RING GUIDES

Setting an Engagement Ring Budget

Searching for the right engagement ring can sometimes feel like an impossible task, and before you find yourself contemplating carat sizes or metal options, its always best to start your journey with a budget in mind. In this guide we'll go through how you can best figure out your budget for your engagement ring.

RING GUIDES

Setting an Engagement Ring Budget

Searching for the right engagement ring can sometimes feel like an impossible task, and before you find yourself contemplating carat sizes or metal options, its always best to start your journey with a budget in mind. In this guide we'll go through how you can best figure out your budget for your engagement ring.


How to Set a Budget for an Engagement Ring

Setting a budget for your engagement ring is a highly individual process. While some may have ample funds to spare, others may need to exercise caution with their finances. The key is to establish a budget that aligns with your financial situation. And while it's tempting to be swayed by the allure of sparkle and glamour, it's essential to prioritise what feels right for you financially.


Setting a budget will also help you narrow down your search, as lower funds wont allow for certain design choices, while higher budgets might sway you towards others.

How Much Does an Engagement Ring Cost?

The price of engagement rings differs drastically and there are multiple factors which contribute to the overall price of an engagement ring:

1. Design

If the ring has a more intricate design, for example with engraving or filigree work, then the overall cost will be higher due to the higher level of craftsmanship and time needed to achieve this look.

2. Gemstone Type

Opting for a more traditional gemstone such as a mined diamond or a natural ruby will likely incur higher costs, this is due to the rarity of these gems and the cost required to mine them from the Earth.


But if you're keen to go with a more modern or alternative gemstone choice then these usually come with a lower price point. Salt and pepper diamonds, for example, come at a much lower price point than mined white diamonds. Lab grown gemstones are also a great way of saving some of your budget for other factors as these stones are always less costly than than their mined counterparts. 

3. The 4Cs

When deciding on a gemstones, its important to consider the 4Cs: colour, clarity, carat weight, and cut. These four deciding factors help to determine a gemstones (usually a diamonds) quality and price. Read our detailed guide on the 4Cs for more information on how this affects the price of an engagement ring.

4. Metal Choice

Metal selection plays a significant role in determining your budget. Opting for a premium metal like platinum instead of white gold will result in higher costs. For instance, our Raine design crafted with 9-carat white gold is priced £330 lower than the same ring made with platinum.

How Much Should I Spend On an Engagement Ring?

There is no set amount that you should spend on an engagement ring, this decision is completely down to you and your partner. While there are myths and certain societal expectations that three months salary should be spent on a ring, this is completely outdated and should not be taken as fact. 


If you're unsure exactly how much your budget can stretch to, think about having an open discussion with your partner. While we know this might remove some of the surprise, it might be a good idea to make sure you're on the same page regarding how much you want to spend on an engagement ring.

Book an Appointment With an Expert

Whether in person or online, our jewellery experts are here to assist you every step of the ring buying journey.

How to Make the Most Out of Your Budget

There are certain things you can do to ensure you make the most out of your budget. For example, when selecting a gemstone, certain shapes and cuts can appear larger that their actual carat weight. If you're in search of a larger stone but have a tighter budget then consider shapes such as oval, marquise or pears as their elongated shape appears larger on the finger of the wearer.


Another easy way to save money on a gemstone is choosing one that's grown in a lab opposed to a mined one. Read our Lab Grown vs. Natural Diamond Guide if you would like more information on how you can make the most of your diamond choice.

All Your Questions Answered

Have all your questions answered by a professional. Our diamond experts are available to provide guidance on selecting the ideal gemstone for you.


Don't hesitate to reach out for a chat with one of our experts and get all of your questions addressed.