How much should an engagement ring cost?

So you’ve begun thinking about ‘popping the question’ – you’ve realised that they’re “the one” and you want to solidify that with a proposal and a ring. Of course, there are many elements of the proposal that needs to be considered; the where, the when, the words you’ll use… but before any of that, and arguably the most important aspect, is buying the ring. So how much should an engagement ring cost, and what is the appropriate amount to spend on an engagement ring? 

How much should you spend on an engagement ring?

Traditionally, the cost of an engagement ring should be a reflection of three months’ worth of your salary. However, this is subject to change – depending on not only how much the person earns and how much disposable income they have, but also on the type and style of ring that they want to purchase. However, more recently, it has become acceptable to spend around a month’s wages on a ring – as this could allow for budget for the wedding itself, or money towards other essential aspects of the marriage, like a house deposit.

1.00ct VVS1-D Vintage Halo Diamond Ring

Knowing exactly how much to spend on engagement rings is tricky – as it’s quite subjective. The receiver of the ring may have a particular style they are in favour of, or knows that they only want a small diamond and nothing too flashy. When deciding how much to fork out, the most important thing to consider is the requirements of the ring, and if the receiver will be happy with it.

What is a placeholder engagement ring?

One of the latest trends is to buy a placeholder engagement ring for the proposal. This allows the receiver of the ring to accept the proposal (hopefully!), and then be able to choose their own ring that they know they’ll love. This is especially handy if they are picky and would prefer to choose themselves anyway, but you don’t want to ruin the element of surprise. Plus, this is also a great way to take off the added pressure if you’re just not sure what type of ring to choose!

How much are engagement rings?

In the UK, the average engagement ring cost is around £1,700. However, this figure is based on a typical engagement ring purchase – so any extravagant ring purchases are not included in this average. Here at Shining Diamonds, we have a wide selection of engagement rings that vary from around £450 to £15,999 – browse the full selection on our website today. Alternatively, view our diamond buying guide for more information about the anatomy of a diamond, interesting diamond facts and more.

Rose Gold 3 Stone Engagement Ring in 0.60ct

Need more advice and guidance on how much to spend on engagement rings? Our blog on how to choose an engagement ring has you covered – from deciding on your budget to ring size, style, and the all-important ‘Four C’s’! Alternatively, browse our selection of engagement rings from Shining Diamonds now.