How much should you spend on an engagement ring?

We understand the dual considerations of visual appeal and customers’ budget constraints. Our blog is your go-to guide, offering valuable insights and practical tips to help you determine the proper price range for your dream ring.  

As we delve into ring selection and pricing details, remember that Wallace Allan provides financing options, making your dream engagement ring more attainable. Let's find your perfect ring together! 

 

What is the average cost of an engagement ring? Let’s see what the experts say  

 

The average cost of an engagement ring can vary depending on factors such as the quality of the diamond or gemstone, the metal used for the setting, and the overall design. 

Recent surveys indicate that engaged couples in the UK now allocate approximately 19% less towards their engagement rings than a decade ago. A study by retailer William May reveals that the current national average cost of an engagement ring in the UK stands at £1,471. This figure is notably less than the equivalent of one month’s average salary (£1,800), considering an average annual income of £27,271.  

It also showed millennials invest more in engagement rings, doubling the £691 average spent by those aged 45 to 54. Economic factors, such as the cost of living and events like COVID-19 lockdowns, have also influenced these figures. However, the price you settle on should be based on open discussion and consider your own lifestyle and expectations also.  

However, geographical location also matters, and the average engagement ring spending across the UK varies region to region. Let's take a closer look this and see how you can get the most out of your budget: 

• Northern Ireland: £1,700 average spend  
• East of England: £1,696 average spend  
• Yorkshire: £1,261 average spend  
• Scotland: Grooms spend under £1,000  

  

However, the cost of an engagement ring is primarily determined by the main precious stone, usually a diamond and the rarity of said stone. The 4 Cs—cut, colour, clarity, and carat weight—shape the assessment.  

 Here’s a brief overview of the 4 Cs:  

• Cut: Focuses on the proportions and symmetry of the stone, affecting its brilliance. Ratings like “fair” or “good” may still be low quality.  
• Colour: Indicates the absence of colour, especially valued in white diamonds. Grades range from D (highest) to Z. For engagement rings, grades of K and above are common.  
• Clarity: Reflects whether imperfections are visible, especially without magnification. Grades like “VVS2” signify slight inclusions, often imperceptible to the naked eye.  
• Carat Weight: Measures the size of the stone. However, a larger stone with a high cut, colour, and clarity ratings may only cost more.  

By understanding these factors, you can set a budget that incorporates your lifestyle, design preferences and salary.  

 

Find a trade-off: how much is too low or too much to spend for an engagement ring?  

 

Choosing the appropriate budget for an engagement ring involves balancing your income and your partner’s expectations. Here’s some advice to guide you through this process:  

• Communicate Openly: Start by having an open and honest conversation with your partner about your budget expectations. It's more than just discussing money; it's about laying the foundation for your future together. By openly communicating about finances, you'll strengthen your bond and build trust as you embark on this exciting journey. 
• Understand Priorities: Take the time to really understand what matters most to your partner when it comes to their dream ring. Some may prioritise the size of the stone, while others may value the quality of the cut, colour, or clarity. By knowing their preferences, you can make informed decisions that reflect their unique style and personality. 
• Consider Lifestyle: Think about your lifestyle and future plans as you choose the perfect ring. If you lead an active life or work with your hands, a more durable and low-profile setting might be preferable. It's essential to select a ring that not only looks beautiful but also fits seamlessly into your daily routine. 
• Explore Alternatives: Don't be afraid to think outside the box and explore alternatives to traditional diamonds. Coloured gemstones or lab-grown diamonds offer a stunning and sustainable option that may better align with your budget and values. By exploring different options, you can find a ring that is as unique as your love story. 

• Set Realistic Expectations: While it's easy to get caught up in the excitement of finding the perfect ring, it's essential to keep your expectations grounded. Remember that the sentiment behind the ring is what truly matters. By setting realistic expectations and sticking to your budget, you can ensure that both you and your partner are comfortable with the final choice. 

Ultimately, finding a trade-off involves aligning your budget with your partner’s expectations and creating a meaningful and well-thought-out choice that reflects your commitment to each other. 

 

The Myths Around Engagement Rings: Past Traditions to Forget  

 

Engagement rings come with age-old traditions and myths, some of which may not hold true in today’s context. Let’s debunk a few of these myths to help you make a more informed decision:  

 

Myth: An engagement ring should cost 3 months’ worth of your salary  

 

Traditionally, there was a belief that spending three months’ salary on an engagement ring was a standard. However, this is an outdated notion. Today, it’s more about finding a ring that fits your budget and holds sentimental value.  

 

Myth: It is risky to buy them online  

 

With technological advancements and reliable online platforms, buying engagement rings online is safe and convenient. Many reputable jewellers offer quality products, secure transactions, and hassle-free returns.  

At Wallace Allan, we guarantee a safe and secure transaction on all our products, and each product we sell has undergone thorough inspection and testing to ensure the items you receive are legitimate. We also offer a price match promise so you can rely on us to get the best price and quality.  

 

Myth: The bigger, the better  

 

While a larger diamond may seem appealing, it’s essential to consider other factors like cut, clarity, and colour. A well-balanced, high-quality stone can be more valuable than a larger one with inferior characteristics.  

 

Myth: It must be a diamond  

 

While diamonds are classic, there’s a growing trend of choosing alternative gemstones. Sapphires, rubies, and emeralds are gaining popularity, offering unique and colourful options for engagement rings.  

In today’s diverse market, it’s crucial to break free from these myths and choose an engagement ring that aligns with your personal preferences and values. 

 

How to save money on an Engagement ring?  

 

 

Having a specific budget in mind does not mean you’re getting a gift that is less precious or beautiful. It simply means being tactful with your needs and finding a ring that both pleases you and suits your lifestyle.  

If you want to get the most out of your budget, here are our top tips for saving:  

 

Don’t Consider Only Diamonds  

 

Explore alternative gemstones like sapphires, emeralds, or rubies. These stones are equally stunning and often come at a more affordable price than traditional diamonds, such as this romantic pink sapphire or this striking amethyst.  

 

Navigate Between Settings – Metals, Carats, Stone Colours, and Cuts  

 

Adjusting the setting options can significantly impact the overall cost. Opt for less expensive metals, consider a slightly lower carat weight, explore different stone colours, and be open to various cuts to find a beautiful ring within your budget.  

 

Compare Different Metals  

 

Metals play a crucial role in the cost of an engagement ring. Compare options like white gold, yellow gold, rose gold, and platinum to find a metal that suits your preferences and budget.  

 

Lower the Carats  

 

While larger carat stones may be enticing, choosing a slightly smaller carat can save substantial costs. Focus on a well-cut stone with good clarity for a beautiful appearance.  

 

Search for Antique Diamonds  

 

Antique diamonds can offer a unique and cost-effective option. Embrace the charm of vintage rings with intricate designs and often more affordable price tags.  

 

Consider Second-Hand Engagement Rings  

 

Explore the world of second-hand rings. Many pre-loved rings are well-maintained and can be a budget-friendly yet beautiful choice.  

 

The Cost of an Engagement Ring at Wallace Allan  

 

At Wallace Allan, we understand that every budget is unique. Explore our collection, where we offer a range of engagement rings each crafted to perfection, ranging between £325 to £11,250. From alternative gemstones to classic diamonds, our diverse selection ensures you’ll find a ring that resonates with your style and fits your financial preferences. Discover the perfect ring that symbolizes your love without compromising on quality.  

 

Finance options for your engagement rings  

 

 

A finance plan option might be suitable to help spread the cost of your engagement ring purchase. This makes the purchase more manageable and much less of a financial strain.  

Take advantage of our interest-free finance option, offering up to 48 months at 0% APR representative both online and in store, allowing you to spread the cost of your purchase with a minimum spend of £250, a 10% deposit, and a minimum finance amount of £225 after deposit. Choose from 9 straightforward finance options tailored to suit your needs. 

 

To summarise: what to consider when choosing the cost of your diamond ring?  

 

Let’s reflect on what we’ve covered throughout this post:   

• Finding a trade-off involves aligning budgets with partner expectations, considering priorities and lifestyle, and exploring alternative stones.   
• The main precious stone, usually a diamond, determines costs based on the 4 Cs: cut, colour, clarity, and carat weight.   
• Utilise an engagement ring calculator for budgeting based on lifestyle, salary, and design preferences.  
• Tips for saving money include exploring alternative gemstones, adjusting settings, comparing metals, considering lower carats, searching for antique diamonds, and exploring second-hand rings.  

• Wallace Allan, like other online shops, provides finance options, making purchasing more manageable for customers. 

 

Discover our collection of engagement rings at Wallace Allan 

 

Experience the magic at Wallace Allan's welcoming shop in the heart of Ayrshire, Scotland or buy direct from our online store. Explore our enchanting collection of engagement rings, each piece crafted to perfection, telling a story as unique as your own. 

Ready to make your love story unforgettable? Dive into our Engagement Rings Collection now and find the ring that yearns to become a part of your forever. Begin your journey with us. Discover Now.