We’ve all heard the traditional rules about buying engagement rings - like they should cost three months' salary - but frankly, these rules are dated in this day and age. In the UK, the average monthly income is £2886, meaning if the three-month rule were applied, you’d be looking at spending over £8,500 on your engagement ring, which for many people is unrealistic.
In our guide, we’ll explain what to consider when setting a budget for your engagement ring, and share our top tips on how to get the most value for money for an engagement ring that will blow your bride away.
How to budget for an engagement ring
There are four golden rules for setting a budget for your engagement ring. And, none of them feature any dated rules about your salary!
- Take a good look at your finances: Knowing exactly how much you have coming in and going out is the first step. Look at the budget for your engagement as a whole. Are you planning to whisk your loved one away and propose on a romantic trip? Make sure the amount you’re planning to spend is a realistic number based on your financial commitments. Many financial advisors recommend the 50/40/20 rule, where 50% of your income goes towards needs, 30% goes towards wants, and 20% goes towards your savings.
Most modern banks allow you to set up savings pots, and we think those are a great idea to keep your proposal pot separate from the rest of your savings.
- Think about what your partner values: What does your partner value most when it comes to jewellery? What’s negotiable and non-negotiable? Focus on what matters most to your partner, do they want the biggest and sparkliest diamond of them all, or something more minimalistic? Do they have another favourite stone? Or a special connection to their birthstone? It’s not just the stone you need to consider, but the type of metal and colour.
- Think about the long term: Your engagement ring is the first step in the rest of your lives together, it’s important, but so is the rest of your life’s journey together. Think about the bigger picture, and make sure when choosing your ring, that you don’t pick something way out of budget that could impact your ability to build your lives together and start the wedding planning.
- Consider extra costs: Add a buffer to your budget just in case you need to get your engagement ring resized or for any bespoke alterations like engraving or upgrades.
At Diamond Quarter, we understand that not everything always fits neatly into a budget. That’s why we offer interest-free finance options to give you a helping hand, with a minimum spend of £560 and 0% APR for 6 months.
How to choose an engagement ring to fit your budget
Choosing the best value engagement ring for your budget doesn’t mean choosing something that’s cheap. Follow our top tips to get the most sparkle for your budget!
Consider the four C’s
Whenever we talk about diamonds, you’ll hear about The GIA’s diamond grading scale known as the 4 C’s. These 4 factors measure a diamond’s quality and they are easy to remember as each grade begins with a ‘c’ These grades will decide a diamond’s price and value. These factors are called:
- Colour: Diamonds are rated on a colour scale which uses letters and starts at a D grade, this scale ranges from D /colourless to a yellow or brown tinge which ends with ‘Z’. A colourless diamond will be rated between a D-F, although choosing a near colourless diamond can be less noticeable in the right ring setting and many diamonds are sold from G-H colour grades as they are more affordable.
- Clarity: Diamonds can have trapped minerals inside them as they first form in the earth. The Clarity grade will inform you how visible these minerals are, they are usually referred to as inclusions/imperfections or clarity characteristics. A flawless diamond is the highest grade and contains no inclusions, meaning it is visibly clear to the naked eye and with a magnifying glass or jeweller’s loupe. However, slightly included diamonds can still appear fairly clear and are a more affordable alternative.
- Carat: A diamond’s carat relates to its weight and not necessarily its size. As some diamonds can be cut deeper than others meaning they look smaller in a jewellery setting than others of a similar carat weight. The choice of diamond shape can also impact the appearance of a larger stone, especially for an Oval, Marquise or pear-cut diamond.
- Cut: If you’re on a budget, we recommend prioritising the cut over many other factors as the quality of the cut impacts how much your diamond will sparkle, it is important to keep within the higher end of the scale to ensure the diamond will refract enough light to give it that signature sparkle . A lower-quality cut can make the diamond appear dull.
Lab Grown, Natural or Alternative Stone?
The type of stone you choose for your engagement ring has a huge impact on the overall price and value. Choosing a diamond as the main attraction doesn’t necessarily have to break the bank.
Lab grown diamonds are often a fraction of the price of a natural diamond of the same cut, colour, clarity and carat and are genetically identical, making them an affordable choice for your engagement ring. However, if you’re looking for an heirloom piece that will retain its value for generations to come, you may prefer to choose a natural diamond as it is more of an investment piece that will retain its value.
Alternatively, you could choose a gemstone as the centrepiece of your engagement ring. Most gemstones will be more affordable than Diamond, meaning you could potentially choose a larger stone for a similar or better price. But, it’s not all about price, choosing a ring with your partner's favourite gemstone or birthstone can make your engagement ring choice all the more meaningful and allow it to stand out amongst all other rings.
How can Diamond Quarter Help?
Need more help choosing an engagement ring? Don’t panic - our expert team at Diamond Quarter can help you choose the perfect ring within budget, whenever you’re ready to pop the question. Simply book an appointment at our shop in the Jewellery Quarter.