Engagement Ring Budget: How Much Should You Spend?

Few purchases come with as many opinions attached as an engagement ring. Friends, relatives and advertisements all have a view on how much you should spend. The truth is simpler: there is no correct amount. There is only an amount that suits you.

Where the old "rules" came from

You may have heard a rule such as "spend two months' salary". It is a slogan that came from advertising in the twentieth century, not from any law of value. It has no connection to what a ring needs to cost to be beautiful or meaningful. Many couples spend far less, and some spend more. What matters is that the amount does not strain your finances.

Start with your whole picture

Before you look at rings, look at what else the next year holds. A wedding, a home, family plans and savings all draw on the same money. A ring should sit comfortably within that picture. Borrowing heavily for a ring is something most people regret.

Set a ceiling, all in

Decide the most you will pay, including tax and making charges, so that the number on the bill is the number you planned. See how jewellery price is calculated step by step for how the parts add up.

Split it between stone and setting

For most diamond rings, the stone is the largest part of the price, followed by the gold or platinum and the making. A simple way to think about it:

• Decide first what matters most to her: size, sparkle or a particular style.
• Put the bulk of the budget there.
• Let the setting be as simple as it can be while still suiting the stone.

Stretch the budget wisely

• Prioritise cut. A well-cut stone looks brilliant at any size. See diamond cut grades explained.
• Look just under round weights. A stone slightly under 0.50 or 1.00 carat can look nearly the same and cost less. See carat weight vs diamond size.
• Be flexible on colour and clarity within the ranges you cannot see. See how to set a diamond jewellery budget.
• Consider a halo or cluster for a larger look. See halo engagement rings: pros and cons.

Do not forget the extras

Resizing, insurance, a box and a good first cleaning are small costs that are easy to overlook. Setting aside a little for them avoids a surprise.

Talk about it, if you can

Many couples now choose the ring together. If the surprise matters more to you, ask a close friend or a family member of hers about her taste and what she would be comfortable with.

What to bring to the shop

1. Your all-in ceiling.
2. A sense of her style: simple or detailed, warm or cool metal.
3. Her ring size, or a way to get it. See how to find her ring size without asking.
4. A willingness to look at more than one option.

Questions to ask

• What is the full price including tax?
• Can I see the breakup between stone, metal and making?
• What are the exchange and resizing terms?

A last thought

A ring is a symbol of a promise. Its meaning does not depend on its price. Choose something that you can afford and that she will wear. Book an appointment and tell us your budget, or begin by browsing our diamond rings.