The amount you should spend on an engagement ring is a really personal decision that depends on various factors - including your financial situation and what type of engagement ring your partner wants. Back in the day, the "rule" on how much to spend on an engagement ring was to spend the amount that would be equivalent to two or three months' of your monthly salary. Although this guideline has become less rigid over time - as it depends on many things that we’ll go into now.
So how much should I spend on an engagement ring?
Here are some topline considerations to help you decide how much to spend on an engagement ring:
- Budget: Grab a coffee and take a step back and look at your current financial situation and set a realistic budget. Remember that an engagement ring is a significant purchase, but it's essential to prioritise your overall financial well-being.
- Choose a lab grown: Choosing a lab grown diamond engagement ring not only is more affordable than a mined diamond - but it’s also more ethical and sustainable for the Earth - win, win right?
- Ring Preferences: Have a think about the type of ring your partner would want, including the style, metal, gemstone, and overall design. Some styles (such as the trilogy engagement ring) are more costly than others.
- Quality: The higher the quality of the diamond (colour, clarity and size), the higher the price of the ring - so it’s worth sitting down with your diamond concierge to determine the best diamond to suit your budget.
- Lifestyle: Consider your partner's lifestyle and profession. If they have an active job or hobbies, a more practical and durable ring - such as the bezel set engagement ring might be a better choice.
- Customise the Ring: Personalising the ring with unique touches, or engraving the ring can make it more special without significantly increasing the cost.
Remember that there's no right or wrong amount on how much to spend on an engagement ring. It's all about finding a balance between expressing your love and commitment and staying within your means