What Is The Average Price Of An Engagement Ring?
Finding the perfect engagement ring can feel like an almost impossible task. With all the different styles, shapes and sizes to choose from, it's easy to feel overwhelmed. But there's one thing that today's social pressures have made harder than ever before: the price.
How much should you spend on a ring? What amount is considered socially acceptable?
Before we guide you through some of the average costs, the best advice we can give you is to plan early. Think about the budget you have available, the type of ring you’d like to buy and try to find the right balance between quality and affordability.
At the same time, remember that the engagement ring you purchase stands for the promise of marriage, it symbolises devotion and commitment to your beloved partner, so its sentimental value will also have to be carefully considered.
How Much Should An Engagement Ring Cost?
First and foremost, there's no 'right' answer when it comes to how much you should spend on an engagement ring; everyone has their own financial situation and priorities. Ultimately, the cost of an engagement ring should reflect your individual budget and preferences. Forget the social norm or what other people might buy; focus on what you can afford and what your partner will love.
That being said, recent studies have found that the average cost of an engagement ring in the UK is somewhere between £2,500 - £3,000 based on an annual average wage of £33,000 a year. In previous years, spending three months' salary on an engagement ring was something of a tradition. Today, with the economic impact of covid-19 and increasing cost of living expenses, couples are foregoing the old standard in favour of something more practical and affordable.
That said, many people choose to spend more on an engagement ring as a statement of their commitment and love, whilst investing in a higher quality diamond that will hold its value over time. Ultimately, the amount you choose to spend will reflect your personal values, financial situation and your partner’s preferences, but what truly matters is the love and commitment that it represents.
Factors That Influence The Cost Of Engagement Rings
When it comes to buying an engagement ring, understanding the factors that influence cost is key. While there's no right or wrong answer as to how much you should spend on a ring, knowing what goes into its price will certainly help.
We delve into each of the 4Cs in great detail and touch on many other factors that impact the price of a diamond engagement ring. Understanding each of these can help you make a more informed decision when it comes to purchasing an engagement ring that fits your budget and style preferences.
5 Tips For Finding An Engagement Ring Within Your Budget
Tip #1: Set Yourself A Realistic Budget
Easier said than done, we know. We're all guilty of getting carried away in the moment and go splurging on something out of our budget. Of course, you want to make sure your partner has the ring of their dreams, and you don't want money to stand in the way. However, setting yourself a realistic budget is vital if you're going to find something that won't put too much strain on your finances. After all, the last thing you want is to put yourself in debt before you've even started planning the big day (that’s if they say yes!)
Tip #2: Know Your Metals
Engagement rings are not just about the diamond; you will need to select the band's metal too. Different metals come with different price tags, the most expensive being Platinum, as this is less likely to discolour and tarnish, followed by White Gold, Rose Gold and Yellow Gold.
Tip #3: Choose The Setting Before The Stone
When you dream of your perfect ring, the diamond and shape will likely be at the forefront of your mind. But don't forget about its setting! The price of the ring setting is often 'set in stone'; solitaire settings tend to offer more affordability than trilogy or halo designs because of their simplicity. Be sure to do a little bit of research on what setting you think your partner will prefer before moving onto the big centre stone.
Tip #4: Consider A Lab Grown Diamond Engagement Ring
The clue is in the name, a man-made diamond that is lab grown. Crafted with the same technology as a mined diamond, the only difference is that one has been created in a laboratory and not naturally from the earth. These diamonds tend to be cheaper than their natural counterparts but just as beautiful and won't cost you the earth (literally!)
Tip #5: Don't Overlook Bespoke Designs
If you have a budget but are still looking for something special, don't write off the idea of having your engagement ring made bespoke. Bespoke rings are made to fit your exact budget and specifications, giving you more freedom and flexibility when selecting a ring.
This is particularly helpful if you are on a tight budget and can't quite afford what you wanted but wouldn't mind tweaking the design slightly so it fits your budget. Of course, some factors will affect the price, such as carat weight and clarity - but if you're looking for something truly unique, opting for a bespoke design is worth considering.
So, there you have it! With the right knowledge in hand, you're ready for your diamond hunt! Don't stress about budgeting - now that you understand what determines a sparkler's cost, finding the perfect engagement ring shouldn't feel so daunting.
Whether you're looking for something simple and classic or a statement piece that sparkles, we have it all here at Diamond Rocks. Whatever your budget may be, get in touch with our friendly team today, and we'll be happy to help you find the perfect ring.