Budgeting for an Engagement Ring: 10 Most-Asked Questions (Answered)
Engagement rings are a meaningful purchase, but budgeting wisely ensures they’re also a sustainable one. Here Steven Charles Quance answers the most common financial questions about buying an engagement ring in the UK.
1) Is the “3 months’ salary” rule still relevant?
The “three months’ salary” rule was a marketing idea, not a necessity. Today, spend what feels comfortable and meaningful. Balance symbolism with financial stability—value and craftsmanship matter more than arbitrary formulas.
2) What is the average engagement ring spend in the UK?
In the UK, most couples spend between £1,500 and £3,000, with London and larger cities often higher. Generational shifts show many buyers now prioritise practicality, ethical sourcing and personal meaning over sheer size or cost.
3) How does ring financing work?
Financing lets you spread payments across time—sometimes interest-free. Options include in-house jeweller plans or third-party credit providers. Always check fees, interest and affordability before committing.
4) Should you prioritise diamond quality or size?
Cut is the most important factor for sparkle. Many couples compromise slightly on carat weight to prioritise cut, clarity and colour. A smaller, well-cut diamond often looks more brilliant than a larger, poorly cut one.
5) Do branded rings cost more?
Yes. Branded rings carry premiums for reputation and marketing, not always for quality. Compare branded and independent jewellers—focus on diamond quality, craftsmanship and design, not just the logo.
6) How can you get better value for money?
Consider lab-grown diamonds, halo settings, smaller centre stones with accents, or slightly unusual shapes. Always check certification and shop around. Value is about beauty, durability and meaning—not just price.
7) What are the hidden costs when buying a ring?
Insurance, resizing, rhodium re-plating (for white gold), and ongoing maintenance can add costs. Custom designs may also have extra design or labour fees. Budgeting for these avoids surprises later.
8) Is ring insurance worth it?
Yes—rings are valuable and worn daily. Insurance covers theft, loss or damage. Add to home insurance or buy standalone cover. An appraisal ensures accurate protection of both financial and sentimental value.
9) Can you upgrade your ring later?
Yes. Many couples start within budget and upgrade later—bigger diamond, new setting, or gemstone replacement. Many jewellers offer trade-in or credit schemes to make upgrades easier.
10) Do jewellers offer payment plans?
Most jewellers do. Plans range from interest-free instalments to longer-term low-interest finance. Always check the terms and make sure repayments fit your budget.
Next steps
- Explore designs within your budget in our Ring Builder.
- Get tailored advice—book a free consultation.
- Keep reading: The Ultimate Guide to Engagement Rings.