Planning to get down on one knee? You've probably heard outdated "rules" about how much you should spend on an engagement ring.
Perhaps your head is spinning with conflicting advice and endless options. Well, it's time to take a breather, grab your hot drink of choice and read my definitive (and very honest) guide on how much to spend on an engagement ring.
P.S. I've been a jeweller for 24 years and I specialise in non-traditional, contemporary engagement rings, wedding rings, and eternity rings - so you can trust I know my stuff!
Without further ado, let's dive in.
What's the old salary rule for the cost of an engagement ring?
The outdated rule dictated that men should spend three months' salary on an engagement ring.
So, if you earn £2000 a month, the engagement ring cost would be around the £6000 mark.
Let's debunk this one straight out of the gates because it's old fashioned, irrelevant, and more than a little narrow-minded!
First of all, not only men propose - and while it still tends to be the man in heterosexual partnerships, more and more women are taking the reins now, and of course people of all genders in all relationship dynamics are free to pop the question!
Now, let's discuss the salary angle.
This was actually a marketing tactic (admittedly, a very clever and successful one!) created by jewellery company De Beers during the Great Depression, encouraging men to spend a month’s salary on a ring.
Fast forward to the 1980s, and things had escalated. By then, the rule had reached two months’ salary.
Skip forward even further to recent times and we’ve made it to a whopping three months, thanks to good old inflation.
Anyone else feeling the pressure?
It's no wonder!
At Kate Smith Jewellery, we’ve designed engagement rings ranging from £175 to £10,000.
And no, we don't care how this relates to your monthly wage packet, because that's none of our business!
For some, saving up and splashing out on an expensive engagement ring is the ultimate goal in life.
Other lovebirds would prefer to be economical and save their cash for the dream house, lovely holidays, or a long and comfortable life together.
How much you spend is absolutely your choice, and there should be zero shame or obligation attached to that number!
"So if I'm not using that "rule", how much should I spend on an engagement ring?!" I hear you ask...
There's no single answer.
When someone comes to me asking for advice on engagement ring shopping for a surprise proposal, they often tell me how much they have to spend. If not, I’ll usually ask the question.
However, if it’s a couple shopping for a ring together, I tend not to ask directly. I’ll be led by the couple and offer to quote for different options once we’ve chatted about what they like.
This way, I can quote for different carats of metal and different gemstones so they have options at various price points.
My advice on budget is to balance what they’ll love with what you’re comfortable spending.
From a jeweller's perspective, please don't ever feel awkward telling me you're on a budget. I'm more concerned about helping you find the right ring within your means than making the biggest profit I can - if I did this knowing my customers were left in a sticky financial situation, I wouldn't be able to sleep at night. And I love my sleep!
There's absolutely no judgement from me. I want you to be honest, feel comfortable, and ask as many questions as you like so I can help you make the right choice and educate you around your options and how your well-earned cash is best spent.
What's the average cost of an engagement ring?
As a very general guide, I would say the average cost of an engagement ring in the UK in 2024 as I write this is £1500 to £3000, but as I say - you do you!
Does it have to be a diamond ring to count?
Nope! Traditionally, engagement rings have been associated with a classic diamond, but nowadays people like to explore alternative gemstones to add their own personal twist to the tradition.
Anything goes - it's down to personal choice, style, and budget.
Some gemstone alternatives for engagement rings include:
Sapphire
Ruby
Emerald
Morganite
Aquamarine*
Opal*
Garnet
Tourmaline
Topaz
Amethyst*
*These are softer gemstones so extra care is needed if you’re choosing these for an engagement ring - consider the wearer’s lifestyle and if this gem has the durability needed for a lifetime of wear.
You might make your choice based on aesthetics, budget, durability, birthstones, or another meaningful reason that symbolises something special to the two of you.
What dictates the price of jewellery like engagement rings?
There are various factors affecting the price of jewellery, for example:
The type of precious metal you choose - for example, if it’s a gold ring, the carat weight measures the purity of the ring, so an 18ct ring contains more gold content than a 9ct ring and will therefore be pricier.
The type and grade of gemstone - whether you choose a diamond engagement ring (natural or lab-grown) or a different gemstone like sapphire, emerald, or ruby will be reflected in the price tag.
Quality - as a general guideline a high-quality ring made by a specialist jeweller will be more expensive than a mass-produced ring.
Can I shop for the perfect engagement ring online?
You sure can!
We have a variety of rings listed on our website with prices clearly displayed to help you determine the amount to spend and what you could get for your money.
We also offer bespoke rings and remodelled engagement rings - the latter is ideal if you have inherited family jewellery and want to create a one-off which holds special meaning.
Naturally, custom and remodelled rings are more expensive due to the intricate processes and specialist materials involved - check out this blog on the cost (and value) of remodelled jewellery to understand more about what's involved, or get in touch to discuss your options.
You'll find a cost guide on our bespoke jewellery page to give you an idea of price points.
Shopping with us can be 100% online if you like - contact us and we'll send you a free ring sizing gauge or learn how to determine someone's ring size without asking, so you can shop to your heart's content and purchase the ring from the comfort of your sofa.
Alternatively, if you prefer an in-person experience, you can make a day of it by arranging an appointment to visit our studio in Birmingham's famous Jewellery Quarter.
Here, you can try on different styles, get measured, and choose or start designing your perfect ring within your personal price range.
If you have any questions about engagement ring shopping, it's likely we answered it in this bumper guide on how to buy an engagement ring!
If not, please do get in touch so we can help.
Good luck planning your proposal!
Comments