Buying or receiving an engagement is one of life's most significant events in someone's life. This article can be super short and say- it doesn't matter how much you spend on an engagement ring. But I think it fair to go deeper.
In short...do you!
However, you have to keep in mind: how much you can afford, the design, and what your partner would want to cherish every day of their lives.
There are even engagement ring calculators to help you have a rough guide on how much value you can get for a diamond engagement ring.
Full transparency- if you are going to get an engagement ring, the most expensive thing is the gemstone. See my previous article about diamonds.
Some people say you should save three months of your salary for the ring. There can be a deep psychological meaning behind the price of a ring. There is also a chance that its size and style might say a lot about your future as a couple.
The average salary in the UK today is around £585 per week (or approximately £2,535 per month), which would put a typical engagement ring budget at £7,605. As mentioned, it doesn't need to be that high.
According to Hitched.com's recent National Wedding Survey, the average amount spent on an engagement ring was £2,419.
When it comes to buying the ring itself, prices will vary widely due to several factors: the size and quality of the center stone, any details, and the type of metal chosen—not to mention mark-ups that can come along with factors like a popular brand name. As an independent jeweller, I tend to have lower overheads and can give you the best value.
Take the pressure off and talk to a jewellery consultant like myself to go through a free design consultation with you, rather than a sales process. You can get a lot more in a bespoke service than 'off the shelf' engagement rings.
Before you buy your engagement ring, think about these five things:
1.Know exactly how much you can save/spend. Think about the centre stone size and work backwards.If don't have the money to buy the ring outrigh now. Think about saving 6-12 months in advance for the ring. The more you save, the more design options.
2.Listen to your partner about weddings and engagement rings
3.Develop a secret mood board with your engagement ideas.
4.Talk to your partner, friends, and family to gain more insight into your partner's ring design. It is best to sense check.
5. Take your time and plan. When you have your budget saved, talk to a jewellery consultant around 2-3 months before proposing.