Congratulations, you’re considering popping the question or planning an engagement! As you weigh the cost of an engagement ring in the UK, let me assure you that I’m here to guide you through this process. You want to make your partner happy, but how do you balance your dream proposal with your budgetary constraints? No need to worry; I’ll share valuable insights and advice on where to start setting a realistic ring budget.
As you navigate these uncharted waters, let’s set aside the common misconception that an engagement ring has to break the bank. With some expert guidance, you can find a stunning yet affordable ring that suits your style and your partner’s taste.
How Much Does An Engagement Ring Cost?
When considering an engagement ring, it’s surprising to think that the cost can be entirely variable. On one hand, it’s possible for a ring to be completely free – perhaps by repurposing a piece already in your possession or inheriting a family heirloom. Alternatively, more affordable options exist, such as purchasing a second-hand or non-traditional engagement ring for as little as £20. However, many couples opt for a higher-quality ring that will stand the test of time, which can range in price from £0 to thousands – or even millions – depending on personal preference and budget. A UK engagement ring, for instance, can cost anywhere from nothing to a substantial sum, making it important to consider individual circumstances before making a decision.
How Much Did My Engagement Ring Cost?
To be candid about our financial situation, money can still be an uncomfortable topic in 2022. However, I firmly believe that openness and honesty are the keys to making progress. In 2007, my husband and I were engaged and decided to purchase my engagement ring from a local independent jeweller on the high street. The total cost was approximately £1100. My ring features a platinum band with a single princess-cut 0.2-carat diamond. At the time, this was a significant investment for us, and I must admit that I was initially hesitant to wear such an expensive piece of jewelry. Nevertheless, we wanted our ring to last, and platinum is renowned for its durability, making it one of the most resilient metals used in jewelry. Similarly, diamonds are known for their longevity. As one might expect, inflation has likely increased the cost of my ring over time. Although this depends on factors such as diamond quality and retailer, it’s undeniable that today’s price would be significantly higher.
Do I Still Love My Engagement Ring?
As we reflect on our engagement ring purchase, we’re filled with no regrets. While £1,100 is a significant amount, it’s actually below the UK average for today’s rings. This experience proves that you don’t need to spend tens of thousands to make your dream come true.
In hindsight, I’ve come to realize that if I were to choose again, my style would likely be vastly different from what I picked in 2007. At the time, I felt pressure to conform and thought a platinum diamond ring was necessary to fit the traditional wedding mold. However, this mindset proved misguided.
If given the chance to reselect my ring (which won’t happen, as it’s too sentimental), I’d opt for alternative materials. Specifically, I’d seek out ethical and eco-conscious options for the diamond. Additionally, I might consider a colored gemstone or a more affordable diamond alternative.
As you can see from our wedding photos (courtesy of Alexa Loy Photography on Our Wedding Ceremony), my engagement ring remains a cherished keepsake.
What Is The Average Cost Of An Engagement Ring In The UK In 2023?
While there’s no definitive answer to the average cost of an engagement ring in the UK for 2023, various surveys conducted among couples provide some insight. However, it’s essential to consider that these findings are based on a select group of respondents and should be taken with a grain of salt. According to Bridebook’s January 2023 survey of nearly 4,000 UK couples, the average engagement cost in 2022 was £1,929. In contrast, DiamondsByMe’s October 2022 survey among 1,500 UK couples through TLF found that the average engagement ring spend in 2022 was £1,630 – significantly lower than Bridebook’s result. This disparity highlights the challenge of determining a true average cost for engagement rings in the UK. What is clear is that many couples are willing to spend hundreds or thousands of pounds on their engagement ring(s). While this may be an average, there will undoubtedly be couples who spend less or more than these figures. The important thing to remember is that it’s perfectly fine if your budget differs from the average – you can still have your dream engagement ring.
How Much Should We Spend On An Engagement Ring?
When it comes to deciding how much to spend on an engagement ring, there’s no one-size-fits-all rule. The traditional notion that three months’ salary should be spent on a ring is outdated and unrealistic. Instead, take the time to do some research and get a sense of what you’re comfortable with. Start by browsing online retailers, wedding ring jewelers, or jewelry shop windows to get an idea of prices. As you window shop, think about the style and type of ring that speaks to you. Once you have a sense of what you like, you can assess whether you’re willing and able to spend that amount on an engagement ring.
How To Save Money On An Engagement Ring?
Ring Materials
For those who find the traditional diamond and gold combo financially out of reach, there’s good news: compromise is an option! Consider rings featuring smaller gemstones or alternative precious metals and gems that can offer a similar look without breaking the bank. Sapphires, for instance, can be more budget-friendly than diamonds, while lab-grown diamonds provide a cost-effective alternative to traditional diamonds.
Second-Hand & Antique
While scouring for affordable options, consider exploring vintage or second-hand rings. Online marketplaces, antique fairs, and pawn shops are treasure troves to discover unique and budget-friendly choices. When evaluating a pre-owned ring, it’s crucial to verify its authenticity and don’t hesitate to walk away if it doesn’t feel right. Additionally, factor in the cost of resizing and cleaning an old ring when setting your budget. For those looking for alternative solutions, consider gifting yourself or refashioning a piece from your existing jewellery collection. This approach can help reduce the costs associated with metal and gem purchases.
Bespoke & Online
When it comes to engagement rings, you also have the option of commissioning a bespoke design that fits your budget. On the other hand, if you’re shopping online, make sure to research reputable review sites to verify the seller’s legitimacy. A common phrase goes: ‘if something seems too good to be true, it probably is.’ As you navigate the market, keep an eye out for promotions and be prepared to be flexible to snag a great deal. You can also look forward to annual sales events like Black Friday, Boxing Day, or summer clearance sales. Furthermore, take some time to scour online for discount codes or cashback retailers that can help you save even more.
Placeholder Ring
For couples looking to make their dream engagement ring a reality, it’s not always necessary to break the bank upfront. A clever approach is to consider using a placeholder engagement ring as a temporary solution. This could be a simple yet thoughtful sweetie ring that holds sentimental value until the time is right to upgrade to the final engagement ring of your dreams. With a little extra thought and research, it’s entirely possible to make your vision a reality – even if it takes a bit more patience than initially anticipated. As the saying goes, good things come to those who wait!
What Affects The Cost Of An Engagement Ring?
When we explored ways to save money on engagement rings, we mentioned the significance of selecting alternative stones and metals. This is indeed a great way to cut costs. But what really drives up the price tag? Let’s dive into the factors that impact the cost of an engagement ring.
The Gem Stone(s)
When it comes to the cost of your ring, one significant factor is the type and quality of the gemstone or stone you choose. To save money, consider compromising on the 4Cs – clarity, cut, carat, and colour. A lower clarity rating, smaller stone with a simpler cut, and less vibrant colour can all contribute to a more affordable option.
Alternatively, you could opt for a diamond alternative altogether. If that’s not your style, consider mined gemstones like sapphire, morganite, amethyst, opal, tanzanite, or aquamarine. If you’re looking for something truly unique, lab-grown diamonds offer an eco-friendly and budget-friendly option.
Photo: Mariya Stecklair Photography via Stotesbury Mansion Wedding
The Band Material
When selecting the material for your engagement ring band, another crucial factor to consider is cost. Platinum tends to be at the higher end of the spectrum, but there are ways to make it more budget-friendly. For instance, opting for a thinner band or choosing a smaller gold carat rating can help reduce costs. Beyond platinum, other precious metal options worth considering include wood, tungsten, sterling silver, and titanium.