How Much Does an Engagement Ring Cost? The Average Couples Spend in 2024

Once you’ve decided to propose to your partner and the excitement starts to build, the first big question you’ll face (before you pop the question) is how much should you spend on an engagement ring?

Should you spend the traditional amount? Does your budget stretch that far? If not, are there still beautiful engagement rings out there that fit how much you’re able to pay? What type of metal should you choose? How big does the diamond need to be? Do you need a diamond at all?

In this post, we’ll answer all these questions and more. We’ll explore how much engagement rings cost, including the average amount spent, why they’re so expensive and what you can do to find the perfect ring so all you need to worry about is when and where you’ll get down on one knee.

What’s the average cost of an engagement ring?

In the UK, the average amount spent on an engagement ring is £2,089. Because this is simply an average, many rings will cost far more than this – but, many will also cost much less, and still be drop-dead gorgeous. Especially when slipped on your new fiance’s ring finger.

For more information about the average cost of weddings in the UK, read our ultimate wedding budget breakdown.

What should you traditionally spend on an engagement ring?

Depending on who you ask, there are a couple of different thoughts about how much you should traditionally spend on an engagement ring – and both revolve around how much you earn:

• One month’s salary
• Three month’s salary

If you’ve read that and thought about how much you earn compared to your monthly bills and how much you have currently sat in your savings account, then don’t worry. These may be traditional, but that doesn’t mean either has to be followed.

In the UK, the average salary is £29,588. So, if you stuck to either of these traditional amounts, one month’s salary would be £2,466 and three months’ salary would be £7,397. You could buy an engagement ring with a stone big enough to sink a cruise ship with either of these. But, as you can see, neither amount is the same as the average spend – so this isn’t something you should feel obliged to stick to.

Why are engagement rings so expensive?

Engagement rings express how you feel about the person you love, and asking them to marry you is a promise to commit yourself to them for the rest of your life. As such, a gesture like that requires a ring that’s beautiful and meaningful enough to reflect what it represents.

As well as the massive sentimental value, engagement rings are often expensive because of many other reasons:

• Precious metal: Engagement rings are often made using rare and valuable precious metals, such as gold, platinum and palladium. The prices for these often fluctuate based on market conditions, but are usually exceptionally high.
• Precious stones: One of the most striking features of an engagement ring is the precious stones set in the centre, with the most popular being a diamond. Depending on the cut, carat weight, clarity and colour of the diamond, the cost can start high but get astronomically high (we’re talking millions).
• Brand: Designer and luxury brands are popular choices for engagement rings, which can add to the cost.
• Customisation: Personalised additions, such as unique designs or engravings, can bump up the cost of an engagement ring.

Do you have to spend the traditional amount on an engagement ring?

No, you don’t have to spend the traditional amount on an engagement ring. The average amount spent may be £2,089, but that means many, many rings are bought for way less than this. Of course, it does also mean rings are bought for a lot more, too, like the $60 million pink star. Thankfully, not many people expect their partners to propose with a ring featuring a rock like that.

When the time comes to propose, you and your partner might have already had a few discussions about budgets, styles, preferences and expectations. Your partner will know what you can afford and wouldn’t want you to rack up credit card debt just so you can spend the traditional amount on an engagement ring.

Besides, it’s the thought, meaning and commitment behind an engagement ring that gives it its true value.

Do you have to buy a diamond engagement ring?

Just because diamonds are the most popular stone for a classic engagement ring, it doesn’t mean the ring you choose must have a diamond. There are many ring designs out there that make for wonderful engagement rings, but feature different precious stones, such as amethyst, turquoise, emerald, ruby or sapphire. If you do want to propose with a ring that features a diamond, you could choose a trilogy design, with a small central diamond with a less expensive stone on either side. That way, you can still give your partner a diamond ring, but with a unique design that doesn’t cost as much.

How much should you spend on an engagement ring?

The short answer to this question is that you should only spend as much on an engagement ring as you’re comfortable with. How much you spend doesn’t reflect the amount of love you feel. If that were the case, you’d probably want to spend millions. At the same time, you also might want to spend more than the bare minimum, because it is, after all, one of the most significant purchases you’ll ever make.

Before deciding how much you should spend, consider the following points:

• How much you can spare – If you’ve considered proposing for a while, you may have saved some money towards a ring. If it’s something you’ve recently thought about, you might not. What can you comfortably afford without going into debt?
• Your partner’s expectations – What does your partner want in a ring? Something small and subtle, or a big, emerald-cut diamond? That will have a big impact on what you need to budget for.
• Your long-term goals – How will buying the ring impact your savings, and in turn your aspirations? Will it mean you’ll have to save longer to get married or buy your dream house together? 

What do the experts say you should spend on an engagement ring?

Wedding planning expert and founder of Bridebook, Hamish Shephard, shares his opinion on the price of an engagement ring:

“Buying an engagement ring is a huge deal. It’s the start of your journey towards marriage and acts as a symbol of your love for your future spouse. 

Once upon a time, there was an expectation that you’d have to spend thousands on an engagement ring. But, for many considering popping the question today, this simply isn’t an option – especially as the cost of the average wedding pushes £20,000. Beginning your engagement and your subsequent wedding planning journey in debt because you felt obliged to spend a certain amount on a ring isn’t going to give you the strongest financial starting block. Only spend what you feel comfortable spending, because the most important thing about an engagement ring isn’t the carats or the cut of the diamond – it’s the commitment you’re making to that other person.”

How to find the perfect engagement ring for your budget?

Ready to find the perfect engagement ring but don’t want to break the bank? Below are a few tips to help you get started. Then, once the time comes to start planning your wedding, we have plenty more wedding-related cost-cutting information in our ultimate guide to saving money on your wedding.

• Carefully consider your finances and set a strict budget. Don’t be tempted to go over this budget – the perfect ring will be out there for what you can comfortably afford.
• Be open to alternative stones, such as sapphires or emeralds, which are still gorgeous but not as expensive as diamonds.
• Remember that bigger isn’t always better. It might be tempting to go with a huge central diamond, but the clarity, carat and colour may not make a diamond the best choice when it comes to value. Smaller but higher-quality diamonds can have better fire and sparkle than one that’s larger.
• Think about your choice of precious metal. The stone is often the star of the show, so can you choose a ring with a more affordable precious metal to compensate? For example, gold is more affordable than platinum, but still a wonderful choice.
• Browse online jewellers. Because they have fewer overheads, you can often find bargains from online retailers. Just make sure you know their returns policy in case you don’t love it quite as much once you see it in person.
• Try to subtly find out your partner’s ring size before buying. Taking a ring to be resized later will add to the cost, so buying the right size from the start will prevent unnecessary expenses.
• Buy during sales. Jewellers frequently have sales and offer discounts, so wait for the sale season before making your purchase.
• Ask for a discount. There’s nothing wrong with haggling, even at high-street jewellers. With tactful bartering, you might be able to get around 10% off.

Good luck with your proposal!

Once you’ve popped the question and received your YES, you can begin making plans for your big day. Here at Bridebook, we use our expertise to help you plan the perfect wedding. Sign up today and start making those plans!

You Might Also Like…

• The Ultimate Wedding Budget Breakdown
• How Much Does a Wedding Cost? The 2024 UK Average
• Saving Tips: Wedding Accessories
• How Much Do Wedding Rings Cost? The 2024 Average Revealed

Happy Planning!