Engagement Ring Price Guide

Topics

We'll cover the following topics:

• How much should you spend on an engagement ring?
  - How much is traditionally spent on an engagement ring?
  - What's the average engagement ring cost?
  
• The cost of diamond engagement rings
  - How can you find cheap diamond rings?
  - Cheap diamond ring alternatives
  
• The cost of different engagement ring cuts
  
• The cost of different engagement ring metals
  
• How to buy an engagement ring on a budget
  - Consider alternatives to diamonds
  - Opt for a pre-owned ring
  - Go online

How much should you spend on an engagement ring?

While there are certain traditions when it comes to the cost of engagement rings, there is no right or wrong amount to spend. Some people want to go above and beyond by splashing out on a luxurious piece, while others go for a budget option and spend the money they've saved on other things, such as their wedding, honeymoon, or house. It's a good idea to subtly check with your partner what their expectations are before popping the question, so you can feel confident that they're happy with your choice.

How much is traditionally spent on an engagement ring?

You may have already heard of the three-month tradition, but it's probably not as old as you think. In the 1930's, the worlds' largest diamond producer company, De Beers, launched a marketing campaign encouraging men to spend at least a month's salary on engagement rings for their fiancés[1]. This then crept up to two months in the 1980's, and it became three months not long after.

Before De Beers campaign in the 1930's, there was no standard amount to spend on engagement rings. In fact, before this campaign, engagement rings weren't even traditionally diamond! As they were so expensive, diamond engagement rings were exclusively for the highest classes in society. Of course, nowadays consumers have access to cheaper diamond rings, which has made them the most popular choice of stone for popping the question with.

What's the average engagement ring cost?

While some people still follow the three-, two-, or just one-month salary tradition, many people choose cheaper options for proposals these days. The average engagement ring cost in the UK is £2,419, which does not quite equal the cost of a month's worth of the average UK salary (for full-time workers) of £31,461[2].

However, this is still a fair amount, which is why more people are opting for budget options. In fact, the number of people who purchased an engagement ring for less than £500 increased by 18% between 2013 – 2017[3]. So, if a month or more's salary sounds too pricey for you, don't worry — there are plenty of affordable diamond rings out there that are suitable for every budget.

Now you know how much you should spend on an engagement ring, it's time to learn more about the price of the ring depending on the stone, metal, and setting.

The cost of diamond engagement rings

Diamonds have become the norm for engagement rings ever since the De Beer's marketing campaign in the 1930's. While the styles of the rings have changed over the years, the one aspect that has remained popular is the diamond — and it's easy to see why. Not only are these precious stones rare, and therefore highly valuable, but they're mesmerising too. The dazzling gems are eye-catching, and therefore the perfect stone for engagement rings.

However, the beauty of diamonds can come with a price. The cost of a diamond engagement ring depends on a lot of factors, including the four C's: the cut, the colour, the clarity, and of course, the carat. To find out more about the four C's, make sure to check out our diamond buying guide.

The most reliable way to estimate the value of a diamond is through the carat, however it cannot predict the cost perfectly. For example, the average carat used for an engagement ring in the UK is around 0.60cts[4].

If you're looking for a dazzling engagement ring but need to stick to a budget, the good news is that there are a number of ways to find cheap diamond rings.

How can you find cheap diamond rings?

It is possible to find cheap diamond rings if you know what to look for. To get the best value for your money, make sure to pay close attention to the carat. Buying just under key carat weights, such as 0.50ct, and 0.75ct, will allow you to make the most of your budget. For example, the difference between a 0.50ct diamond ring and a 0.45ct diamond ring is not visible to the naked eye, but 0.45ct diamonds are much more affordable. You should also consider the hand size of the ring wearer. If they have dainty hands, a smaller carat weight may suit them well.

Another way to find cheap diamonds is to opt for an affordable lab-created diamond ring. Diamonds are largely so pricey because of their rarity, and the difficulty in sourcing and mining them. However, affordable diamonds can now grow in laboratories in just a matter of weeks. Despite having the same properties and appearance, they cost significantly less than natural diamonds.

Lab-created diamonds start off as just a seed of a pre-existing diamond. This carbon seed is then kept in a chamber that exactly replicates the conditions and temperature of the earth's crust, which allows this diamond seed to develop into a fully synthetic affordable diamond within the span of a few weeks. As well as being significantly cheaper (lab-created diamond rings are up to 30% cheaper than the equivalent mined diamond ring[5]), lab grown diamonds are often more eco-friendly too[6], so are a great choice for environmentally conscious couples. You can also find other lab grown gemstones such as rubies, emeralds, and sapphires.

If you're looking for a cheap diamond ring that doesn't lack in sparkle, another great option is to opt for an affordable diamond cluster ring. Diamond cluster rings are cheap in comparison to other settings, as the diamonds used usually have a lower carat weight, and they can be simpler to craft too. There are many different styles of cluster rings available, so you should be able to find the perfect option for your future fiancé.

Cheap diamond ring alternatives

There are also plenty of stones that act as great replicas of diamond rings, that usually come with a smaller price tag. Cubic zirconia is cheaper than diamonds, so a great option for people on a tight budget. However, over time they can lose their sparkle and become cloudy, so it's vital to care for them to keep them in great condition.

Other great cheap diamond ring alternatives include:

• Goshenite: This natural gemstone is durable, affordable, and has the same eye-catching qualities as a diamond, making it a great option for fiancé's-to-be on a budget
• Quartz: Quartz engagement rings do a great job of replicating the sparkle that you get with diamond rings, and it's also incredibly hard for a gemstone too
• Opal: While this gemstone will not be mistaken for a diamond, it does have it's own unique beauty, and has increased in popularity over the past few years. And proposing with this gemstone can be an especially touching gesture if your significant other has an October birthday, as this is the October birthstone.

The cost of different engagement ring cuts

One of the most important factors to consider when choosing an engagement ring is the cut. Not only does it have an impact on the style and overall look of the ring, but finding the right one can accentuate the sparkle of the stone. This is because cutting adds facets on the ring, and if cut well, these facets reflect the light perfectly to give the ring a gorgeous dazzle.

As the cut has such an impact on the look of the ring, it can also significantly influence the price too. There are five grades of cut standard as set out by the GIA: excellent, very good, good, fair and poor. When choosing a ring, try to aim for any diamond with a good or above cut, as fair and poor lack that all important sparkle.

he following four are some of the most popular cuts for engagement rings:

• Round: Round cut diamonds are currently the most popular, and also the priciest too. However, if you're looking for a particularly dazzling ring, it's the perfect choice. Round diamonds have more facets than any other cut, meaning they have the most sparkle too. Plus, this sparkle can make the diamond appear even larger!


• Princess: This cut is often slightly cheaper than a round diamond, but still has plenty of sparkle. Princess cuts are available in both vintage and modern styles too, so they can suit a range of aesthetics. However, this cut requires a lot of care, as the sharp edges can easily get caught and snag. Opt for a channel setting if keeping the stone secure is a top priority.


• Pear: The pear cut is great if value for money is on your mind. This is because the shape of the cut often makes the stone appear larger than it actually is. It's also a unique cut that works perfectly with vintage-loving brides-to-be. Choose a bezel setting to keep the stone free of chips, and enhance the shine too.


• Emerald: This is generally one of the cheapest types of cuts. In fact, it can be up to 42% cheaper than a round cut of the same carat weight[i]! While the sparkle is not as prominent as it is in other diamond shapes, emerald cut rings still have their own unique look of understated beauty. This cut is the perfect choice for fiancé's who prefer subtle jewellery styles.

The cost of different engagement ring metals

If you know how much to spend on an engagement ring[S1] for your partner, you should consider which type of metal is best for your budget. The type of metal on your engagement ring can also be a deciding factor in the price. Gold is the most common metal chosen for engagement rings, in part down to its versatility. It comes in a number of shades, and can therefore suit a range of stones and settings. There are three main types of gold to choose from when it comes to jewellery: yellow gold, white gold, and rose gold.

Yellow gold is the most common choice for both engagement rings and wedding bands, as it's often considered to be the purest form of gold, and can be pretty affordable too. It's also relatively low maintenance, although you should still polish it often and be careful not to scratch the soft metal. White gold is slightly more durable, as it's mixed with stronger metals, which slightly bumps up the price tag. However, it can still be very affordable, plus the hue of white gold works perfectly with diamonds. It's also a great choice for brides-to-be with sensitive skin, as this metal is often plated with rhodium, which is hypoallergenic.

While rose gold engagement rings aren't as common as white or yellow gold ones, they've risen in popularity over the last decade. The pink hue adds a romantic touch to jewellery, which is perfect for an engagement ring. It's also generally stronger than both white and yellow gold, and it's the cheapest of the three too.

Just like with diamonds, the affordability of all three types of gold depends on the carat weight. 24ct is 100% pure gold, so it's the most expensive option. The two most common carat weights for engagement rings are 14ct and 18ct.

If you're looking to push the boat out with a highly valuable engagement ring, platinum is the best metal for you. Just like white gold, the shade works perfectly with affordable diamonds by accentuating their sparkle. And this metal was built to last too: it's scratch-proof, and incredibly strong, making it the perfect choice for brides-to-be with active lifestyles. Although it's the most costly type of jewellery metal, it's also made to last. This means it requires the least maintenance too, so it will likely make up for its price over time.

How to buy an engagement ring on a budget

While engagement rings are one of the most important gifts that you'll give to your loved one, they don't have to cost the earth. There's no upper or lower limit for how much to spend on an engagement ring — this is completely down to personal preference and your financial situation. If you're on a tight budget, the good news is that there are plenty of ways to find affordable engagement rings. On top of the money saving tips already discussed, such as opting for gold over platinum and buying just under a key carat weight, there are a number of other ways to stretch your engagement ring budget.

Consider alternatives to diamond

While diamonds have long been the most popular engagement ring stone, there are still other options available, which are more affordable too. There are a number of ways to find cheap diamond rings, including opting for affordable lab-created diamond rings, or affordable replicas, such as cubic zirconia. However, there are a range of other gemstones to choose from, varying in colour, price, and style.

For example, emerald is a great choice for brides who have a bolder style. The stunning green colour of this gemstone will grab the attention of anyone who sees it, and it works with a range of aesthetics, including modern, vintage, and art deco. Plus, lab-grown emeralds are far cheaper than even the most affordable lab-grown diamonds, making them a great choice for buyers on a tight budget.

To make your proposal extra special, consider your partners favourite colour when choosing a gemstone. For future fiancés who love purple, amethyst is a great choice as it comes in a range of shades. Ruby is the perfect option for people who love a stunning, deep shade of red, and sapphire and topaz is great for brides-to-be who prefer blue. To make the ring even more personal, you could also consider proposing to your significant other using a ring that's set with their birthstone. To find out more about birthstones, make sure to check out our guides to each one.

As well as having the potential to be much more affordable than diamonds, coloured gemstone engagement rings are unique, and will make your fiancé feel like their ring is one of a kind.

Opt for a pre-owned ring

Opting for a pre-owned ring allows you to afford a higher quality piece of jewellery for a smaller price tag. Pre-owned rings often sell at a significantly reduced price, with some being discounted by as much as 40%[i]. Plus, buying second hand is a sustainable option too, and the ring is likely to be of a high quality if it has already withstood some wear.

When shopping for a pre-owned engagement ring, always buy from a reputable source to be sure that your jewellery is authentic. If you aren't completely sure of the authenticity of the ring, look at the hallmark to check the carat weight is as advertised, and ask to see the documents for the ring. At Ramsdens Jewellery, we meticulously check and clean all of our pre-owned jewellery to make sure it is up to the highest of standards.

Buy online

Buying your ring online doesn't just give you more budget friendly options, but you have a wider pool to choose from too. Before making your purchase online, be sure that you know your partners ring size, and check whether the ring can be resized just in case it doesn't fit. And always make sure that the ring is fully refundable in case it's not exactly what you're expecting.

If you want the best of both worlds, Ramsdens Jewellery can be purchased both online and in store. We also offer a free click and collect service, so you can head to your nearest branch to check the ring is exactly what you were expecting, before popping the question.

Engagement Rings at Ramsdens

After reading this guide, you should now know the average engagement ring cost, and how much to spend on an engagement ring. Hopefully, you now feel confident in finding cheap diamond rings, or cheap diamond ring replicas, to suit your budget. Now, all you need to do is find the perfect ring and pop the question!

Ramsdens offer a wide selection of engagement rings, including diamond rings and coloured gemstone rings. If you're not sure what size to get, our printable ring size guide will help you work it out. And when they say yes, remember to come back to check out our range of wedding rings!

For more help and advice on buying and caring for your jewellery, make sure to check out the rest of our guides.

References