How Much Should I Spend on an Engagement Ring?

Wondering how much to set aside for an engagement ring? Read this guide to understand ring pricing, and how to make it work for you.

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Published Sep 20, 2024

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Ring Guides

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In this guide, we’ll explore everything you need to know about budgeting for an engagement ring. We’ll break down the key factors that affect the price, including the style, gemstone, and materials used. You’ll also find tips on how to reduce costs without compromising on quality, along with practical advice on setting a realistic budget that fits your financial situation.

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The Traditional 3 Month Rule

First of all, let's address the traditional 3-month salary rule, which suggests spending three months' income on an engagement ring, originated from a mid-20th century marketing campaign by De Beers, a diamond company. The idea was simple: the more you spend, the greater the symbol of your love.

Over time, this concept became a widely accepted norm, with many people feeling that this was the "right" amount to invest in such a significant purchase. However, this rule was more about boosting diamond sales than providing a practical guide for couples.

While the 3-month rule may still hold value for some, it’s important to recognise that it's far from a strict standard. In today’s world, personal financial circumstances and priorities vary greatly, and many couples opt for something closer to one month’s salary or even less. Ultimately, there’s no right or wrong answer—what matters most is that the ring reflects your unique relationship and fits comfortably within your financial means

What Determines Cost and How to Reduce It

Gemstones

The type and quality of the gemstone significantly impact the overall price of an engagement ring. Diamonds, especially those that score high in the 'Four Cs'—carat, cut, colour, and clarity—tend to be the most expensive choice. Other factors, such as the rarity of gemstones like rubies, sapphires, and emeralds, can also drive up the cost. Larger stones, particularly in premium cuts like round or princess, increase the price dramatically. The higher the carat weight and the better the clarity and colour of the gemstone, the more you can expect to pay.

How to reduce gemstone costs

Choosing smaller gemstones or opting for alternatives to diamonds is a great solution. A well-cut smaller diamond can still sparkle brilliantly, while alternatives gemstones like Aquamarine, Amethyst, Tourmaline, or lab-grown diamonds offer both beauty and affordability. Lab-grown diamonds, in particular, offer the same chemical and physical properties as natural diamonds, but are much more affordable due to their sustainable production.

9ct Gold and Blue Sapphire Hawthorn Ring by Issy White Jewellery

Metal types

The metal used for the band of an engagement ring plays a significant role in determining its overall cost. Platinum, known for its durability and luxurious appearance, tends to be one of the most expensive metals. Gold, available in various forms like 18ct or 14ct, is another popular but slightly more affordable option compared to platinum. Rose gold and white gold can offer a similar aesthetic at a lower price point. Metals like palladium and titanium, though less traditional, also impact the price based on their rarity, weight, and appearance.

How to reduce metal costs

Choosing alternative metals is a great way to reduce the cost of an engagement ring without compromising on style. Sterling silver, for example, offers an elegant look at a fraction of the price of gold or platinum. Additionally, 10ct or 14ct gold is less expensive than 18k gold but still offers durability and beauty. More contemporary metals like tungsten and titanium also present affordable and modern options, making it easier to keep the overall ring budget manageable.

Constellation Ring by The Lane Fine Jewellery

Ring style

The style of the ring can significantly impact the price of an engagement ring. Intricate designs, such as halo or pave settings, often require more craftsmanship and additional smaller diamonds or gemstones, which increases the overall cost. On the other hand, simpler styles like a classic solitaire, with a single stone and minimal embellishments, typically come with a lower price tag.

How to reduce style costs

To reduce the price, consider alternative ring styles that still offer beauty and sentiment. Opting for a simple band, a classic solitaire or a minimalist bezel setting can save you a significant amount compared to more ornate styles. Usually, the less gemstones used, the lower the price of the ring.

Contemporary Twist on Art Deco Engagement Ring by Jodie Gearing

Setting a Budget

Setting a budget for an engagement ring can feel overwhelming, but it doesn’t have to be. Start by considering your personal financial situation—there’s no magic number or rule to follow.

While the traditional 3-month salary rule has been widely discussed, it’s more important to spend what feels comfortable for you. Assess your income, savings, and future expenses (like the wedding itself), and determine what you can afford without stretching yourself thin.

Once you’ve established a budget, it’s helpful to focus on getting the most for your money. Prioritise what matters most to you and your partner—whether it's the size of the stone, the quality of the diamond, or a unique design.

A quick look at a high vs low budget.

Ring Component	Lower Budget	Higher Budget
Gemstone Type	Alternative gemstones (e.g., sapphire, lab-grown diamond)	Natural diamonds, rare gemstones (e.g., emerald, ruby)
Gemstone Size (Carat)	0.5 - 0.75 carats	1 - 2 carats or higher
Metal Type	Sterling Silver, 10k Gold	Platinum, 18k Gold
Ring Style	Solitaire, Simple Band	Halo, Pave, Custom Settings
Customisation Options	Limited options	Custom engraving, intricate design, more options.

This table is only a rough guide and isn't 100% representative of pricing.

Advantages of Creating a Custom-designed Engagement Ring

Opting for a custom-designed engagement ring allows you to create a piece that is truly unique and personal. Rather than selecting from pre-made designs, you get to collaborate with a jeweller to craft something that reflects your partner's style, personality, and preferences.

This process allows for a deeper connection to the ring, as every detail—from the choice of gemstone and metal to the setting and design—can be tailored to fit your vision. Additionally, designing a bespoke ring ensures that no one else will have the same piece, making it a one-of-a-kind symbol of your relationship.

Another advantage of custom design is that you have more control over your budget. By selecting the right materials and prioritising certain design elements, you can often create a ring that looks high-end while staying within your financial means.

For example, you might opt for a slightly smaller gemstone but choose a more intricate band design, or go for a lab-grown diamond instead of a mined one to achieve both quality and affordability. This flexibility allows you to focus on what matters most to you and your partner.

Sentiment Matters Most

While it’s easy to get caught up in the price tag and technical details, the true value of an engagement ring lies in the sentiment behind it. Whether you’ve chosen the ring together or picked it out yourself, what matters most is the love and commitment it represents.

A ring doesn’t need to be the most expensive or the biggest to be meaningful—it’s the memories you create and the future you’re building together that truly count. At the end of the day, it’s not the cost of the ring but the thought and care you put into it that will make it priceless.

FAQs

How much should a man spend on an engagement ring?

Traditionally, it’s suggested to spend about two to three months' salary on an engagement ring, but this is more of a guideline than a rule. The amount should reflect your personal financial situation and the importance you place on the ring.

How much should I spend on an engagement ring in the UK?

In the UK, the average cost of an engagement ring is between £2,000 and £2,500. However, spending should depend on your budget and personal preferences. Most jewellers will be happy to make an engagement ring for just over £1000.

What is a realistic budget for an engagement ring?

A realistic budget is one that comfortably fits within your financial means without causing strain, often aligning with one or two months' salary. It’s important to balance the quality of the ring with your overall financial goals.

What is the 3-month salary rule?

The 3-month salary rule suggests spending three months' salary on an engagement ring, a guideline popularised by a mid-20th-century marketing campaign. While it's a traditional idea, it’s not a hard and fast rule and can be adjusted based on your financial situation.

Is £5,000 enough for an engagement ring?

Yes, £5,000 is more than enough for an engagement ring, allowing you to choose a high-quality diamond or gemstone and a stylish setting. Many people find beautiful rings well below this price point as well.