How Much Should You Really Spend on an Engagement Ring

How Much Should You Really Spend on an Engagement Ring

There are so many things to consider before proposing marriage, even assuming you are quite confident that the answer to the great question is going to be ‘yes’.

5th August 2019 Ernest Jones - Editor

One of the most important things which will, no doubt, occupy your thoughts is how much to invest in the engagement ring itself. The engagement ring is a statement about your love for your partner and you don’t want to get something like that wrong. This guide will help you to find out everything you need to know about engagement rings and the price tag that comes with them.

How much should you spend on an engagement ring?

According to the classic engagement ring cost rule, you should spend three months’ salary on an engagement ring for your loved one – after all, they’ll be wearing that ring for the rest of their life. However, in more recent times the fashion has moved towards the more modest expenditure, perhaps to allow more to be spent on the wedding itself, or the honeymoon, or for making the family home that much more comfortable. Whichever the reason, many couples are spending rather closer to one month’s salary on the engagement ring, which still leaves considerable scope for most to find that perfect ring.

So, whether you are a strict traditionalist, opting for the three months rule, or you prefer to go with the more recent trend of one month, that gives you an approximate guide to the upper and lower ranges. That does not mean that you can’t go above and beyond expectations, and the sky really is the limit if you so wish it. Once you have decided on your price range you can start looking with that budget in mind.

When choosing a ring, you should try to pick something that you know your other half will absolutely love without going over budget, although don’t be surprised if the perfect ring, the one that practically leaps out at you, is a little outside your plans. After all, where love is involved, the rules become more like guidelines. Ultimately, it comes down to this; if she said “yes”, then it is you she wants to marry, not the ring.

By the way, there is an alternative to trying to read your partner’s mind and select the perfect ring on your own. Many smart-thinking modern couples have taken to buying a ‘placeholder’ ring, and then after the proposal, and acceptance, going to choose a ring together. This way you know she can have the ring of her choice, within your budget.

The average engagement ring cost (UK)

In 2016, the average cost of an engagement ring in the UK was £573. Of course, it is possible to spend a great deal more than this, see “world’s most expensive engagement ring”, below. Of course, if you are basing the budget on a multiple of your annual salary then the figure you choose may vary very considerably from that figure. Ultimately, the final decision must rest with you or, if you are using a placeholder ring, perhaps it will be a joint decision.

At the risk of contradicting everything already said, there is a strong urge to say, forget the ‘rules’ and simply follow your instinct for what you feel is right. Many people say that they wouldn’t want their partner to spend an extravagant amount of money on a ring so this may be something which you have to discuss once you have got that all-important ‘yes’.

The world’s most expensive engagement ring

At the time of writing, the most expensive engagement ring was Mariah Carey’s ring, said to have cost ten million dollars, which was given to her by Australian billionaire James Packer. The stunning engagement ring has an emerald-cut diamond of 35 carats, made by Wilfredo Rosado. With delicate tapered baguette diamonds and set in platinum, the utterly gorgeous simplicity of this ring lets the diamond do all the talking. Sadly, the engagement did not last, perhaps proving once and for all that the size of the diamond is less important than the depth of your love.

So, if such a ring is too much of extravagance, you’ll find engagement rings to suit all budgets at Ernest Jones. If you’re working with a restricted budget but still want something impressive, or if you just yearn to take the path less travelled, how about considering an alternative stone to a diamond ring? Sapphire, emerald, and garnet are among a wide range of suitable alternative stones to the classic diamond and may be the perfect match for your loved one.

The most important thing to remember is that regardless of convention or tradition, only you, and perhaps your partner, can make the final decision of how much you want to spend on an engagement ring. After all, this is a ring that your partner will keep for the rest of their life.

Presenting your loved one with the perfect ring is just the icing on the cake for a perfect proposal!

How much are engagement rings at Ernest Jones?

The stunning range of engagement rings available at Ernest Jones can vary in cost depending on the type of ring you choose, as well as the style, stone, and design. Typically, our engagement rings vary anything between £175 and £20,000 however, if cost is at the forefront of your mind, you can take advantage of interest-free credit on qualifying items to make your purchase that little bit easier. Looking for more information when it comes to engagement rings? Check out our Engagement Ring Buying Guide or explore the full engagement ring range online now.