How Much Should You Spend on an Engagement Ring?

You've made the decision to propose - yay! Along with deciding how to propose, the next important decision to be made is how much to spend on an engagement ring before you commit to buying an engagement ring.

In a recent poll* of Hitched users, we found that 57% of users knew how much their engagement ring cost, with a further 30% having a pretty good idea. Only 13% of engaged users admitted to having no clue how much their partner spent on their engagement ring. Knowing your partner is likely to know the price - deciding how much to spend on an engagement ring may have just got more difficult...

To be completely transparent, because that's who we are at Hitched, we can't give you a rule, calculator, or one-size-fits-all answer on how much you should spend on your engagement ring because, honestly, it just doesn't exist. When we asked our users how much their engagement rings cost, the answers varied greatly, proving that engagement ring spending is subjective.

In our poll, almost one in five users had an engagement ring that cost less than £1,000, 34% wore an engagement ring which cost between £1,000 and £2,500 (the bracket where the national average falls), 24% claimed to have an engagement ring worth between £2,500 and £4,000, and 23% had one that cost more than £4,000.

So much of the budget for an engagement ring depends on external factors, from your salary and financial commitments to the type of ring you want to buy and how long you plan to save before you propose.

Whilst the cost of buying an engagement ring will vary from person to person, our advice and guide on how much to spend on an engagement ring should help you get one step closer to deciding on what the magic number is for you. Here, we'll cover:

• The Average Spend for an Engagement Ring
• Expert Opinion on the Average Cost of an Engagement Ring
• How to Save Money on an Engagement Ring
• Engagement Ring Cost Myths

How Much to Spend on an Engagement Ring

There are so many different rules and approaches to how much you should spend on an engagement ring, from the traditional rule and the national average to expert advice and alternative options.

Without having one blanket rule for everyone, we suggest you read on to consider all of the options before deciding on how much an engagement ring should cost you. Ultimately, the most important thing is not to spend beyond your means. Remember why you're getting engaged - it's to spend the rest of your life with someone you love, not to bankrupt yourself!

1. The Traditional Spend for an Engagement Ring

You’ve probably heard the phrase ‘three month’s salary’ bandied about quite a lot, and yes, you can use this as a guideline for how much you should spend on an engagement ring.

However, before you take it as gospel, you should know that this ‘rule’ was created as the result of an advertising drive from luxury diamond retailer De Beers – who obviously had a vested interest in parting consumers from their hard-earned cash. 

In the 1930s, they put out a campaign encouraging people to spend a single month’s salary, which increased to two months in the 1980s. This was followed by ads which eventually led to the contemporary three-month figure. It’s become a mantra that many still choose to follow to this day – but there’s absolutely no obligation to fall in line or even pose the question of "How many months' salary for an engagement ring?"

Considering that the average salary in the UK today is around £585 per week (or around £2,535 per month according to ONS data), that would put a typical engagement ring budget at £7,605. You can find thousands of stunning designs for far less, so don’t panic if three months' worth of salary is too much for you - less than a quarter of the couples we polled had a ring that even came close to this.

It's also worth being realistic about things - being an adult is accompanied by so many fun things like mortgage and rent payments, bills, food shops, and all the other lovely and exciting things we need to survive. So, if you know there are more important things to spend your hard-earned money on, don't feel pressured to follow this outdated rule. 

2. The Average Spend for an Engagement Ring

According to our 2023 National Wedding Survey, the average amount spent on an engagement ring was £2,000 - it's okay to breathe an audible sigh of relief after reading that £7,000 figure above. 

Knowing how much everyone else is spending is, one, super interesting, and, two, useful as a generic rule of thumb. However, other research suggests that even the ‘average’ average varies. A prior poll of 2,000 people conducted by insurance company Protect Your Bubble reported that the average cost of an engagement ring was £1,483, so you see how drastically the number can vary.  

3. Expert Opinion on the Average Cost of an Engagement Ring

"When it comes to the investment in an engagement ring, the amount can vary widely," says Rebekah Oakes, an artisan goldsmith and owner of Brighton-based Rebekah Ann Jewellery, which specialises in eco-conscious engagement rings, wedding rings and capsule jewellery collections. "Typically, my customers spend anywhere from £900 to upwards of £5,000+ with the average current spend approximately £2,300."

Rebekah goes on to explain: "The cost of an engagement ring is influenced by various factors. Primarily, the materials used play a significant role in determining the price. This includes the type of metal selected, as well as the choice of stones, whether they be diamonds, sapphires, or other precious gems, the number of stones incorporated into the design, along with their quality and size, and the time it takes to make the ring. There are also legal costs, such as hallmarking.

"One crucial aspect to bear in mind is the distinction between independent goldsmiths and high-street chains. While high-street chains may offer seemingly attractive price points, it's important to recognise that they and large manufacturers buy the materials in much larger quantities and, therefore, at a lower price than independent goldsmiths can."

4. Important Considerations When Spending on an Engagement Ring

As we've already highlighted, engagement ring prices vary massively, so beyond the price point, what other elements are important to consider? Well, according to expert Rebekah, it should be how durable the ring is so that it lasts a lifetime and can withstand the impacts of everyday life.

"When selecting or designing the perfect engagement ring, the most important consideration is longevity," says Rebekah. "This piece of jewellery will be worn every day, so it's crucial to choose something that will withstand the test of time. While there are countless stunning designs available, not all are suited for everyday wear. It's essential to prioritise durability and resilience. Investing in high-quality metals and opting for stones like sapphires and diamonds, known for their hardness and durability, ensures that your ring will remain beautiful and more likely to stand the test of time."

5. How to Save Money on an Engagement Ring

Finding the perfect engagement ring doesn't have to mean stretching your budget beyond its limits. Here, Rebekah shares her top savvy strategies for saving money on an engagement ring without compromising on beauty or significance.

• Character Over Clarity: "Consider diamonds with lower clarity grades. While these diamonds may have some "imperfections" visible to the naked eye and be less white in colour, they can still be stunningly beautiful and offer excellent value for money in comparison. To me, these imperfections are what make them beautiful. They show that they were created by nature, and that's what makes a stone unique!"
• Engagement Ring Gemstone Alternatives: "Exploring alternative gemstones can open up a world of unique and affordable options. For example, rose-cut salt and pepper diamonds are continuing to gain popularity for their distinctive appearance and character-rich inclusions. While they may not always be the most budget-friendly engagement ring alternative, they can offer exceptional value compared to traditional diamonds. Or why not a freeform or rose-cut sapphire? Sapphires are beautiful and, again, offer a wide range of colour, quality, and clarity."
• Budget-Friendly Moissanite & Lab-Grown Diamonds: "Another budget-friendly engagement ring alternative is moissanite. If you're looking for a more classic ring, moissanite possesses remarkable brilliance and fire, making it an excellent substitute for diamonds at a fraction of the cost. There are also lab-grown diamonds. There has been a lot of talk about laboratory-grown diamonds recently, and their prices have dramatically dropped." 
• Repurpose Precious Stones: "Repurposing gemstones from existing jewellery can be super meaningful and a budget-friendly engagement ring option. If a loved one has a ring they no longer wear, incorporating a stone from that piece can add sentimental value to your engagement ring while also reducing some costs. Ultimately, the key to saving money on an engagement ring is to prioritise what matters most to you and your partner."

6. Buying a Temporary Engagement Ring

Ever heard of a proposal ring? If not, it’s a concept you might want to consider – a temporary placeholder engagement ring that you get down on one knee with when you pop the question and then replace with a permanent engagement ring that you select with your other half’s input.

Having your partner's input on the ring is not only helpful for the style and design, but knowing how much they think an engagement ring should cost can be a great insight, too. Imagine you spent a fortune on a ring, only to have them wish the money had been saved for the wedding or honeymoon.  

Cubic zirconia replicas of diamond engagement rings can start from as little as £20, allowing nervous proposers to pop the question to their other half with a beautiful ring but without the worry of spending on something not to their taste. 

Proposal rings usually cost less than £50, so they are a great low-outlay option if you have no idea what type of ring your partner would like. It saves you from having to ask them and spoil the surprise you’re planning. Some jewellers will even redeem the cost of the temporary band against the real engagement ring if you buy it with them, and they still allow you to keep the original as a memento. 

7. Buying Nothing at All 

Okay, so this is a real opinion divider, but don’t forget that you are allowed to propose without a ring. Whether you invest in one later because you want your partner to choose, or you decide as a pair that you’d rather the money was spent elsewhere.

Some people, especially if they’re highly financially conscious, feel uncomfortable and even guilty about their partner spending so much on an item that’s just for them, so if you suspect that yours might feel this way, it’s an important conversation to have. One of the grooms from our Budget Breakdown series bought his partner a Chanel bag instead of an engagement ring because he knew she'd prefer it. 

Under the right circumstances, a proposal without an engagement ring can feel even more spontaneous and romantic; it’s just a celebration of your love in that exact moment, without any pretence or flash.  

8. Buying What You Can Afford

So you’ve read all the professional advice on engagement ring prices, you know the stats, and you’re still wondering, ‘How much should I spend on an engagement ring?'

Well, we did warn you at the beginning – an exact figure is something that we can’t give you because no two people’s journey looks the same. In today’s world, the only real rule is that there are no rules: maybe you and your partner split the cost between you, maybe you inherit a family heirloom or track down a gorgeous antique rather than buying new.

There are resources out there that will take your actual income and outgoings into account, but what it really comes down to is what you can actually afford, and what type of ring will mean the most.

Be honest with yourself, be realistic and above all else, try to enjoy the process. After all, it’s not something you’re planning on doing again in a hurry. Ultimately, an engagement ring is just a symbol of what you already know - that you want to spend the rest of your life with this amazing person. When you think about it, you can’t really put a price on that.

Engagement Ring Spend Myths Busted

As you decide how much to spend on an engagement ring, it's important to have all of the correct, accurate information to help you make this important decision. There are a lot of myths out there and rules that are super outdated. Here, we bust some of the most common myths surrounding how much you should spend on an engagement ring and what affects the average ring cost.

9. You Can't Buy an Engagement Ring Online

This is well and truly a myth. In fact, there have never been more options to buy an engagement ring online than there are today, and it isn't the 'off the rack' process one may assume it is. There are a number of online engagement ring designer tools where you can select and design almost every aspect of your engagement ring without having to leave the house.

If you're nervous about spending a lot of money on an engagement ring online, why not visit a store in person to view the ring you're after? Look at a few in person until you're really sure what you want. 

10. The Bigger, the Better

Bigger doesn't always mean better quality, and you cannot determine the quality of an engagement ring or diamond based on size alone. There are lots of different options when it comes to buying an engagement ring and the quality of a diamond often has little to do with the size. 

One big solitaire diamond is usually cheaper than lots of smaller stones, and experts say that the cut of a stone is the most important. If the cut is good, you can afford to be more flexible on the other ‘four C’s’ (that’s colour, clarity and carat).

Because of the four C's, you can actually secure a larger diamond with some impurities (completely invisible to the naked eye) for much less than a perfect diamond of a smaller size. Remember that if you can’t tell the difference between two diamonds of differing quality, most other people won’t be able to either – as long as your fiancée loves it, does it really matter? 

11. You Must Spend Three Months Salary

As we mentioned above, the traditional rule of spending three months' salary on an engagement ring is one of those wedding traditions you can definitely skip. "OK, well, how many months' salary should be spent on an engagement ring?" We hear you say. Again, there is no set answer, but we've made it pretty clear now that what you spend on an engagement ring should be what you can afford and what you want to spend - no other factors need to play a role.

For some, the equivalent of three months' salary is an affordable amount to spend on an engagement ring, for others it isn't, and for some, it's merely not what they want to spend on one. You can consider that myth well and truly busted. 

12. Bespoke is More Expensive

Whilst going bespoke can be more expensive than buying an already-made engagement ring, that isn't always the case. There are deals to be had when it comes to buying loose diamonds and designing an engagement ring yourself. You can buy loose diamonds for a matter of hundreds and then pay a jeweller to turn them into the engagement ring of your partner's dreams.

If you want to cut some of the work out of the process, you can use an online engagement ring designer to select the specific diamond you want, the setting and the band you like and the company will then make it for you and deliver it. 

Alternatively, you can propose with the loose diamond alone and then design the engagement ring together - this is a great way to spread out the engagement ring spend and also guarantees a design your partner loves. 

13. It Has to Be a Diamond

Engagement rings come in different shapes, cuts sizes and styles, and there are plenty of amazing options outside of just diamonds. Your engagement ring can be made up of sapphires, opals, rubies, emeralds or no stone at all - it is completely down to you and will also depend on what your partner's style is. If they're not a diamond sort of person, you absolutely don't need to buy a diamond ring. 

Not only are vintage rings much more likely to be unique and sentimental, because of their pre-loved status, they typically cost less too. Tracking the perfect one down requires a little more research and effort, but the right ring will absolutely be worth the work.

Now you know how much to spend on an engagement ring, it's time to start planning how to propose. We have some of the best proposal locations for you to browse here!

*Informal Instagram poll of 2,684 users on 19/11/22.