The Average Price of an Engagement Ring – How Much Should it Cost?
What is the average engagement ring cost?
We are outlining just how much to spend on the perfect ring. In the UK, the average engagement ring cost works out to about £1700. Based on a typical engagement ring purchase price.
We based the average cost of an engagement ring on our own data collected from engagement ring sales at Serendipity Diamonds. To outline an engagement ring budget.
How much should an engagement ring cost?
Exactly, what is the price point for an engagement ring?
Jewellers price engagement rings based on their own cost price. They apply a profit margin on the materials and time taken to make a ring. Many jewellery stores simply apply a margin on finished rings bought for stock.
Engagement ring materials include the diamond, ring mount and labour.
Some jewellers cost and engagement ring based on a margin on these costs plus VAT.
Different jewellers apply different margins to their jewellery. No set rules exist, and most jewellers offer a different range of services.
Ballerina design with Arreton wedding ring
Why do buyers want to know the average price of an engagement ring?
Take time to research the average engagement ring cost. This approach provides insight into how much to spend on an engagement ring.
Many clients ask themselves how much they should spend on an engagement ring? With this in mind, we researched engagement rings online and on the High Street.
We looked at several well-known jewellery stores. Moreover, we took specific information from their websites. Next, we made a comparison to our own prices. Finally, we worked our research into an article.
How much to spend on an engagement ring.
Many clients ask themselves how much they should spend on an engagement ring. Start by finding out the average cost of an engagement ring.
Consider your own finances and financial situation. Finally, compare the value from one jewellery store to another.
Everyone’s budget is different. Moreover, every buyer has different requirements. You don’t have to work to the average engagement ring cost. But it helps understand prices.
Interest in engagement ring cost over time
The following chart looks at Worldwide interest in the cost of engagement rings. Over time, we see an increase in interest in the cost of engagement rings.
Why does the average price of an engagement ring differ?
Both the style of ring and gemstone choice affect the cost. In addition, precious metal type, diamond carat weight, diamond colour and clarity affect cost.
For example, the price of Gold has risen dramatically in recent months. Another factor involves exchange rates. To explain, diamonds are sold according to a dollar price.
Therefore, changes to exchange rates influence the cost of diamonds. As a result, engagement ring prices change with the exchange rate. For this reason, our own ring prices change daily.
Additional factors affecting the cost of an engagement ring
In addition, the shape of the diamond may affect cost. For example, round brilliant diamonds work out more expensive compared to many fancy shapes.
For this reason, our round solitaires are more expensive than Princess cut solitaire rings. Owing to this, we used round diamond solitaire rings in our research.
In addition to the above factors, profit margin affects cost. This varies from one jeweller to another. Some have a higher profit margin. As a result, there are differences in price and value.
Consider your financial situation before buying the ring
Before buying a ring, carefully consider your financial situation. Everyone’s financial position differs based on personal circumstances. Income, existing commitments and credit status all vary.
As a result, you might decide to look above or below the average cost. Most importantly, you should feel happy with your engagement ring and the price you paid.
Are big jewellery brands best on price?
Well-known jewellers benefit from having well-known brand names. The jewellery and brand H Samuel receives a great deal of recognition in the UK. Founded in 1862 the company enjoys a legacy of High Street presence.
The same can be said for Goldsmiths, Ernest Jones, Beaverbrooks, and Fraser Hart. These are popular brand names of UK jewellery shops. But do they offer such great value?
Comparing independent jewellers
By comparison, many small independent jewellers give a high level of customer service. In addition, their expertise, client care and choice make them a good alternative.
Furthermore, many open up their catalogues and prices online. This leads to some interesting comparisons, seen below.
For anyone willing to explore further afield, many specialist jewellery stores sell online. Fortunately, we provide clients with both an online experience in addition to showroom facilities.
Surprisingly, a great difference exists in what’s on offer based around the average ring cost.
How many month’s salary – Tradition and how much you should spend on an engagement ring
The jewellery and diamond company De Beers created the first rule-of-thumb in the 1930’s. Their guide set a benchmark on how much to spend on an engagement ring.
The ‘One Month’s Salary’ rule for buying and engagement ring
De Beers suggested spending one month’s salary on a diamond engagement ring. Later, by the 1980’s this suggestion increased to two month’s salary.
Later still, in Japan, buyers were urged to spend a figure based on three months salary.
As a result, there was a great deal of confusion for buyers. Buyers face the dilemma of whether to spend one or three months salary on the ring.
This is sometimes called the DeBeers myth. In the real world, this guidance serves no true purpose for many buyers.
What is the average salary in the UK?
The Office of National Statistics put the average UK salary at £27,271. Perhaps, this does not reflect your own salary. This statistic is used here for reference only.
Based on this figure, the average net income per month is approximately £1800.00.
Traditionally, ring buyers might spend somewhere between £1800 (one month’s average salary) and £5400 (three months average salary). This depends on which version of ‘the DeBeers myth’ you choose.
The average engagement ring price at Serendipity Diamonds
We looked at the last 50 x sales of engagement rings at Serendipity Diamonds. The cost of an engagement ring ranged from £400 to over £10,000.
From this selection, we sold many different designs. At one end of the scale, affordable gemstone rings.
At the other end, a 2 carat, 3 carat and 4 carat diamond ring will be a very expensive ring choice.
The following chart plots 50 x sales of engagement rings. As a result, it shows the most popular sale prices for engagement rings.
This is fairly typical for a solitaire, three stone, or cluster style diamond engagement ring. For many, this is also a realistic budget for a certified diamond engagement ring in high-quality precious metal.
From our chart, you can work out how much to spend on an engagement ring based on popular choices.
Serendipity Diamonds – independent engagement ring specialist
Do chain jewellery stores offer best value engagement ring?
Chain stores do not tend to offer the best value for money. In our experience, large multiple jewellery stores do not offer the best value.
In contrast, bespoke jewellers, create individually crafted rings rather than mass-produced designs. Also, they offer a greater range of ring types. For instance, promise rings which few UK jewellers offer.
Many engagement rings are made in high volumes due to demand. In addition, this stock includes mass-produced rings from the Far East.
In addition, many stores buy low-grade diamond rings cheaply produced, but sold at very high margins. Some jewellers work on a margin of 300% – 400% over their own cost price.
We compared our own £1700 rings to other well-known jewellery stores.
With this in mind, we took 5 well-known jewellery stores—all with an online presence. Then we searched for a comparable 18ct White Gold solitaire ring on each website.
The scope of our research covers well known UK retailers omitting internet specialist jewellers like Blue Nile or James Allen. By comparison, most of our examples offer a walk-in physical store.
As a result, we found the following, based on an average price of around £1700.00
1. Serendipity Diamonds – Best Value
View designs and browse engagement ring prices
Firstly, the team at Serendipity Diamonds, create each engagement ring individually to order. Clients have many options available. Furthermore, we handcraft all rings individually in the same way as a bespoke suit.
What engagement ring can you buy for £1700 at Serendipity Diamonds?
This specific ring we found made in White Gold. 0.40 carats GIA certified diamond with a colour grade of G and a clarity grade of SI1.
This example included a very good cut grade. Lifetime warranty and free size adjustment. Free delivery with exceptional presentation.
Most noteworthy, buyers get an extra 10% off this cost by using a promotional code available. Or, there is a choice of finance including 12 months 0% finance.
Exceptional value for money
Serendipity offers a very good value. A round diamond ring, set with a 0.40cts diamond, graded G colour and SI1 clarity by GIA (Gemological Institute of America).
In addition, buyers enjoy the reassurance of a very good cut. Finally, the build quality is excellent with substantially weighted settings.
In addition, enjoy 60 days returns, a free size adjustment and incredible packaging.
Other plus points include 12 months 0% interest-free credit available subject to application. Clients enjoy free shipping on all orders. In addition, buyers can click and collect or order directly from their team.
Why 5 stars? – We give 5 stars owing to an all-round service at a good price. Helpful guidance, friendly support, detailed information, packaging and add-ons make this the best value.
The following video shows the diamond size and quality based on the 0.40 carat G SI1 example in the Twist setting. Typically, this demonstrates an example of the average engagement ring cost.
What engagement ring can you buy for £1700 at Goldsmiths?
We spent time looking online at Goldsmith’s engagement rings. As a result, we discovered a comparable ring design in 18ct White Gold. Set with a 0.25cts diamond they specified no quality or grade for the £1750.00 ring.
3. H. Samuel
What does £1700 get you for an engagement ring at H Samuel?
We spent time looking online at H Samuel engagement rings. After research, we found a comparable H Samuel diamond engagement ring on their website. To demonstrate, the ring included the following details.
This example was made in 18ct White Gold. Created with a diamond weight of 0.33cts. Set with a diamond of whiteness grade I colour and a clarity grade of I1.
Why 3 stars? – Set with a small diamond, of lower quality, we found less value at H. Samuel. In addition, we have no information on cut. We were unsure of the cut of the diamond and whether the diamond was below a good cut grade.
Next, we considered Beaverbrooks, another of the popular High Street Jewellers.
What does £1700 get you for an engagement ring at Beaverbrooks?
Unfortunately, we were unable to find a similarly priced ring within Beaverbrook’s engagement rings. Also, we attempted to find a Beaverbrook’s engagement ring with a £1700 average cost.
Instead, we found it necessary to increase the budget by another £150.00. Amazingly, the higher price did not offer a bigger diamond. Also, the diamond was noticeably smaller.
In this example, the engagement ring was crafted in 18ct White Gold. Created with a diamond weight of 0.28cts. In detail, the diamond is noted with a grade of G colour and SI1 clarity. Finally, no diamond grading report was included.
Why 2 stars? – This year, Beaverbrooks fell behind H Samuel. Surprisingly, we noticed this included their own diamond report. To put it another way, buyers experience more trust in independent diamond grading laboratories such as GIA.
5. Ernest Jones
Again, we struggled within the price range. We looked at many of the Ernest Jones solitaire engagement rings online. As a result, we had to push the budget up to £1800 to find an equivalent engagement ring.
What does £1750 get you for an engagement ring at Ernest Jones?
For £1799.00 you can buy a diamond 0.40cts. But, we saw no specified colour or clarity grades appeared on the website page.
Why only 2 stars? – Unfortunately, very little information appeared as noted last year. But, on some websites, where full specifications appear, we found no product information for this design.
Next steps when buying your ring
Once you have a clear idea of budget, consider your engagement ring design. In general, most clients feel forced into paying what others feel they should spend. For a moment, put aside how much to spend on an engagement ring.
Look at the designs available and consider which style you prefer. In addition, consider all of the design elements including the shank, setting and shoulders.
At Serendipity Diamonds, our small and friendly team work with more than 30 years of engagement ring knowledge. Most importantly, we give great advice on every aspect of buying a ring. For example, we advise on the best choice of precious metal for the ring.
In addition, how to choose a diamond for whiteness and clarity without spending too much. During any meeting, we advise on the various characteristics known as the 4 C’s of diamond grading.
We handcraft most rings, tailored by diamond size to fit the average engagement ring cost. For this reason, we offer most designs with several thousand price options! As a result, we offer the complete package. From expert guidance to individually crafted engagement rings.
Finally, we offer exceptional packaging and after-sales care from our lovely team.
Consider the following benefits for all diamond engagement rings purchased at Serendipity Diamonds.
Firstly, we give expert advice and guidance to all clients without obligation.
In addition, clients enjoy free delivery.
Also, a GIA diamond report with a minimum very good cut grade.
In addition, a lifetime warranty on all workmanship and materials.
Together with 0% interest-free finance on engagement rings. Subject to conditions.
Next, a Free insurance valuation.
60 days returns
And finally, beautiful packaging with 2 ring boxes (one slimline for proposal)
All you’ll have to worry about is how to pop the question.
We accept most Worldwide currencies. In addition, our showroom opens daily for clients from Monday to Saturday and clients can request an appointment for a more in-depth visit.
Photos from our engagement ring archives.
The following gallery shows some of our previous work. To illustrate this, most of our engagement rings appear on our website pages. Or, visit our Facebook page to see some of our latest designs. Our website products include pricing to help you decide how much to spend on an engagement ring.
This article first appeared on the Serendipity Diamonds blog in 2013 to demonstrate the average engagement ring cost.
Updated yearly, it remains up-to-date with recent price comparisons. Most importantly, our aim was to give buyers answers to the question of how much should you spend on an engagement ring.
In addition, we aimed to provide a good idea of the value at different stores, based on average spend.
During 2020, the price of gold rocketed in price. This was actually the biggest price jump we have ever seen in Gold. Due to this 950 Platinum actually became more affordable to clients within 2020. This has been a bonus for most of our clients due to Platinum being a more durable metal option for Engagement rings.
Our price point comparisons very much still stand, but with the added bonus for the precious metal to be based in Platinum.
How much to spend on a wedding band?
This is less concern when you decide to purchase the wedding band at a later date. Most buyers concentrate on the cost of an engagement ring.
Following the engagement, most people budget for their wedding bands at a later date. Moreover, the cost is spread over time. Plan ahead and research costs to better prepare yourself before buying wedding bands.
The price point of wedding rings varies depending on the style, metal, weight, width and complexity of the design. For example, a simple 2mm band in 9ct Yellow Gold costs far less than a bespoke ring. By comparison, a Platinum shaped wedding ring with diamonds costs far more.
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