The Average Price of an Engagement Ring – 2024 Update

A selection of diamond sizes, showing comparisons from 0.50 carats upto 1 carat in weight.

What is the average cost of an engagement ring?

In the UK, in 2024, the average price of an engagement ring is £2100. This figure comes from an average of 100 recent engagement ring sales at Serendipity Diamonds. 

In our survey, individual ring prices varied considerably from £600 to £10,000.

But, the average price paid worked out to £2100. Put simply, we divided the total value of sales, but the number of engagement ring sales.

The Unity ring design can be created with a natural or lab-grown diamond
Unity, shown with matching-shaped rings. Available in natural and lab-grown diamond options.

Average ring price compared to average pay

The average ring price relates to the average monthly take-home pay for many workers.

According to the Office of National Statistics, average earnings of £648 per week total pay before tax. This worked out to approximately £2500 gross per month. Or, approximately £2000 net pay per month.

Free diamond with finished ring mounts

The rule of one month’s salary explained

The “one month’s salary rule” gave many buyers a traditional guideline to suggest spending an amount equivalent to one month’s salary on an engagement ring.

In fact, the rule originated from diamond retailer De Beers in the 1930s as part of a marketing campaign to promote diamond engagement rings. But, some organisations even attempted to suggest a 3-month rule.

At the same time, it’s important to note that the “one month’s salary rule” became a social convention for anyone budgeting for an engagement ring.

Consequently, the guideline faced criticism and is not universally followed today. For this reason, many couples set their own budget based on their own situation. In fact, different individuals may have their own unique financial circumstances, priorities, and preferences when it comes to buying an engagement ring.

How much should an engagement ring cost?

Jewellers price engagement rings based on several different factors. Firstly, the materials rings are made from. Next, the cost of labour to create the ring design.

For example, a Platinum diamond engagement ring costs more than a 9-carat gold set with a semi-precious gem.

Next, the profit margin varies considerably from one jeweller to another. For example, some jewellers with fewer overheads can apply a smaller margin than a London boutique jeweller with higher overheads.

Factors affecting engagement ring cost

Bespoke blue sapphire engagement ring available from Serendipity Diamonds
Alternative gemstones available by bespoke design at Serendipity Diamonds

Several factors affect the cost of an engagement ring. The following table sets out several of the most important details influencing cost.

Factors Description
Gemstone The type, size, and quality of the gemstone used in the ring significantly impact its price. Diamond is the most popular gemstone for engagement rings, and factors such as carat weight, cut, colour, and clarity affect the cost.
Metal The choice of metal for the ring band, such as gold (yellow, white, or rose), platinum, or palladium, affects the cost. Platinum tends to be more expensive than gold due to its rarity and durability.
Ring Design and Style Elaborate or intricate ring designs often require more labour and expertise, which can increase the cost. Custom-designed rings or unique settings may also be pricier than standard designs.
Brand Designer or luxury brand engagement rings often come with a higher price tag due to their reputation and craftsmanship. Well-known brands may charge a premium for their name and brand value.
Ring Setting The complexity and craftsmanship of the ring setting influence the cost. Intricate or custom-made settings, such as pave, halo, or vintage styles, can add to the price.
Ring Band Width Thicker or wider ring bands require more metal, resulting in higher costs.
Diamond Certification Rings with certified diamonds, evaluated by reputable gemological laboratories like GIA (Gemological Institute of America) or AGS (American Gem Society), may command a higher price due to the assurance of quality and authenticity.
Market Demand Market factors like supply and demand, economic conditions, and fluctuations in the jewellery industry can influence the cost of engagement rings. Prices may vary based on the current market trends.
Retailer The pricing policies and markups of different retailers can vary. Established jewellery stores or boutiques may have higher prices compared to online or independent jewellers.
Additional Features Additional features such as engravings, side stones, or accent diamonds can increase the overall cost of the ring.

How much to spend on your engagement ring?

The following chart shows 100 of our most recent engagement ring sales starting from 2022 and the wide variation of prices. Notice how the majority of sales fall between £1000 – £2000.

Chart showing engagement ring selling prices for 100 most recent ring sales
Selling prices for 100 most recent engagement ring sales (Serendipity Diamonds 2022)

Compare this chart to the first chart published in this article, taken from 50 x ring sales during 2020.

Average engagement ring price - how much to spend on an engagement ring
Original chart showing engagement ring prices for 50 x ring sales. (2020)

Consider your financial situation

Before buying a ring, carefully consider your financial situation. Everyone’s financial position differs based on personal circumstances. Income, existing commitments and credit status all vary from one person to another. 

In the UK, many buyers take advantage of finance. More importantly, 0% finance. For this reason, we introduced a variety of options from Klarna Bank. Whilst only available to UK buyers, a range of 0% finance options exist all subject to application. We send clients a link to apply based on their chosen ring design and specifications.

What can buyers expect for the average engagement ring price?

Based on the average diamond ring in the UK, we decided to add several choices to meet this budget. In addition, we provide several hundred ring styles and a bespoke service too.

Today, some buyers favour lab-grown diamonds as an affordable alternative to mined, natural diamonds. For example, we set up one of our ring designs (Kensington) in 950 Platinum with a 1.03 carat F colour SI1 clarity lab-grown diamond for just over £2000 as shown in the chart below.

By comparison, most High Street chains—including jewellery brands such as Beaverbrooks, H. Samuel and Goldsmiths provide far less value for money.

Store Name Diamond Weight Colour / Clarity Metal Price Notes Value Rating
Serendipity Diamonds 0.4 G SI1 Platinum £2,000 GIA certified. Very Good Cut ★★★★★
Earnest Jones 0.33 I SI2 Platinum £2,095 Non-recognized lab cert. ★★★
H. Samuel 0.5 I I1 Platinum £2,300 Multistone only available. Non-recognized lab cert. ★★
Beaverbrooks 0.31 G SI1 Platinum £2,095 Uncertified. Diamond weight could be 5% less.
Goldsmiths 0.40 G SI1 Platinum £2,150 Uncertified. ★★★★
Serendipity Diamonds 1.03 F SI1 Platinum £2,160 IGI certified. Ethical. Lab-grown diamond. ★★★★★

Interesting observations based on our research

A few interesting details surfaced during our research into engagement ring prices. Firstly, Beaverbrooks includes a small print to advise the actual diamond weight could vary by as much as 5%. Their reason—because all diamonds are different???

Also, some of the sellers provide certificates from unknown laboratories. For example, Gemmological Science International appears frequently.

But, why do these stores not insist on GIA, IGI, HRD or any of the respected gemmological labs? Many of the retailers also show example certificates with higher grades than the diamonds listed for sale.

Finally, despite their growing popularity, and 100% ethical status, none of the comparison shops offer lab-grown diamond alternatives to natural diamonds.

Additional ways to reduce the cost of an engagement ring

Some buyers use existing unworn jewellery to reduce the cost of a new ring. Many jewellers buy ‘old gold’ to offset the price of a new item by deducting the scrap value of the precious metal. In the same way, we help many new buyers in the same way.

Firstly, we assess existing items to identify the purity of the precious metal. Next, we weigh items to work out their gram weight. Finally, we apply the daily scrap price per gram to arrive at a price.

Another way to reduce the cost of an engagement ring involves buying just the ring mount or setting only. In fact, many of our clients use this service. For example, some clients purchase gemstones elsewhere. Or, other clients have existing diamonds, inherited from family. In this way, they purchase just the setting and avoid the cost of the complete ring.

About Mark Johnson

My name is Mark and I'm founder at Serendipity Diamonds. By day you'll find me working in our showroom—in a variety of roles. My work (which I love) ranges from photographing jewellery, to writing blog posts and helping clients with my colleagues Drina, Emily and Debbie.

About Mark Johnson

My name is Mark and I'm founder at Serendipity Diamonds. By day you'll find me working in our showroom—in a variety of roles. My work (which I love) ranges from photographing jewellery, to writing blog posts and helping clients with my colleagues Drina, Emily and Debbie.