How Much Should You Pay for An Engagement Ring?

“How much should you pay for an engagement ring?” - the age-old question many men find themselves asking before planning the big proposal. 

There are many myths and speculations about how much you should pay for an engagement ring, but there is no concrete rule. When buying the perfect engagement ring it’s more important to find the right style that your partner will appreciate. 

In this article we will look at some of the suggestions on the appropriate price to pay for an engagement ring as well as busting some of the biggest myths. 

How Many Months’ Salaries Should I Save for an Engagement Ring?

You might've heard the common theory that an engagement ring should be worth between one and three months of your salary. This can be a general benchmark to help you budget how much to spend, but it’s by no means a rule set in stone. 

It’s commonly believed that this rule was historically introduced by jewellers, in order to encourage people to spend more money on diamond jewellery. However, with the impressive range of ring options available on the market it’s certainly not necessary to save for months on end to be able to afford a beautiful engagement ring. 

What is the Average Cost of An Engagement Ring? 

Engagement rings vary in prices and can cost from as little as a few hundred to upwards of £10,000. Jewellers price engagement rings based on many different factors including the value of the metal, the type of stone that is being used, the cut, colour and clarity of the stone, the type of setting, whether the ring is uniquely designed or mass-produced and many more. 

While the prices of individual rings can range anywhere between £100 to £10,000 and more, the average cost of an engagement ring in the UK ranges between £1,865 and £2,100. This ranges on a region by region basis, as well as between age groups, with the average prices across the country varying from £1,400 to £3,000+. The average cost of diamond engagement rings specifically tends to start from triple digits, reaching upwards of five digits on the higher price spectrum. 

How Much Should You Pay for An Engagement Ring? 

So how much should you realistically spend on an engagement ring? Well, that would depend on a lot of factors such as how much you can afford to spend, the style of ring your partner wants, and whether you are getting the ring custom made for you. 

Regardless of your budget though, the most important thing is getting a ring that your partner will actually like. It’s pointless spending thousands of pounds on an engagement ring if your beloved is visibly disappointed when you open the box. 

Now that you know how much people spend on average as well as the recommended price range, you can figure out a budget that works with both, your affordability and your partner’s expectations.  

How to Save Money On Your Engagement Ring? 

Do you want to get a diamond ring for less? Here at Bigger Diamonds 4 Less, we have a great range of cheap diamond rings in different styles to suit every taste. 

If you want outstanding quality and clarity without paying a small fortune, then you're at the right place. Browse our range today or book a visit to our jewellery showroom in Hatton Garden, London.