How Much Should You Spend on an Engagement Ring?

When it comes to determining the cost of engagement rings, we recognise that tradition, expectations, and marketing misconceptions often blur the line on: how much should you really spend on an engagement ring?

Our philosophy at Diamond Heaven is to provide the most suitable ring for you and your partner based on your budget, lifestyle and journey together with the following guidelines.

Where did the “Three-Month Salary Rule” come from?

You’ve probably heard the saying that an engagement ring should cost three months’ salary, but this “rule” is more about marketing than tradition.

The concept originated in the 1930s, when diamond companies introduced it as part of an advertising campaign to boost post depression sales. Back then, men were encouraged to spend one month’s salary. By the 1980s, that recommendation had grown to two or even three months however this guideline isn’t realistic for everyone today. Lifestyle costs, priorities, and individual financial situations need to be taken into account.

What’s the average cost of an engagement ring in the UK?

In the UK, spending trends have changed dramatically over the past decade. According to recent studies, the average engagement ring costs between £1,500 and £3,000 whilst taking into consideration the following:

• Your budget and savings goals

• Your partner’s style and lifestyle

• The symbolic value you wish to attach to it

Factors that affect the cost of an engagement ring

Understanding what determines price can help you make an informed choice and even get more value for your money.

The Diamond’s “Four Cs”

The Four Cs - Cut, Colour, Clarity, and Carat - remain the global standard for buys and selling diamonds according to their quality and rarity.

• Cut: Impacts sparkle and brilliance more than any other factor.
  
  

• Colour: How colourless the diamond is compared with the presence of yellowing (graded D–Z), the rarer and more valuable.
  
  

• Clarity: How clear the diamond will be, this refers to inclusions or blemishes you will see inside the diamond. Eye-clean stones are highly desirable.
  
  

• Carat: Influences the diamonds overall size, but remember, bigger isn’t always better if other factors are weaker.

A well-balanced diamond with excellent cut and good clarity often looks more impressive than a larger stone with lower grading that can look dull and lack sparkle.

Metal type

Your choice of metal can also influence cost. Platinum is the most durable (and often the most expensive), while 18 karat white gold or yellow gold offers timeless elegance and 9 karat gold is offered at a lower price point due to its lower purity.

Ring design and setting

Intricate settings, hidden halos, or vintage-inspired designs may increase cost due to the craftsmanship and diamonds to be supplied and set in the band separate to the centre stone. Solitaire designs tend to be the best priced ring settings.

Customisation and certification

Opting for a bespoke or certified ring (such as those graded by the GIA) ensures authenticity and quality, giving you peace of mind and helps to hold the diamond's value better.

How to Set a Realistic Engagement Ring Budget

An engagement ring should be an investment in your relationship, not a financial strain. Here are a few tips to guide your decision:

Decide what feels comfortable

Start with what you can genuinely afford. Avoid debt or pressure from outdated rules. There’s no universal “right” figure. The best ring is one that represents your love, not your loan.

Prioritise what matters most and Think long-term

Your engagement ring is meant to last a lifetime. Choosing durable materials like platinum or gold with a well-crafted setting designed for daily wear.

Compare Options

Try viewing different rings side by side at one of our Diamond Heaven stores. You’ll quickly notice what is more important to you in the perfect engagement ring.

Talking about your engagement ring budget as a couple

In the coming years, more couples are now shopping for rings together. This makes it easier to have an open, honest conversation about expectations and finances and you can still leave the date for the grand gesture to be a lovely surprise for a later date!

Discuss what matters most to you both. Whether you’re into a trending design you have seen online, a classic design or a bespoke design you have in mind but nothing like what you have seen in stores. This transparency removes pressure and turns ring shopping into an exciting shared experience which can be celebrated later on over a romantic dinner for two, rather than a financial worry and racing around to get the best deal in a short space of time to not be detected by your partner out ring shopping.

How to get the best value for your money

When buying an engagement ring, “value” doesn’t just mean price; it’s about craftsmanship, quality, and confidence.

• Buy from a reputable jeweller: At Diamond Heaven, all our diamonds are certified and ethically sourced.
  
  

• Look for balance: Don’t focus on carat alone, prioritise cut and craftsmanship for brilliance that lasts.
  
  

• Consider lab-grown diamonds: They’re chemically identical to mined diamonds but often cost up to 40% less.
  
  

• Explore alternative gemstones: If your partner loves colour, gemstones such as blue sapphire, emerald, or ruby, these are also beautiful, budget-friendly choices.

Shop Diamond Heaven engagement rings

Explore our full range of engagement rings today and discover a piece that’s as meaningful as the moment you say yes.