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December 15, 2022

How much should you spend on an engagement ring?

Becky Waldron

Before you pop ‘the’ question, it’s likely you have a lot of questions that need answering. The amount a person spends on an engagement ring is unique to the person, and there’s not really a one-size-fits-all answer.

It does help, though, to have some extra information about your engagement ring budget. Once you’ve sussed this out, that’s when the fun can really begin...

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The three-month salary rule

The three-month salary rule is probably one of the most widely known engagement ring shopping etiquettes. However, this is only guidance, and a lot of people are now counteracting this approach. Especially in a time where worker’s wages are falling behind inflation.

Besides, according to Hitched, the rule was actually created by De Beers to drive their marketing. So, don’t feel under pressure to obey it!

Is there such thing as too much?

The main consideration here would be to take in your and your partner’s own budget. Some people like to splash out on a ring, whereas others would rather save the money for the wedding day or the honeymoon.

There’s not a price cap on how much you can spend, but you want to make sure your spending won’t get you into trouble!

Is there an average cost?

According to Money, the average cost of an engagement ring in the UK is between £1,865 and £2,100. They state that the average money spent on an engagement ring is £1,865. Luckily, much lower than the average three-month salary of £7,650.

This number can act as a good benchmark for those looking to buy their perfect engagement ring. There’s a lot of factors to consider so it helps to filter down some of the criteria. However, if you have the cash to splash, then why let price limit you?

Savvy engagement ring shopping tips

Planning an engagement and then ultimately a wedding can be stressful! So, we’ve compiled some tips that might help you shop in a savvy way for your engagement ring, especially if you’re on a budget.

Lower colour grade diamonds

One way to shop a little smarter for diamonds is to look for ones with lower colour gradings. The colour of a diamond actually refers to its lack of colour; the clearer it is, the better. A lower colour grade affects value, but this is something that generally won’t be noticed by the naked eye. So, it’s not going to compromise the beauty of your diamond too much.

Want to know about diamond colour? Find out more in our blog.

Get to know the market

We’re not saying get to know the engagement ring market like the back of your hand, but having a solid amount of research behind you will help. Knowing which diamond cut is more expensive, what brands are pricier, and other factors like engagement ring settings and carat, can help you better know what’s out there for you. There’s a lot to know so get researching!

Metal plays a big part too

There’s often a lot of focus on the stone in an engagement ring, but metal is just as important when it comes to shopping savvy. Your fiancé-to-be might know what kind of colour they want – it's usually a simple silver vs gold preference – but there’s more to engagement ring metals.

‘Silver’ for an engagement ring is often platinum, which is the most expensive and durable of the precious metals. White gold is slightly less expensive than platinum for the silver lovers, and yellow gold is comparable to the price of platinum.

If your budget is quite tight, you could get a sterling silver ring, however this isn’t typically encouraged because of its bendable nature – not an ideal option for a ring designed to be worn forever.

Make your own rules

When it comes down to it, how much you spend on an engagement ring is up to you. There are some guidelines out there, which can help, but as long as you know your budget the choice is all yours!

An engagement ring is such a personal piece of jewellery, it signifies a moment, but also your love for one another. So, as long as you know the wearer will be happy, the rest doesn’t matter too much. There’s definitely no need to feel as though you should spend more than you have to, or follow any rules.

Have you browsed Skydiamond’s engagement rings? Made from diamonds mined from the sky, and only recycled golds and platinum, our jewellery pieces are rare and beautiful. Our build-your-own feature means that you can propose with an engagement ring that is breathtakingly unique, and can be tailored to suit your budget.

Take a look for yourself here.

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