A guide to the average cost of a diamond engagement ring
Why do buyers want to know the average price of an engagement ring?
Take time to research the average engagement ring cost. As a result, you’ll gain valuable insight into how much to spend on an engagement ring.
So, how much should you spend on an engagement ring? With this in mind, we researched engagement rings online and on the High Street. We looked at several well-known jewellery stores. Moreover, we took specific information from their websites. Then, we compared our own prices. Finally, we worked our research into an article.
How much to spend on an engagement ring.
So, how do you know how much to spend on an engagement ring? Start by finding out the average cost of an engagement ring. Then, look at your own financial situation. Finally, compare the value from one jewellery store to another. Everyone’s budget is different. Moreover, every buyer has different requirements. You don’t have to work to the average engagement ring cost, but it helps understand prices.
Interest in engagement ring cost over time
The following chart looks at Worldwide interest in the cost of engagement rings. Over time, we see an increase in interest in the cost of engagement rings.
Why does the average price of an engagement ring differ?
Ring style and the gemstone type affect cost. In addition, precious metal type, diamond carat weight, diamond colour and clarity affect cost. For example, the price of Gold has risen dramatically in recent months. Another factor involves exchange rates. To explain, diamonds are sold according to a dollar price. Therefore, changes to exchange rates influence the cost of diamonds. As a result, engagement ring prices change with the exchange rate. For this reason, our own ring prices change daily.
Additionally, the shape of the diamond can affect cost. Did you know round diamonds are more expensive than many other shapes? For this reason, our round solitaires are more expensive than Princess cut solitaire rings. Owing to this, we used round diamond solitaire rings in our research.
In addition to the above factors, profit margin affects cost. This varies from one jeweller to another. Some have a higher profit margin. The result? Big differences in price and value.
Consider your financial situation before buying the ring
Before buying a ring, carefully consider your financial situation. With this in mind, everyone differs. Income, existing commitments and credit status all vary. As a result you might decide to look above or below the average cost. Most importantly, you should feel happy with your spend. And with your purchase.
Are big jewellery brands best on price?
Well-known jewellers benefit from having well-known brand names. For example, everyone knows H. Samuel in the UK. Founded in 1862 the company enjoys a legacy of High Street presence.
The same can be said for Goldsmiths, Earnest Jones, Beaverbrooks, and Fraser Hart. All well-known jewellery stores. But do they offer such great value?
By comparison, many small independent jewellers give a high level of customer service. In addition, their expertise, client care and choice make them a good alternative. Furthermore, many open up their catalogues and prices online. This leads to some interesting comparisons, seen below.
For anyone willing to explore further afield, many specialist jewellery stores sell online. Some, like ourselves, have a physical showroom. In addition, they sell online.
Surprisingly, a great difference exists in what’s on offer based around the average ring cost.
How many month’s salary – Tradition and how much you should spend on an engagement ring
DeBeers created the first rule-of-thumb back in the 1930’s. Their guide set a benchmark on how much to spend on an engagement ring.
The ‘One Month’s Salary’ rule for buying and engagement ring
DeBeers suggested spending one month’s salary on a diamond engagement ring. Later, by the 1980’s this suggestion increased to two month’s salary. Later still, in Japan, buyers were urged to spend a figure based on three months salary.
And the result? Much confusion for buyers. Should you spend one month’s salary or three month’s salary? This is the DeBeers myth. Let’s set this aside as marketing baloney and concentrate on facts.
What is the average salary in the UK?
The Office of National Statistics put the average UK salary at £27,271. Don’t fret if you don’t earn this. It’s just a statistic. Most importantly, we have used it here for reference.
Based on this figure, the average net income per month is approximately £1800.00. Traditionally, ring buyers might spend between £1800 (one month’s average salary) and £5400 (three months average salary) depending on which version of ‘the DeBeers myth’ you choose.
The average engagement ring price at Serendipity Diamonds
We looked at the last 50 x sales of engagement rings at Serendipity Diamonds. The cost of an engagement ring ranged from £400 to over £10,000. From this selection, we sold many different designs. At one end of the scale, affordable gemstone rings. At the other end, 2 carat, 3 carat, 4 carat and 5 carat diamond rings.
The following chart plots 50 x sales of engagement rings. As a result, it shows the most popular sale prices for engagement rings.
This is fairly typical for a solitaire, three stone, or cluster style diamond engagement ring. For many, this is also a realistic budget for a certified diamond engagement ring in a high-quality precious metal. From our chart you can work out how much to spend on an engagement ring based on popular choices.
Do chain jewellery stores offer best value engagement ring?
Basically, no. In our experience, large multiple jewellery stores do not offer best value. By comparison, bespoke jewellers, create individually crafted rings rather than mass-produced designs.
Owing to demand, many large shops purchase volume. This stock includes mass-produced rings from the Far East. In addition, many stores buy low grade diamond rings cheaply produced, but sold at very high margins. Sometimes 300-400% higher than the cost price.
We compared our own £1700 rings to other well-known jewellery stores.
With this in mind, we took 5 well-known jewellery stores—all with an online presence. Then we searched for a comparable 18ct White Gold solitaire ring on each website. The scope of our research covers well known UK retailers omitting internet specialist jewellers like Blue Nile or James Allen. By comparison, most of our examples offer a walk-in physical store.
As a result, we found the following, based on an average price of around £1700.00
1. Serendipity Diamonds – Best Value
Firstly, the team at Serendipity Diamonds, create create each engagement ring individually to order. Owing to an incredible amount of options, engagement rings are made-to-order in the same way as a bespoke suit!
What engagement ring can you buy for £1700 at Serendipity Diamonds?
18ct White Gold. 0.40 carats GIA certified diamond G colour SI1 clarity. Very good cut grade. Lifetime warranty and free size adjustment. Free delivery with exceptional presentation.
Most noteworthy, buyers get an extra 10% off this cost by using a promotional code available from time-to-time. Alternatively there is a choice of finance including 12 months 0% finance.
Serendipity offers very good value. A round diamond ring, set with a 0.40cts diamond, graded G colour and SI1 clarity by GIA (Gemological Institute of America).
In addition, buyers enjoy the reassurance of a very good cut. Finally, the build quality is excellent with substantially weighted settings.
Additionally, they offer a 60 days return policy, a free size adjustment and incredible packaging.
Other plus points include 12 months 0% interest-free credit available subject to application. Buyers get free shipping. In addition, buyers can click and collect or order directly from their team.
Why 5 stars? – For the complete package. Guidance, support, item specifications, packaging and add-ons make this the best value.
The following video shows the diamond size and quality based on the 0.40 carat G SI1 example in the Twist setting. Typical for the average engagement ring cost.
What engagement ring can you buy for £1700 at Goldsmiths?
We spent time looking online at Goldsmiths engagement rings. As a result, we discovered a comparable ring design in 18ct White Gold. Set with a 0.25cts diamond they specified no quality or grade for the £1750.00 ring.
3. H. Samuel
What does £1700 get you for an engagement ring at H Samuel?
We spent time looking online at H Samuel engagement rings. After research we found a comparable H Samuel diamond engagement ring on their website. To demonstrate, the ring included the following specifications.
18ct White Gold. 0.33cts diamond. I colour I1 clarity.
Why 3 stars? – Set with a small diamond, of lower quality, we found less value at H. Samuel. In addition, we have no information on cut. This might be a poorly cut diamond, or a very well cut diamond.
Next, we considered Beaverbrooks, another of the popular High Street jewellers.
What does £1700 get you for an engagement ring at Beaverbrooks?
Unfortunately, we were unable to find a similarly priced ring within Beaverbrooks engagement rings. We attempted to find a Beaverbrooks engagement ring with a £1700 average cost. Instead we had to climb by another £150.00. Amazingly, the higher price did not offer a bigger diamond. In fact, smaller.
18ct White Gold. 0.28cts. G colour SI1 clarity. No certification specified.
Why 2 stars? – This year, Beaverbrooks fell behind H Samuel. Interestingly, they make their own diamond certificate. To put it another way, buyers experience more trust in independent diamond grading laboratories such as GIA.
5. Ernest Jones
Again, we struggled within the price range. We looked at many of the Ernest Jones solitaire engagement rings online. As a result, we had to push the budget up to £1800 to find an equivalent engagement ring.
What does £1750 get you for an engagement ring at Ernest Jones?
For £1799.00 you can get a 2/5 carat (this is 0.40cts for anyone scratching their heads) Disappointingly, no specified colour or clarity grades appeared on the website page.
Why only 2 stars? – Unfortunately, very little information appeared as noted last year. Whereas on some websites, full spec appears, we found no product information for this design.
Next steps when buying your ring
Once you have a clear idea of budget, consider your engagement ring design. Don’t just focus on how much should you spend on an engagement ring. For a moment, put aside how much to spend on an engagement ring. Instead, focus on the style of ring you want. Look at the setting, shank, shoulders and diamond shape.
At Serendipity Diamonds, our small and friendly team work with more than 30 years of engagement ring knowledge. Most importantly, we give great advice on every aspect of buying a ring. For example, which precious metal to choose. In addition, how to choose a diamond for whiteness and clarity without spending too much. As part of our work, we advise on the 4 C’s of diamond grading. Interestingly, most rings can be tailored by diamond size to fit to the average engagement ring cost. For this reason, we offer most designs with several thousand price options! As a result, we offer the complete package. From expert guidance, to individually crafted engagement rings.
Finally, we offer exceptional packaging and after sales care from our lovely team.
Consider the following benefits for all diamond engagement rings purchased at Serendipity Diamonds.
Firstly, expert advice and guidance.
Next, free fully insured shipping.
Also, GIA certification with a minimum very good cut grade.
In addition, a lifetime warranty on all workmanship and materials.
Together with 0% interest free finance on engagement rings. Subject to conditions.
Next, a Free insurance valuation.
Plus, 60 days returns.
And finally, beautiful packaging with 2 ring boxes (one slimline for proposal)
Interestingly, we accept most Worldwide currencies. Today, our UK showroom opens daily for visitors. In addition, clients can request an appointment for a more in-depth visit.
Photos from our engagement ring archives.
The following gallery shows some of our previous work. Continue to browse on on our main website. Alternatively, visit our Facebook page to see some of our latest designs. Our website products include pricing to help you decide how much to spend on an engagement ring.
This article first appeared on the Serendipity Diamonds blog in 2013 to demonstrate the average engagement ring cost. Updated yearly, it remains up-to-date with recent price comparisons. Most importantly, our aim was to give buyers answers to the question how much should you spend on an engagement ring. In addition, we aimed to provide a good idea of the value at different stores, based on an average spend.
How much to spend on a wedding ring?
This is less concern when you decide to purchase the wedding ring at a later date. Most buyers concentrate on the cost of an engagement ring. Following engagement, most people budget for their wedding rings at a later date. As a result, the cost is spread over time. With this in mind, it pays to think ahead. You might ask how much are wedding rings? Again, it varies depending on the materials, style and build of the ring. For example, a simple 2mm band in 9ct Yellow Gold costs far less than a bespoke ring. By comparison, a Platinum shaped wedding ring with diamonds costs far more.