How much should I spend on an engagement ring?

The truth is, there’s no single answer. The amount you spend is entirely personal and should reflect your own circumstances and priorities. To help guide you, we’ve outlined the common myths about buying engagement rings and shared our advice on how to find the perfect ring within your budget.

Perhaps the most asked question is how much should you spend on an engagement ring? The idea that you should allocate two or three months’ salary has been around for decades – but it was never more than clever marketing.

The concept was created by De Beers as part of a 20th century advertising campaign, with slogans such as “two months’ salary shows the future Mrs Smith what the future will be like” and “how can you make two months’ salary last forever?” paired with images of diamond rings. While the campaign was effective in popularising diamond jewellery, it does not reflect how people buy today.

In fact, using UK averages, the “two months’ salary” rule would suggest spending around £6,000 – far higher than reality. Insurance company Protect Your Bubble reported in 2018 that the UK average was closer to £1,485. At Purely Diamonds, we find most of our customers spend between 3 and 6 weeks’ salary – a more practical and affordable choice for most couples.

Online shopping is well known for offering better value than the high street, and engagement, wedding or eternity rings are no exception. With the overheads of a high street storefront removed, the savings can be significant. The ideal balance is a showroom experience supported by online value.

At Purely Diamonds, you can find an engagement ring online or in our showroom with transparent pricing and fast delivery. Each design is made to order, meaning you have input into the quality of diamonds used, and we don’t carry unnecessary stock – allowing us to pass savings directly on to you. In fact, our prices are up to 70% lower than the high street.

Knowing your ring was crafted especially for you only adds to the magic of your diamond jewellery journey.

Sometimes, a family heirloom offers a meaningful and cost-effective way to propose. However, when buying second-hand or vintage rings, it’s often assumed you’ll always save money. In reality, this is not always the case.

Diamonds cut and polished decades ago rarely match the quality standards of stones graded today. Modern certification ensures you know the exact specifications of the diamond or sapphire ring you are purchasing, giving you peace of mind. And because vintage-inspired designs remain popular, you can still buy a new ring in a timeless style – but with the assurance of a certified diamond and contemporary craftsmanship.

An engagement ring is always a significant purchase, whether you are spending £1,000 or £10,000. To help make the process easier, we offer finance on all UK purchases over £250.

You can split the cost over 6, 9 or 12 months interest-free, or choose longer plans of 36 or 48 months at 12.9% APR. A minimum 10% deposit is required, though you can pay up to 60% upfront if you prefer. Many of our customers choose finance to spread the cost more comfortably and make their dream ring a reality.

Set a realistic budget early: Decide what you are comfortable spending before you start browsing to avoid unnecessary pressure.

Prioritise what matters most: Whether it’s diamond size, cut, metal, or design, choose the feature most important to you and allow flexibility on the rest.

Understand the 4Cs:– A well-cut diamond will sparkle more than a larger stone of lower quality. Balance carat, cut, colour and clarity to maximise value.

Consider all metal options: Platinum, white gold, yellow gold and rose gold each offer different price points and appearances.

Shop direct from the maker: Buying from a manufacturer like Purely Diamonds avoids high street markups, with savings of up to 70%.

Think long-term: An engagement ring is worn every day. Choosing a durable setting and a design that suits your lifestyle ensures it lasts for decades.

Explore finance options: Spreading the cost through an interest-free plan can make your ideal ring more achievable.