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What is the average cost of an engagement ring?
As of 2024, the average price of an engagement ring is £2000 based on the typical UK purchase price of a diamond ring.
During an extensive research project, we surveyed ring purchases from £600 to £10,000.
As an average cost of an engagement ring, the £2000 represented the average spend.
How does the price compare to an average salary?
The average ring price related to the average monthly take-home pay for many people. Many buyers allow a month’s salary for their purchase as a rule-of-thumb.
According to the Office of National Statistics, the average weekly earnings are £ 648 total pay before tax. This works out to approximately £2500 gross pay per month or approximately £2000 net pay per month.
One month’s salary – and the traditional rule-of-thumb
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.
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.
How much should an engagement ring cost? And what do you get for your money?
In 2024, engagement ring options have increased dramatically. The introduction of lab-grown diamonds radically increased the size and specifications available for a £2000 budget. A natural 1 carat diamond engagement ring that cost over £20,000 now costs just under £2000.
As a result, many millennials look towards affordable, lab-grown diamond engagement rings instead of their natural counterparts.
Example of an affordable lab-grown diamond engagement ring identical to the natural equivalent.
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
Several factors affect the cost of an engagement ring. The following table sets out several of the most important details influencing cost.
How much should you 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.
Compare this chart to the first one published in this article, which was taken from 50 x ring sales during 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 from 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. | ★★★★★ |
The post The Average Price of an Engagement Ring in 2024 appeared first on Serendipity Diamonds Blog.