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HOW MUCH SHOULD YOU SPEND ON AN ENGAGEMENT RING

Posted by Abelini Jewellery | 13 September 2022
HOW MUCH SHOULD YOU SPEND ON AN ENGAGEMENT RING

Buying an engagement ring is not just an emotional commitment; it is one which is costly, and with so many to pick from, all set at different prices, it can be daunting to choose the right ring. We understand that you want to stay within your budget but also find something that is timeless and will look good on the finger of the person you love – potentially for a lifetime! So, where do you even start?

If you can relate to the paragraph above, we have put together this guide detailing our thoughts on how much you should spend on an engagement ring.

How Much Should An Engagement Ring Cost?

Whilst buying a ring and deciding how much to spend is a personal choice, it's sometimes helpful to look at statistics to understand how much is the average engagement ring. According to The Knot in 2021, the average engagement ring costs £5,230 ($6,000). Whilst this will secure you a long-lasting, beautiful ring which will certainly suit your partner, it might not be realistic for your budget. Thankfully, here at Abelini, we offer jewellery with prices from the hundreds to the mid-thousands, so we can cater for anything a bit less, or even a bit more.

Remember, just because you do not spend the average amount on a ring, it doesn't mean that it will be any less appreciated by your significant other. Gemstone pieces are significantly less expensive than those adorned with classic diamonds, so if your partner is keen on bright colours or has an eye for ruby or sapphire, this might prove to be a better option for you both.

How Much To Spend On Engagement Ring Depends On The Following Factors

Ever wondered why diamonds vary so much in price? This is because certain customisable qualities are going to make the diamond more expensive.

  • Firstly, there are two kinds of diamonds: lab-grown and naturally mined. Whereas mined diamonds are reaped directly from their naturally occurring source, lab-grown are – as the title suggests – grown artificially, hence they are less expensive.
  • Then, you need to consider clarity. This is a value that concerns inclusions, which are known as a diamond’s “birthmarks”. They blemish the outer layer of the stone due to the extreme pressure they are subject to under the hot mantle of the earth. The presence of inclusions in the diamond will bring down the ring’s price, with the I1 option being the least clear and IF being flawless. If you can't afford a flawless diamond, don't worry! Inclusions make each diamond unique and picking a mid-range clarity type such as VVS1 or VVS2 will add charm and personality to your gift.
  • Finally, you need to think about the carat - higher the carat, the heavier your diamond will be. If you're seeking a higher carat, be aware that this will bolster the price as denser stones are rarer, hence more sought after. Set the count to 2.00 ct for a weighty, pricey stone, or down to 0.20 ct for something more affordable. If you're working with a smaller sum of money, try going into the 0.70 to 0.80 range, where you will have leeway to experiment with both clarity and the type of ring design without having to expand your budget.

Our website allows for you to customise all of these qualities on a scale. We recommend striking a balance that works best for your price range.

Which Of Our Rings Suits Each Budget?

If you’re looking for gemstone engagement rings, our half eternity, oval, wishbone, crossover and prongs sets are a great option. Most of these will suit a £1,000 or under budget, but if you are looking for something just under £2,000, then our rings which contain a mixture of both high-quality diamond and gemstones could be a great choice. Our Prong Setting Full Eternity Diamond and Ruby Gemstone Ring is a fine example of these, which you can view here.

If you're willing to pay more, choose one of our diamond rings, which can be cut into eight different shapes upon request. Princess cut diamonds are the most sought after and can be made with either lab-grown or naturally mined stone. The higher the carat and clarity, the higher the price. If you're interested in one of these, our Princess Solitaire Diamond Engagement Ring in Narrow Shoulder is a good start, which you can view here.

Whatever you choose, be assured we will help you make the right choice.

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