Buying the perfect engagement ring is a very exciting process but can often bring with it a host of questions. Often the main question being: How much should I be spending on the ring?
The easy answer to this is: Pick the price range that is right for you. At Browns whether it is hundreds or thousands we have design options to suit every price range and are here to help every step of the way.
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How to determine your engagement ring budget
So how do you determine the right price for you? We hope our blog below will help guide you and answer any questions you may have.
How much should an engagement ring cost?
It is important to remember that there is no set guideline of what an engagement ring should cost or what style it should be. This is completely subjective to how much you want to spend and there is no right or wrong answer for this.
When we think of an engagement ring, we often think of the classic single stone solitaire. However, this style is not for everyone and different styles can change the price of the ring. Factors such as carat weight, stone set shoulders and even metal type can all play a part in the pricing.
When deciding on what to spend we recommend considering what style you want the ring to be (if your partner has sent any hints this is a great place to start!). Take into consideration the carat weight or stone size you would be wanting or whether you would be open to a Lab grown diamond.
Pre-loved rings are a great way to get the style you are looking for at a great price. These rings are checked by our expert and may offer a design you had not considered previously.
Should I spend 2 - 3 months' salary?
We have all heard of the saying ‘an engagement ring should cost 3 months’ salary’ and although this is a great way to set a goal for saving there is no set rule for this.
The saying first came about in 1947 when an American based jeweller released an advertising campaign suggesting 3 months of the grooms’ salary was the ideal amount to spend on your partners forever ring. The saying caught on and soon became the go to response to the question ‘How much should I spend?’.
Today, people set their budgets dependant on what they wish to spend and what works best for them and their families. A high-quality engagement ring does not need to break the bank.
We understand that your engagement ring Is a special purchase meant to last a lifetime, this is why our engagement rings are each crafted to order with solid bands and high-quality stones. Our experts check each ring to ensure that each ring meets the Browns standard and would be a piece we would want to receive ourselves.
Does the price of an engagement ring matter?
The most important aspect of an engagement ring is not the price but the sentiment it holds. Whether the ring was chosen with love by you for your partner or if you both picked the perfect ring together. The most important thing is that this is the start of your next adventure.
When browsing for your forever ring you may see a mixture of styles that have caught your eye. Our bespoke option allows you to take your vision and make it a reality.
What are affordable alternatives to diamonds?
Although at one time diamonds may have been the standard for an engagement ring, we are seeing more and more customers choose a gemstone alternative. Stones such as sapphires, rubies and emeralds are becoming increasingly popular diamond alternatives. We are also seeing an increase in celebrities choosing a gemstone alternative. For example, Rita Ora’s rich green, emerald engagement ring.
Princess Diana’s infamous blue sapphire engagement ring has become an iconic piece of jewellery that has captured the hearts of millions, and many followed suit by choosing similar designs for their engagement rings. Today, the ring is worn by Catherine, the new Princess of Wales, who has succeeded in maintaining a worldwide adoration for the sapphire stone.
Sapphires can often be priced less than diamonds, allowing you to find a ring with a lower overall cost, or allocate the remaining budget to the quality of the stone or other design elements, such as metal type and setting.
If that diamond sparkle is too hard to resist there is another option. Lab grown diamonds are 'real' diamonds, identical in every way (but the price!) to mined diamonds. Not to be confused with cubic zirconia, moissanite, or a 'look-a-like' diamonds (which have a different chemical composition), lab grown diamonds are 100% pure crystallised carbon. The only thing that makes a Lab-Grown diamond different from a natural diamond is its origin. A Lab-Grown diamond is 'Grown' inside a lab using cutting-edge technology that replicates the natural diamond growing process. The result is a man-made diamond that is chemically, physically, and optically the same as those grown beneath the Earth's surface. What's more, Lab grown diamonds are graded and certified using the same process as mined diamonds using the 4Cs (cut, clarity, colour, and carat). All our Lab Grown diamonds come with an IGI certificate.
The positive of these diamonds being grown in a lab is that this means the price will be a fraction of that of a mined diamond for a much bigger stone!
Should I consider second-hand engagement rings?
Second-hand engagement rings can also be cost-effective given that they are pre-loved. Many opt for this choice not only for the price but also for the chance to own a piece of history and cherish a unique ring that has already played a significant part in a couple's love story.
However, there is potential to spend more if the ring is a desired antique or holds a rare centre stone. Therefore, it is also a great way to find a particularly unique and one-of-a-kind ring.
What is the average cost of engagement rings in the UK?
The current average cost of an engagement ring in the UK is between £1,865 and £2,100. This does vary depending on region, however, with locations such as London, having a higher average. These figures are also impacted by economic factors, such as the cost of living, with many couples prioritising their expenditure during times of hardship. Other factors, like covid-19 lockdowns, might have also enabled some to save and put a little more towards their dream ring.
Although, it is important to understand that the national average has nothing to do with your financial standing and you should always spend what is appropriate for you.
Engagement rings price brackets at Browns
At Brown’s, we offer a wide range of engagement rings, suited to both large and smaller budgets.
Under £1500
Our collection of engagement rings under £1500 proves that you do not need to spend significantly large sums for a beautiful, high-quality piece. The collection features rings in a variety of cuts, metal types and settings, enabling you to find a style that is perfectly suited to you or your partner.
Under £3000
Our collection of styles under £3000 offers a variety of choices. From large and small diamond carats, lab grown and natural stones, and a range of metal types and settings, this is the perfect place to start the search for your dream ring.
Under £5000
Our collection of engagement rings under £5000 offers a premium selection of designs with uncompromised quality.
Over £5000
Our collection of engagement rings over £5000 offer premium luxury, whether you are looking for a higher carat weight or specific diamond classification we can help craft the perfect ring for you.
How do you pay for an engagement ring?
You’ve found the perfect ring and you’re ready to make your purchase – so what’s next?
Many people choose to pay in full via cash or card when purchasing their engagement ring, but this is not your only option. Depending on the price of the ring there may be more options for you to consider.
Klarna
If your dream ring is anywhere up to £1500 Klarna may be a fantastic option for you. Klarna allows you to split your payment into 3 easy sections. Your first payment being taken on the shipment of the ring, the second payment 30 days after this and the final payment 30 days later.
Klarna also offers the option to postpone the payment up to 30 days. If your ring is up to £1000 then this may be the option for you.
Novuna Finance
With wedding planning imminent you may choose to spread the cost of the engagement ring over a longer period. Novuna finance offers two different options that may work for you such as up to 12 months interest free credit. Novuna also offers up to 48 months interest bearing credit at 9.9%.
It is always advised to pay the way that is financially appropriate and comfortable for you
What’s next?
We hope that this blog has helped answer any questions you had regarding how much to spend on your engagement ring. The key thing to remember is that whatever the magic number is there is a perfect ring out there for you. If you do have any other questions our team is on hand and ready to help.
