How much should an engagement ring cost?

Posted on: 30/09/2025

When it comes to popping the big question, one of the first things many couples wonder is: How much should I spend on an engagement ring? While picturing the perfect proposal, it’s easy to imagine dazzling diamond rings with equally eye-watering price tags. But does it really need to cost a fortune?

Between long-standing engagement traditions and today’s financial pressures, finding the right balance between romance and realism can feel like a challenge. So, how do you decide how much to spend, and what budget is right for you?

In this guide, we’ll explore:

 

●     The average cost of an engagement ring

●     How much do different engagement rings cost?

●     Is the three-months’ salary rule still relevant?

●     How much should you spend on an engagement ring?

●     Engagement rings on a budget: Tips for spending less without sacrificing style

The average engagement cost of an engagement ring

With social media feeds flooded with celebrity weddings and oversized diamond engagement rings, it’s understandable to feel a bit of financial FOMO. But beyond those heavily filtered photographs, it’s important to remember that for most couples, overly extravagant celebrations aren’t the norm.

In fact, our spending habits are changing. According to Bridebook, the average amount spent on an engagement ring in the UK is £2158. On its own, that number might sound like a lot, but in context, it tells a different story.

Consider this:

 

●     The average cost of a wedding is reported to be £20,822 in the UK. That means that those surveyed spent the equivalent of around 10% of the overall cost of their wedding on the engagement ring.

●     Gen Z couples are increasingly budget-conscious. Almost a third now spend less than £10,000 on their weddings — a 50[1] % decrease compared to generations before.

●     Likewise, only 22% of Gen Z spouses spent over £25k on their special day, down 50% from older age groups.

 

Meanwhile, another study by The Knot has observed a steady drop in engagement ring spending year after year. In 2021, the average spend was $6000. By 2024, that number had fallen to $5200 (approximately £3870 in GBP).

The primary reason? The popularity of lab-grown diamond engagement rings. Offering the same beauty and shine as mined stones at a lower price point, lab-grown diamonds are redefining what modern engagement rings look like, as well as what they cost.

How much do different engagement rings cost?

While averages are helpful, it’s worth remembering that the price of an engagement ring can vary significantly depending on its design and components.

A few key factors that influence the cost include:

 

●     Metal type: Platinum is usually more expensive than gold, with silver more affordable still. White, yellow, and rose gold can offer similar looks at different price points.

●     Stone type: Diamonds typically cost more than gemstone alternatives such as sapphires, emeralds, or rubies.

●     Setting style: Simple solitaires are typically more affordable than halo or shoulder-set styles.

●     Cut, carat, and clarity: The quality and size of the centre stone will significantly affect the overall price.

●     Bespoke vs ready-made: Custom designs tend to come at a premium, while off-the-shelf rings are often more budget-friendly.

●     New vs vintage: Antique or second-hand rings can be great value, while offering something unique with a sense of history.

Whichever design you’re drawn to, there’s a huge range of designs out there beyond classic diamond rings. Want to explore each of the different ring styles further? Read our engagement ring buying guide.

Is the three-months’ salary rule still relevant?

You’ve probably heard of the engagement ring cost rule — the idea that you should pay the equivalent of three months’ income for an engagement ring. But where exactly did that come from?

As it turns out, the concept isn’t rooted in tradition or etiquette, but came about as the result of a marketing campaign. The idea was first introduced in the 1930s, when De Beers suggested spending a single month’s salary on a ring (BBC). Over time, this became two months, and then three as the idea caught on.

Fast forward to today, and it's fair to say that times — and priorities — have changed. For many, the idea of spending three, or even one month’s worth of income on an engagement ring is simply not realistic, especially when saving for a wedding, house, or other shared goals at the same time.

In fact, according to a poll by Earl Shilton Building Society, 50% of those surveyed said they disagreed with the three-month salary rule, while the other 50% said it wouldn’t influence their decision-making when it came to purchasing a ring. None of the respondents felt the rule was a good maker of the expected value of a ring.

How much should you spend on an engagement ring?

 Now you know the average price tag that comes with purchasing an engagement ring in the UK. But the question remains: How much should you spend on an engagement ring?

The short answer is, whatever feels right. There’s no universal figure that answers how much a man (or anyone) should spend on an engagement ring. Some couples are comfortable spending thousands, while others find the perfect ring at just a few hundred pounds. In either case, what matters most is the meaning behind the gesture — not the number on the receipt. At the end of the day, the best ring is one that reflects your relationship, your shared priorities, and your unique story.

That said, there are a few things to keep in mind when deciding on a budget:

 

●     Stick to what you can comfortably afford — don’t let outside expectations push you beyond your means.

●     Think about your partner’s style and priorities. For example, do they prefer to wear a particular metal over others?

●     Factor in other future plans, like your wedding, honeymoon, or saving for a home.

●     Research your options. Knowing how materials, cuts, and settings affect price can help you make informed decisions.

Engagement rings on a budget: Tips for spending less without sacrificing style

You might be working to a tighter budget, but that shouldn’t mean having to compromise on style or sparkle. There are plenty of ways to find engagement rings that are not only affordable, but still look and feel incredibly special.

Here are a few budget-friendly tips to help you make the most of your money.

1.   Choose a lab-grown diamond

For many, diamonds are more than just a preference for their engagement ring — they’re a non-negotiable. If you’re set on a diamond but want to get more for your money, lab-grown stones are a great choice. Offering the same brilliance and durability as mined diamonds, lab-grown diamonds are often significantly more affordable. They’re also typically more sustainable and ethical than mined stones.

2.   Consider gemstone alternatives

While diamonds may top the Mohs scale for hardness, they’re not the only gemstones to consider for the centrepiece of your ring. Coloured gemstones make striking alternatives, and usually cost significantly less. Sapphires and emeralds are popular choices, combining beauty with the durability needed for everyday wear. If you’re after something more unique, consider amethyst or topaz: eye-catching stones that can work beautifully with the right setting and a little extra care.

3.   Buy vintage or pre-owned

Antique or second-hand engagement rings offer unique charm, character, and fine craftsmanship, often at a lower price than new designs.  They’re a great choice if you’re looking for something truly one-of-a-kind, with design details you won’t typically find in modern rings.

Some couples also choose family heirlooms or inherited rings, which not only save money but come with added history and sentimental value. With a little resizing or customisation, these meaningful pieces can be given new life.

4.   Pick a simpler setting

A classic solitaire or minimalist band is not only timeless, but often more affordable than more elaborate styles like three-stone settings. If you're working to a budget now, there's always the option to upgrade or customise the band in the future. Many couples choose to mark a milestone wedding anniversary year with a new setting or additional stones.

5.   Shop smart and off-peak

Timing your purchase can make a real difference. Engagement ring prices often dip outside of peak proposal season (typically November to February), and you’ll often find excellent offers during mid-season or end-of-year sales.

Some jewellers also offer permanent savings. At Chapelle, for example, you’ll find a collection of luxury jewellery at consistently reduced prices, meaning you can shop for rings, necklaces, bracelets, earrings, and watches, all with at least 30% off the RRP (recommended retail price).

 

So, how much should an engagement ring cost? The answer is entirely up to you. Whether you’re dreaming of a diamond solitaire or a unique vintage piece, the most important thing is finding a ring that reflects not only your budget, but your relationship.

At Chapelle, we believe that everyone deserves to find their perfect ring, no matter how much they’re looking to spend. With a wide selection of engagement rings from brands like Blossom, Arctic Circle, Polar Fire, Starburst, and more, you’re sure to find the perfect piece here.