How Much Should I Spend on an Engagement Ring?
Buying an engagement ring is one of the most meaningful (& often nerve-wracking!) purchases you will ever make but one question continues to stump romantics the world over “How much should I spend on an engagement ring?”
The “Two months’ salary” rule
Many UK & US jewellers promote the idea that you should spend the equivalent of two month’s salary on an engagement ring. Nowadays though most modern buyers view it as outdated and irrelevant. What you earn does not always reflect what you can/want to spend & it certainly has no indication on your love for your partner!
A little trade secret….
Diamond company De Beers actually started the salary rule to sell more expensive Diamonds! It began with one month’s wages in the 1930’s. Then, their marketing team mysteriously changed the ‘tradition’ to two months salary in an effort to increase profits. Not content with this though in a conscious effort to break into the Asian market they made the ‘tradition’ in Japan & China three months wages!
What is the average amount people spend on an engagement ring in the UK?
In the UK, the average spend on an engagement ring is estimated to be around £1,500 to £3,000, although some spend less and others considerably more. What is important is finding a balance between a meaningfulness symbolic ring & financial responsibility.
Budget based on your financial situation
Rather than sticking to arbitrary formulas, base your budget on your personal finances.
The great thing about Diamond engagement rings nowadays is that there are far more options available to customers. This enables bespoke jewellers to work towards your chosen budget.
Material choices
Here are some things that can affect the price of an engagement ring massively:
- Is the Diamond natural or lab grown?
- What carat weight is the main Diamond in the ring?
- What grade is the Diamond?
- If the ring is gold which carat 9ct or 18ct?
- If white metal is the ring 9ct white gold, 18ct white or Platinum?
- Is the ring a designer brand, from a high street chain, or made by an independent jeweller?
At RING jewellers, we have some handy video guides that talk you through the material choices listed above. You can see them here: Video guides We are also to provide you with a quote for your perfect bespoke ring.
Working with an independent bespoke jewellers like RING jewellers means that you avoid the low-quality jewellery often found in high street jewellery chains. Instead, you get the quality of a high-end designer brand but without the extortionate prices. Feel free to get in touch for a quote.
choose a stone – choose a setting – choose a metal – choose a finish – choose…RING jewellers
