A guide to the average cost of a diamond engagement ring
Why do buyers want to know the average price of an engagement ring?
Anyone buying an engagement ring will most likely want to research the average price of an engagement ring. Interestingly, this benchmark gives valuable insight into how much to spend on the ring. How much should you spend on an engagement ring? We delve into the answers in today’s article.
How much should you spend on an engagement ring?
The price of your engagement ring will depend on many factors. From diamond size, quality and shape to your choice of precious metal. As a result, our blog post focuses on a consistent set of specifications. This provides a better comparison across different well-known jewellers. Cost varies from person to person. Your own finances, income, ability to qualify for credit and financial commitments all play a part in how much to spend.
Are big jewellery brands best on price?
Many retail jewellers rely upon brand recognition. For example, shops including H. Samuel, Earnest Jones, Beaverbrooks, and Fraser Hart benefit from greater exposure. Smaller independent jewellers provide a higher level of customer service, expertise, client care and individuality by design. Furthermore, smaller retailers regularly compete more favourably on price.
Typically, this is the first step when choosing an engagement ring. This is because the well-known jewellery stores remain household names. Certainly, for anyone willing to explore a little further afield, there are more opportunities provided by smaller independent jewellery stores. You will be surprised by the variation in prices based upon the average cost of an engagement ring.
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 suggestion was to spend one month’s salary on an engagement ring. Rather interestingly, by the 1980’s this suggestion had risen to spend an amount relating to two month’s salary. Later, in Japan, buyers were encouraged to spend a figure based on three months salary. As a result, there has been much confusion for buyers. Should you spend one month’s salary or three month’s salary? This is the DeBeers myth.
What is the average salary in the UK?
The Office of National Statistics puts the average UK salary at £27,271. Subesquently, this would give a net income per month of around £1800.00. Traditionally, buyers could be looking at spending between £1800 (one month’s average salary) and £5400 (three months average salary) depending on which version of tradition you favour!
The average engagement ring price at Serendipity Diamonds
As a result of our own research of 3 years of engagement ring sales, the average price of an engagement ring price at Serendipity Diamonds works out to £1700.00 GBP. This is a fairly typical spend 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.
Do chain jewellery stores offer best value engagement ring?
In our experience, the large multiple jewellery stores do not offer the buyer best value at the average cost of an engagement ring. Compared to bespoke jewellers, off-the-shelf engagement rings tend to be mass produced. In particular, many of the cheaper, lower quality engagement rings are mass produced in the Far East. However, the advantage for the consumer becomes one of availability and purchasing an engagement ring without delay. In contrast, our own engagement rings are created for each client based around specific preferences.
We compared our own £1700 rings to other well-known jewellery stores.
We took 5 jewellery stores, with websites, and compared a classic round brilliant cut solitaire ring. This is what we found basing our research on an average price of around £1700.00
1. Serendipity Diamonds – Best Value
At Serendipity Diamonds, we create your engagement ring—built entirely from the ground, up. We take your chosen specifications, and provide reliable certification and work to a small, reduced margin resulting in excellent value for money.
What engagement ring can you buy for £1700 at Serendipity Diamonds?
18ct White Gold. 0.40 carats GIA certified diamond G colour VS2 clarity. Very good cut grade. Lifetime warranty and free size adjustment. Free delivery with exceptional presentation.
Buyers can typically expect to get a further 10% off this cost by using a promotional code available from time-to-time.
Incredibly good value at the average price of an engagement ring. A round brilliant diamond solitaire weighing 0.40cts. fully certified at G colour SI2 clarity. This includes the most reputable GIA (Gemological Institute of America) certificate, with a guaranteed minimum of a very good cut grade. Set into a solid 18ct White Gold ring mount – with 60 days returns, a free resize, incredible packaging and the ring is personally built to your specifications.
Other plus points include 12 months 0% interest-free credit available subject to conditions and a safe, easy online method of purchase is available. When it comes to purchasing an engagement ring, buyers are not looking for the cheapest ring, but a way to find the very best value for their purchase.
Why 5 stars? – For the complete package. Guidance, support, item specifications, packaging and add-ons make this the best value.
What engagement ring can you buy for £1700 at Goldsmiths?
During our online search, we discovered a comparable ring design in 18ct White Gold. Set with a 0.25cts diamond of no specified quality or grade the ring came in at £1750.00. Although this was a little more than our average spend, it was the closest we could identify.
3. H. Samuel
What does £1700 get you for an engagement ring at H Samuel?
18ct White Gold. 0.33cts diamond. I colour I1 clarity.
Why 3 stars? – Although a smaller diamond, specifications were available despite being hard to find. Interestingly and on a side note, we were unable to identify the laboratory certifying the diamond, stated as GSI.
Next we looked at 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 similar diamond engagement ring for our £1700 average cost. Instead we had to climb by another £150.00 for a smaller diamond.
18ct White Gold. 0.28cts. G colour SI1 clarity. No certification specified.
Why 2 stars? – This year, Beaverbrooks have quite surprisingly fallen behind H Samuel. Most noteworthy in our research, we noticed that they are providing a diamond grading certificate produced by themselves. Buyers typically gain far greater trust from certificates produced by recognised independent laboratories such as GIA.
5. Ernest Jones
Again we struggled within the price range. As a result, we had to push the budget up to £1800 to find an equivalent engagement ring comparable to other diamond engagement rings at an average cost.
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) Another observation, no specified colour or clarity grades were given for the diamond.
Why only 2 stars? – Very little information again as we noted last year. Unfortunately, for the consumer no information on diamond quality appears on the website page.
Next steps when buying your ring
Once you have a clear idea of budget, you will be ready to start considering designs. It is not a question of how much should you spend on an engagement ring. Instead, it is important to ask how much you will spend on an engagement ring.
At Serendipity Diamonds, our small and friendly team have over 30 years of engagement ring expertise. In addition, we can help advise on best styles for your budget, pro’s and con’s of the different precious metals and even educate you on the 4 C’s of diamond grading. Always without any obligation. We have a complete package to offer from guidance, to individually crafted engagement rings. In addition, we offer exceptional packaging and full after-sales care.
In summary, consider the following benefits for all diamond engagement rings purchased at Serendipity Diamonds.
Expert advice and guidance.
Free fully insured shipping.
GIA certification. In addition, a minimum very good cut grade.
Lifetime warranty on all workmanship and materials.
0% interest free finance on engagement rings. Subject to conditions.
Free insurance valuation.
60 days returns.
Beautiful packaging with 2 ring boxes (one slimline for proposal)
Worldwide currencies accepted with tax and duty all included at purchase.
UK showroom open daily for visitors. In addition, clients can request an appointment for a more in-depth visit.
Past photos from our engagement ring archives.
The following gallery shows some of our previous work. In addition to our regular designs, we offer a complete bespoke design service to create any item of jewellery made to your exact requirements.
Have your say? If you have any guidance on how much you should spend on an engagement ring, please leave a comment below.
This article first appeared on the Serendipity Diamonds blog in 2013, updated yearly with recent price comparisons. 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.