It’s August 2022, Michael is starting to think about proposing to his beautiful and wonderful girlfriend of three years, Anna. But he’s pondering about the decision. He definitely wants to propose and he’s really excited about getting married. He can’t wait actually. But choosing and purchasing an engagement ring is a daunting decision. Not only has he got to decide whether to propose to Anna with the ring or choose one together, but he’s got to start thinking about the style of it, the stones in it and the metal of it. And unfortunately, but really importantly, he needs to decide how much money to spend on it! Michael isn’t alone in having all of these decisions to make either by himself (if he wants to propose with the ring already chosen and purchased) or with his wonderful wife-to-be Anna. Below is some helpful advice for Michael and anyone else out there considering this really important decision: How much should you actually spend on an engagement ring in 2022?

 

What’s so Special about an Engagement Ring Anyway?

 

It’s widely understood that an engagement ring is the most special and romantic purchase that you will ever buy. It’s a truly special purchase that will symbolise your feelings towards your partner and that they will cherish because of that. It’s a ring that needs to last a lifetime, not only in the physical sense of being hardwearing to withstand everyday wear, but also in the sense of being something that never dates. Many women have thought about getting married when they were children and many women can’t wait to wear an engagement ring to show that they are loved by someone and that they have chosen each other for the rest of their lives. It goes without saying, that every woman will have different prerequisites for their dream ring and that includes different price tags! For our full catalogue of engagement rings, click here.

 

The Myth of the One/Two/Three Month’s Wages Spend on an Engagement Ring

 

This is really interesting actually, as this concept of spending 1, 2 or 3 month’s wages on an engagement ring started life as an advertising campaign for De Beers in the early 1930s. At the time, De Beers was in control of a significant portion of the diamond industry and they wanted to sell their products by linking diamonds to engagement rings and they even told people how much they should spend on them! Obviously, we can’t fault De Beers, as diamonds are the most popular stone for engagement rings still today nearly a hundred years later! They did an amazing marketing job! The first adverts told us to spend one month’s wages, then by the 1980s, it was two months and now, rumour has it, it’s three month’s salary! So they managed to dictate the diamond engagement ring cost for us!

However, the sentiment behind the advertising campaign still exists today. And an engagement ring is a really important purchase where you want to show someone how much you love them, so it does seem reasonable to think that the ring you choose has been well thought through with the person in mind who will be wearing it and that it has a significant cost to show them that you love them. That significant cost will be different for everyone, but a £1 ring from Poundland will perhaps not have the same sentiments as one of our bespoke rings engraved with a loving message!

Well, budgeting like this, using your wages as a guide, for your engagement ring purchase is definitely not how we would advise you to make this important decision. In 2022, budgeting is as important as ever and ensuring that you can afford the ring you choose is very important. So, how much does the average diamond engagement ring cost?

 

Average Engagement Ring Costs UK in 2022

 

There are lots of figures available online for the average engagement ring costs in 2022 from around £1800 to around £3000. But some people spend lots more on an engagement ring and some people spend a lot less. But even with these figures in mind, we still wouldn’t advise you taking them into your decision making processes. Whether or not you can afford the ring comfortably is the most important decision here, not what others have been spending on their purchases!

Taking into consideration that the average wedding costs around £20,000 in the UK right now, spending roughly £3000 on a ring is 15% of the overall cost. Some would consider this a viable option; others would rather spend more on the wedding. The choice is yours.

 

Take a Good Look at your Finances

 

Rather than spending what you think you should spend on your engagement ring or what you’ve been told to spend on your engagement ring by the marketing giants, really consider what you can comfortably afford. And, what you feel is a reasonable price for a ring. And, I suppose a really important addition to that, what would your partner think is a reasonable price for a ring! This might even be a conversation that you need to have either out in the open or covertly or even getting a sister or friend to have a conversation with your fiancé-to-be about it. Just to make sure you’re both on the same page. You don’t want to splash out thousands on a ring when your partner would prefer something understated and vice versa, think that she’d prefer something small when she really wants to go large for all to see!

 

What Kind of Ring is For You?

 

By this time, hopefully you’ll have some ideas of a rough budget, because you’ve got to know roughly how much you can afford. Now you need to get an idea about the ring you’d like to buy so that you know whether that budget is realistic. You may need to save up another month or so or you may be ready sooner that you thought when you’ve decided what kind of ring you’re going to buy.

Here at Diamond Boutique, we have found that diamonds are still the most popular choice for the centre stone of an engagement ring. Diamonds account for around 90% of all of our engagement rings sold, followed by sapphire, ruby, aquamarine, emerald and tanzanite. The most popular choice for centre stone is the brilliant round at the moment, but we do find the oval and pear shapes are currently very popular too. The classic solitaire style of ring is our most popular type of design, but a three stone design and halo are also very popular at the moment. We have found that platinum is our biggest selling metal currently too. With all this in mind, you can choose to follow the trends and choose a classic solitaire diamond design or you can choose to buck those trends and go for something quite different. The only person who needs to love the ring is your fiancé-to-be and as long as she does, it really doesn’t matter what everyone else is choosing right now.

You could choose an engagement ring that features a different gemstone at its centre, for example a sapphire, ruby, emerald or aquamarine. Click here to see our full catalogue of gemstone rings. And if you fancy reading about our favourite gemstone rings, click here to read our blog about the ‘Best Gemstone Engagement Rings – Our Flabbergasting Five!’

 

How to Save Money on your Engagement Ring Purchase

 

Diamond engagement ring costs can be high. The following tips can help you bring down the price if your budget is tight. Firstly, consider purchasing a lab grown diamond. These are increasing in popularity; they’re considerably cheaper than natural diamonds and they are an environmentally friendly option. Lab grown diamonds are identical to naturally formed diamonds in their aesthetics and their chemical make-up, however, the only difference is that one is found naturally occurring in the ground and the other is created by humans in a laboratory. To the naked eye, no one will be able to distinguish between your lab grown rock on your finger and someone else’s naturally formed rock, but the price difference can be phenomenal. Take a look at our blog about investing in diamonds here for more information about lab grown.

If lab grown isn’t for you, then consider what elements of the ring you can compromise on. If you’ve got your heart set on a diamond, then there are ways to make savings. Choosing a smaller stone can save you money. This seems fairly obvious and straightforward. Choosing the right shape to your stone can also save you money whilst giving the illusion of a bigger stone. The round brilliant diamond is a very popular choice, but it is the most expensive cut. Try an oval or pear shaped diamond as these give the illusion of a larger stone for a smaller cost. See our blog on our new range of engagement rings here for more information on fancy shaped diamonds.

If you want a round brilliant diamond as your centre piece, then there are ways to save on this type of stone too. Choose a stone with less clarity or go for a more yellow stone. This way you will achieve your desired look and style but you can save as the diamond will be cheaper. Try not to compromise too much here as you could end up with a sub-standard diamond but there are some beautiful diamonds that are slightly less high quality within this range.

 

How to Choose your Jeweller for an Engagement Ring Purchase

 

This is a really important element of choosing the perfect engagement ring and getting it for the right price. Take your time to choose a jeweller. You will save money by buying online as online jewellers are more competitive than those with physical shops. It’s very important that you trust your jeweller with the task in hand. You are asking them to create something special and often you need it within a certain time frame. And, you certainly don’t want to purchase a ring that arrives and you’re disappointed with it.

Do some research. Check out your perspective jewellers reviews – you can often get a feel for them here. How highly are they rated for customer service? How highly are they rated for the actual rings and jewellery they produce? Once you’ve checked out the reviews, contact them. How do they choose their stones for their rings? Can you choose a stone if you wish? Can you customise an existing ring to your requirements? Can you add an engraving? Can you choose to create your own design? Once you’re happy with your choice you can make a start.

 

Our Prices Explained

 

At Diamond Boutique, we like to give our customers as many options as possible. We have a full catalogue of engagement rings that you can choose from on our website here. We have a wide range of different rings available here from diamonds to gemstones in different metals and different sizes. And, if you are thinking about something more unique, then you can also contact us via our bespoke page here to create your very own design.

Each diamond engagement ring in our online catalogue comes with several options for you to choose the ring that suits your preferences and budget. Our Vintage Diamond Engagement Halo Ring has a number of choices for you to choose from. The most cost effective choice is a 0.5 carat centre stone with a G colour of diamond and VS clarity. As you can see from the charts below a G coloured diamond is still in the near colourless range making it a great choice for colour and VS means ‘very slightly included’ meaning that the diamond will contain very tiny inclusions but that they are so small they would be difficult to see under 10 times magnification. This option of this ring is our cheapest option at £2632 (prices correct 1st August 2022 but are subject to change), but you can customise this ring a number of times to choose the option that suits you. Our most expensive option of this ring gives you a whopping 2 carat diamond with an E colour and IF clarity. E is colourless and is only beaten by a D grade diamond. IF means the diamond is internally flawless. This ring is priced at £29,915. There are various options between these two figures for your convenience.

We hope that we’ve dispelled some myths around how much you should spend on an engagement ring and that we’ve shown you that you can think outside the box when choosing a design and indeed a centre stone. We hope that you’ve gained a few tips on choosing a reputable jeweller and getting your perfect ring at the perfect price. Happy engagement ring shopping!