HOW TO FIND THE PERFECT ENGAGEMENT RING
Picking the right budget for your engagement ring can be a daunting task. While underspending on an engagement ring can cause huge disappointment, buying a truly impressive piece can be a significant financial burden. So how to make sure you don’t disappoint her and don’t break the bank? In this article we provide some guidance to help you set the right budget.
What is the Average Cost of an Engagement Ring in the UK?
According to CompareWeddingInsurance.org.uk, UK couples spent an average amount of £20,493 on their wedding in 2022. Considering the high level of inflation, this amount is expected to increase by around 11% in 2023. Out of the total wedding budget, up to 18% is allocated to the engagement ring. If you do the math, this means that the average amount spent on engagement rings in the UK could reach a whopping £4,000 in 2023. The finance website This is Money on the other hand estimates that in 2016 the average amount of money spent on an engagement ring was ‘only’ £573. This goes to show that there is not one magic number and that setting the right budget is a highly personal decision. Ultimately, no matter what kind of budget you have available there are numerous options to customise your ring. Try our engagement ring builder to craft a truly unique piece, or browse or ready to ship engagement rings for inspiration.
Do People Still Follow the 3 Months' Salary Rule for Engagement Rings?
When setting a budget for engagement rings many people follow the “traditional” rule of spending three months worth of salary. Whether or not it is sensible to follow this rule essentially depends on your individual income. The idea that an engagement ring should cost three months of salary has been around since the 1930s and is believed to have originated from a marketing campaign - run by a jewellery brand. The idea quickly gained popularity and one can argue that this was a good rule of thumb when wage dispersion was relatively small. While the UK Office for National Statistics found that income inequality in the UK as measured by the Gini coefficient reduced slightly in recent years, it is overall at a much higher level than it was at the beginning of the last century when the 3-month rule was coined. The Guardian further states that, as a result of rising prices, inflation and unemployment, 30 million in the UK will be ‘priced out of decent standard of living by 2024’.
For these reasons the 3-month rule has become less popular in recent years and many people are looking for a better way to determine how much money to spend on an engagement ring.
How to Determine the Cost of an Engagement Ring
Understanding the factors that determine the sales price of an engagement ring can help setting the appropriate budget. The cost of a ring is impacted by its metal type, the design of the ring, the diamond grade and the carat size. The metal type is typically one of the biggest determinants in price. While prices for GENTLE DIAMONDS rings in 9K white and yellow gold are in between £300 to £600, rings made from higher grade 18K white and yellow gold can cost several thousand pounds. When it comes to diamond selection, many people tend to focus on carat weight. Typically, the larger the stone the higher the higher the price. The clarity of a diamond is also extremely important. Stones with a higher clarity rating tend to sparkle more than those with lower ratings and thus cost more. The cut is a further aspect to consider, as it also impacts the stone’s ability to reflect light. Some rings also feature intricate designs and carvings. If you need some guidance on where to get started, consider the Augusta Ring. It is the ultimate classic solitaire. The Augusta Ring features a 2.01ct round brilliant diamond set in a 6-prong round basket setting that sits on a polished band made from 18K white gold. A timeless engagement ring that will surely win her heart. Nowadays, especially younger couples have started wondering what the real cost of an engagement ring is and how to account for the social and environmental impact of mined diamonds.
Understanding the True Cost of Diamonds
Our diamonds are 100% conflict free and more sustainable. In 2019 we launched our sister brand, GENTLE DIAMONDS in our continued mission to work with the finest alternatives to mined gemstones. GENTLE DIAMONDS features engagement rings, necklaces, bracelets and earrings made with lab grown diamonds.
You may also be interested in reading our guide on jewellery you can wear to the office, or be intrigued to learn what baguette diamonds are. Also if you want a more unique engagement ring, read our guides on finding the perfect teardrop rings and picking the right diamond earring for you.
