How Much Should I Spend On An Engagement Ring?

Choosing how much to spend on an engagement ring is one of the first and most personal decisions you’ll make when planning a proposal. 

At Rich Diamonds, we understand that every couple’s story is unique, and so is their budget. Whether you’re looking for understated elegance or a statement piece with timeless appeal, there’s an engagement ring to suit every style and stage of life.

In this guide, we’ll explore traditional spending guidelines, average UK price points, and practical considerations to help you feel confident in your choice. With a curated selection of pre-owned and vintage engagement rings from the world’s most iconic jewellers, Rich Diamonds is here to help you find a piece that’s just right for your partner, and for you.

Traditional Engagement Ring Price Rules

The Three-Month Salary Rule

One of the most well-known guidelines when it comes to engagement ring budgeting is the “three-month salary” rule. Originally, this was introduced as part of a mid-20th-century marketing campaign designed by the De Beers diamond company to encourage more generous spending on engagement rings. While it continues to circulate today, its relevance has evolved.

A More Flexible Approach

For many modern couples, a fixed rule like this doesn’t reflect real-world priorities. Financial obligations, personal values, and lifestyle choices vary widely, and most people prefer to take a more flexible and thoughtful approach. Instead of following a set formula, many opt to spend one month’s salary, or simply choose a figure that feels comfortable within their current circumstances.

Ultimately, the right amount to spend is entirely individual. What matters most is selecting a ring that aligns with your financial outlook, your partner’s taste, and the significance of the occasion.

Average Price of an Engagement Ring in the UK

Understanding the average spend in the UK can offer a useful starting point when setting your budget. Current figures from various surveys suggest that most people spend between £1,900 and £2,500 on an engagement ring. BrideBook’s most recent 2025 survey, based on 7000 recently married couples, found the average spend was £2,158. However, this means that many rings were bought for less than this, and some a lot more; it varies widely depending on the stone, design, and choice of retailer.

Diamond quality has a significant impact on cost, with larger carat weights, premium cuts, and high clarity stones commanding higher prices. The choice of metal, such as platinum, yellow gold or white gold, also influences the final amount, as does the intricacy of the ring’s setting.

Where you shop matters, too. While high-street retailers may offer simpler, mass-produced designs, luxury jewellers tend to focus on premium craftsmanship and brand prestige. At Rich Diamonds, our pre-owned and vintage collection offers clients the opportunity to purchase exceptional rings, from iconic brands to bespoke designs, at significantly more accessible price points.

Factors to Consider When Setting Your Budget

Choosing how much to spend on an engagement ring isn’t just about following a guideline; it’s about making a decision that feels right for you.

Start with your financial circumstances. Think about your income, any current savings, and upcoming plans as a couple, whether that’s a wedding, a house, or travel. A meaningful ring should feel like a joyful purchase, not a financial burden.

Your partner’s preferences are equally important. Their sense of style, whether subtle and classic or bold and expressive, will help guide your selection. A carefully chosen ring that reflects their personality can be far more impactful than one chosen based solely on price or size.

Another key factor to consider is whether you’re drawn to a branded engagement ring or a non-branded alternative. Iconic names like Tiffany & Co. and Cartier are associated with timeless design and long-term value, but they also command a premium. On the other hand, non-branded rings, especially carefully chosen vintage or bespoke pieces, often offer more flexibility in style and price.

To explore the differences in more depth, including design, quality, and resale value, read our guide on Branded vs Non-Branded Engagement Rings.

It’s also worth considering long-term value. Investing in quality materials and a well-crafted setting ensures your ring will be treasured not just for its sentiment but for its lasting beauty.

Range of Engagement Rings Available from Rich Diamonds

At Rich Diamonds, we offer a carefully curated collection of diamond engagement rings, crafted in precious metals like platinum, yellow gold, rose gold, and white gold. From princess-cut to cushion and round-cut diamonds, our selection includes timeless styles and bespoke pieces to suit every couple.

Affordable Elegance

For those beginning their search or working within a modest budget, Rich Diamonds offers a refined selection of engagement rings under £2,000. This collection features a variety of styles, including classic solitaires, three-stone designs, and elegant settings in white gold. Popular cuts such as round brilliant, princess, and emerald provide plenty of choice for personal preference, with diamonds typically under 1 carat, offering beauty and balance in equal measure.

While white gold dominates the range, you’ll also find select pieces in rose and yellow gold at the upper end of the price bracket. Each ring is pre-owned and carefully inspected for quality, making this collection an excellent starting point for those seeking timeless design, craftsmanship, and value.

Timeless Mid-Range Styles

For budgets between £2,000 and £5,000, Rich Diamonds offers a sophisticated selection of engagement rings that combine quality and elegance. Most rings in this range feature diamonds around the 1-carat mark, offering a noticeable presence without being overstated.

Platinum bands are a highlight within this category, valued for their durability and refined finish. A wide variety of diamond cuts are available, from classic round and princess cuts to emerald and cushion shapes, allowing for greater flexibility in choosing a ring that matches your partner’s style.

This mid-range collection balances beauty with practicality, providing access to premium materials and timeless design without stepping into high-end investment territory.

High-End & Investment Pieces

For those seeking something truly exceptional, Rich Diamonds’ high-end collection, priced from £5,000 and above, features a striking array of engagement rings that make a lasting statement. Diamonds in this category typically exceed 1 carat, with many pieces showcasing stones well above 2 or even 5 carats in weight.

You’ll find a variety of precious metals, including platinum, white gold, yellow gold, and rose gold, offering options to suit both traditional and contemporary tastes. This range also includes iconic designs from prestigious brands such as Tiffany & Co., Cartier, and Van Cleef & Arpels, each one selected for its superior craftsmanship and elegance.

Why Choose Pre-Owned?

Choosing a pre-owned or vintage ring offers more than just financial value; it opens the door to unique, often one-of-a-kind pieces that aren’t readily available in modern collections. At Rich Diamonds, every engagement ring is selected with care and examined to ensure its quality meets our high standards. For buyers who appreciate heritage, sustainability, and design, pre-owned rings provide an opportunity to own luxury at a more accessible price.

Tips for Choosing the Right Engagement Ring for Your Budget

Once you’ve defined your budget, focus on making choices that maximise quality and meaning. A well-chosen engagement ring doesn’t have to exceed your financial limits; it simply needs to reflect your partner’s style and the care behind the decision.

Start by prioritising the elements that matter most. For example, if the centre stone is your main focus, consider choosing a classic setting to allow more of your budget to go toward the diamond itself. If your partner prefers an intricate design, you may opt for a slightly smaller stone paired with a more detailed band to create the desired impact.

It’s also important to think long-term. Choose a ring that suits your partner’s lifestyle, something that will be comfortable for daily wear, practical to maintain, and durable enough to last. Rings with smooth profiles and secure settings may be preferable for someone with an active routine.

Don’t forget to consider sizing and future flexibility. If you're uncertain about finger size or if your partner’s preferences might change over time, select a setting that allows for resizing or later modifications.

Lastly, take your time. Visiting a showroom, asking questions, and comparing options can help you feel more confident in your decision. A well-paced buying process often leads to the most thoughtful and memorable choice.

Find the Right Ring for Your Budget and Style

Deciding how much to spend on an engagement ring is a meaningful part of the proposal journey. Whether you're drawn to the elegance of a three-stone ring, the romantic sparkle of a halo setting, or the clean lines of a bezel design, the right engagement ring should reflect your partner’s style and your approach to spending.

At Rich Diamonds, our specialists are here to help you navigate every step with confidence. With years of experience and a deep understanding of fine jewellery, we take pride in helping clients find a ring that balances quality, beauty, and budget.

Explore our exceptional range of pre-owned and vintage engagement rings, where timeless craftsmanship meets outstanding value. From renowned names like Tiffany & Co. and Cartier to elegant bespoke pieces, every ring in our collection is carefully selected and authenticated.