How Much Should You Spend on an Engagement Ring?

Getting engaged is not only an investment in your future and relationship, by demonstrating your commitment to your partner, but it can also be a significant financial investment too. You might have heard various unspoken rules about how much you should be spending on your engagement ring, but here at Diamond Heaven, we’re on hand to debunk the myths and ensure you get the best engagement ring for any budget. 

Traditionally how much should you spend on an engagement ring?

According to tradition, we’re told that we should be spending between 1-3 months' salary on an engagement ring. But, what might surprise you is just how this rule came about. It’s actually a very successful marketing campaign developed in 1930 by NW Ayer for diamond dealer De Beers, in fact, it was such a successful campaign that many people still take this rule as gospel, nearly 100 years later! 

Here at Diamond Heaven, we believe that the 1-3 month salary rule is outdated, we don’t spend the same amount on our cars or houses as we did 100 years ago, so why would an engagement ring be any different? 

How much should you spend on an engagement ring?

Instead of 3 month’s salary, we’ve developed our own 3 rules to consider when you are questioning how much your engagement ring should be. 

1. Choose comfort over cost
2. Choose value over price
3. Choose something meaningful over material

Getting engaged is a symbol of commitment and love, and shouldn’t be an invitation for financial burden. By following our three guidance rules you should be able to find a ring that not only represents your relationship but doesn’t break the bank. 

1. Comfort over cost

Our number one rule for choosing an engagement ring is to set a budget that you’re comfortable with, getting engaged shouldn’t mean going into debt, or emptying your emergency savings account! 

When choosing how much you’re comfortable spending on an engagement ring, you should consider all of your incomings and outgoings to work out a budget. Don’t forget to count any future planned expenses, like budgeting for a proposal holiday, wedding, new house or honeymoon. 

Have you got a date in mind to get engaged? Plan out in advance how long you have to save up for the ring, whether you’re planning to pop the question on holiday, at Christmas, or while celebrating your anniversary, planning when you want to propose can not only make the proposal less nerve-wracking but also mean you can afford the perfect ring more comfortably without affecting other plans you have made together.

If you need a little extra help covering the cost of your engagement ring and can’t wait to save, don’t forget we offer 0% APR over 6 months as well as several other affordable finance options which can bring your monthly payments down to the equivalent of paying a phone bill! So you can make your proposal dreams a reality at the time you prefer.

2. Choose value over price

Getting engaged shouldn’t just be about purchasing the biggest diamond, or the most expensive ring in the shop window. You should consider the qualities you value the most, which might take a little bit of research, over the total cost of the engagement ring.

Some of the key considerations include;

• Cut: The quality of the cut determines the fire and brilliance of your stone, a well-cut diamond will appear brighter and more sparkly, even if it is of a smaller size.   

• Colour: It may not surprise you that a colourless diamond is the most expensive colour choice. However, near-colourless diamonds are much more affordable, take your time to understand the difference in each grade and don’t dismiss a colour grade until you have seen it in person as many grades can be quite beautiful. 

• Clarity: While a flawless diamond will cost you the most money - if you choose a very slightly included diamond, you're unlikely to be able to see any flaws with the naked eye, making it a better value choice.

• Lab grown Vs natural diamond: Lab grown diamonds are chemically identified as a diamond in the same way natural diamonds are, however, they cost far less. If you were to put a lab grown diamond and a natural diamond next to each other it would be impossible to tell the difference. And, while natural diamonds will hold a better resale value over time, you will find it costs more than double to get what you prefer and quality-wise for the engagement ring you will wear for the rest of your life. For this reason, many couples will not consider the long term value of their engagement ring as an important deciding factor in the same way generations used to, and most brides do not want to resell their engagement ring and would then pass their ring down the family line for sentimental reasons rather than value. 

• Ring material: The ring's precious metal will have an impact on how much the ring costs overall and over time. With platinum usually being the most expensive and more durable option to choose from, followed by 18-karat gold which holds more value over time than 9-karat gold will.

• Other gemstones: You don’t need to choose a diamond as the central stone for your engagement ring. This has always been a traditional suggestion and nowadays many couples are opting for bold colourful gemstone engagement rings, which are also more affordable, with options such as sapphires, emeralds and rubies. 

Choosing a trusted jeweller for your engagement ring will ensure you get the best value for money when purchasing an engagement ring. With over 20 years of experience and several locations across the UK, Diamond Heaven is the number one choice for service, range and value for money.

3. Choose something meaningful over material

The engagement ring you propose with should be meaningful over anything else, as it represents your relationship and the love and commitment you have for each other and your future together. Choosing a ring with sentimental value doesn’t need to break the bank, sometimes the simple touches are the most special. 

• Create your own ring: There’s nothing more personal than a ring you’ve designed yourself. You could start with a lab grown or natural diamond, and build the ring around that, or start by choosing the perfect ring setting and go from there.
• Including her birthstone: Choose a ring that includes her birthstone for a personal touch, for example, if her birthday is in May, why not choose an Emerald as the central stone, with a shimmering halo of diamonds surrounding it?
• Add an engraving: Personalise your engagement ring with an extra special engraving, add a significant date to you as a couple, like the date you met, or a line from your favourite song or movie for a beautiful personal touch. 

Browse our Create Your Own rings online, or if you need more help and advice why not speak to the experts? Book an appointment at one of our local stores.