you’re on a smaller budget, we can also value-engineer the bespoke design to help reduce overall costs. For example, we can use gemstones as the centre stone with smaller side diamonds, rather than a diamond as the centre piece.

So, what makes the bespoke experience worth it? This isn’t about simply designing a ring; it’s about crafting a reflection of your love, as original as your partner. It’s a beautiful exploration between your vision and our expertise. We’ll guide you through every step, from choosing ethically-sourced diamonds to selecting the perfect setting for your beloved.

When we speak of the ‘average spend’ for bespoke engagement rings, we’re talking about the value of a deeply personal experience. The true value lies in the process and the enduring symbol of love that you’re investing in.

Woman wearing engagement ring being embraced from behind by her male partner.

What is the Value of an Engagement Ring?

From the choice of gemstone to the metal of the band, the carat size, the cut and clarity of the diamond, and even the craftsmanship, each aspect plays a crucial role in determining the ring’s value.

For instance, the gemstone is often the centrepiece of any engagement ring. Due to its brilliance and durability, a diamond ring is a popular choice, but its value is based on the 4Cs – carat, colour, clarity, and cut. A larger carat size, clear colour, high clarity, and a cut that showcases the diamond’s brilliance, will invariably increase the value of the chosen engagement ring.

Not only this, but the choice of metal for the band also contributes to the value. Platinum rings, due to their durability and rarity, are often more valuable than gold. However, gold rings – whether white, yellow, or rose – are timeless and hold their own appeal and worth.

Then there’s the craftsmanship. An intricately designed and carefully handcrafted ring holds a higher value, both for its beauty and the expertise that goes into creating it.

If you have more questions about value when engagement ring shopping, please don’t hesitate to contact us at Alicia J Diamonds. We also offer independent valuations, so you can understand your bespoke ring’s value. We’d be more than happy to help help you decide on the best ring for you and your partner.

Contact us.

Woman's holding hands together and showing engagement ring.

The Top Engagement Ring Spend Myths

These misconceptions often make finding the perfect ring more complex than it needs to be. Let’s debunk some of these myths.

You Can’t Buy an Engagement Ring Online

The first myth we must examine is that you can’t buy an engagement ring online. On the contrary, many reputable jewellers have incredible online platforms that provide a wealth of information, high-quality images, and even 3D previews. Not to mention, the convenience and variety available online are unrivalled!

The Bigger the Better

While a large diamond may certainly make a striking impression, it’s not the sole determinant of a ring’s beauty or value. Your partner may be a minimalist and prefer a smaller, more dainty design. The perfect engagement ring depends on your partner’s ring style preferences, not size.

Three Months’ Salary

While investing in a piece that’ll last throughout your lifetime together is crucial, it doesn’t mean you have to break the bank or compromise your financial stability. Today, the focus is on buying a ring that suits your personal and financial circumstances and, most importantly, one that your partner will love.

Bespoke is More Expensive

Many believe a bespoke ring will have a larger price but this isn’t always true. However, there is more personalisation and, therefore, time and craftsmanship, but this doesn’t inherently make it more expensive. Often, the cost can be similar to a pre-designed piece. The value of bespoke lies in its ability to deliver a unique piece that’s tailored to your and your partner’s preferences.

Related: Buying Bespoke, Making Your Engagement | What Is A Bespoke Ring?

Couple posing for selfie showing off their engagement.

How do I know the Quality of an Engagement Ring?

Determining the quality of an engagement ring involves more than a glance. Several factors come into play with diamonds, the most important being the four Cs – Carat, Cut, Clarity, and Colour.

  1. Carat refers to the weight of the diamond. A higher carat means a heavier stone, but it doesn’t always mean a larger appearance.
  2. Cut is about how well the diamond has been shaped from its raw form. A well-cut diamond reflects light beautifully, enhancing its sparkle.
  3. Clarity indicates the presence of internal or external flaws, known as inclusions and blemishes, respectively. Diamonds with fewer imperfections have higher clarity and are more valuable.
  4. Colour in the context of a diamond refers to any colour in a diamond, ideally viewed from the side against a white background. The Gemological Institute of America rates diamond colour on a scale from D (colourless) to Z (light yellow or brown).
Woman's hand bearing engagement ring being held by her male partner

Where Should I Buy an Engagement Ring?

We offer more than just a place to buy an engagement ring; we invite you to create a ring that embodies your unique love story.

Our bespoke service shines a light on our dedication to individuality and quality. We can help you shape your emotions into tangible symbols of love. Starting at £5,000, this service creates a ring that doesn’t just sit on a finger, but echoes your shared dreams and love for one another. With a focus on ethically sourced diamonds and exemplary gemstones, we aim to ensure that every facet of your ring is perfect.

So, when you wonder where to invest your heart and hopes in the quest for the perfect engagement ring, we hope you’ll think of us. Alicia J Diamonds, where the magic of love intertwines with artistry and craftsmanship to create timeless tokens of commitment.

The key takeaway is that an engagement ring is not simply about ostentatious spending but rather about an investment in a promise that speaks volumes without saying a word.

Remember, the traditional spend of ‘three months’ salary’ on a ring is nothing more than an age-old marketing strategy for an over-priced engagement ring. Nowadays, it’s more important to strike a balance, considering your financial stability and your partner’s wishes.

We hope that the information we’ve provided will illuminate your path towards making this significant decision. Remember, an engagement ring’s true value is not found in its price but in the love it symbolises. After all, love is priceless, and so should the ring that represents it.

Woman's hand trying on engagement ring over shop counter.

Engagement Ring Cost FAQs:

We’ve answered some of the most frequently asked questions about the costs of engagement rings below.

How much should a man spend on an engagement ring?

The amount a man, or anyone, should spend on an engagement ring varies greatly based on personal circumstances and preferences. The myth of spending three months’ salary on a ring is outdated. It’s more about balancing your budget and your partner’s expectations. While the UK averages hover between £1,865 and £2,100, individual financial stability and choice ultimately determine the final price point.

How much should a man spend on a wedding ring?

A wedding band can vary depending on the type of metal, the presence of gemstones, and the level of craftsmanship involved. On average, wedding bands in the UK range from a few hundred to a few thousand pounds. As with the engagement ring, it’s about striking a balance that suits your personal and financial situation.

How to Save Money on Your Engagement Ring

There are several ways to save money on your engagement ring. Opt for a less traditional gemstone, consider buying a ring with a slightly smaller carat weight (the difference can often be barely noticeable), or choose a simpler design that can be upgraded later. Also, consider shopping online, where overheads are less and prices can often be more competitive.