What’s the Average Price of an Engagement Ring in the UK?
If you are planning to propose soon, you are about to learn a lot. And the average cost of an engagement ring is just the start of it. Engagements and weddings are loaded with quirky ‘rules’ and traditions that you could be expected to adhere to, even if you are not entirely sure why.
Luckily, when it comes to engagement rings, UK couples are spending around 19% less than they did a decade ago. This is good news considering the current cost of living crisis and price rises across the rest of the wedding sector.
However, studies show that 57% of people knew the cost of their engagement rings, and 30% had a good idea of how much they cost. So statistically speaking, your fiancé will probably be in on the spending decision or find out how much you spent.
So choosing how much to spend is an important choice for both you and your fiancé. And considering the average engagement ring cost can help guide you when making this decision.
Average Engagement Ring Cost Comparison
There are so many sources offering their opinions on the average price of an engagement ring. Some of these are the retailers who sell engagement rings, while others take their averages from customer surveys. We are using all of these sources to give you an accurate and up to date overall average of the cost of an engagement ring in the UK in 2024.
Across the eight sources considered, the overall average price of an engagement ring is £1,948.
|Browns Family Jewellery
|Protect Your Bubble
|William May Jewellers
|Fenton & Co Jewellery
|Austen & Blake
|Overall average price of an engagement ring
Engagement Ring Statistics
- The overall average price of an engagement ring in the UK is £1,948.
- The average total of three months’ salary in the UK is £8,592.
- 72% of people say their dream engagement ring was ‘simple, classic and timeless’.
- Lab-created diamonds can be an average of 63% cheaper than natural ones.
- In 2023, 60% of people choose silver engagement rings over rose or yellow gold ones.
- 60% of couples announced their engagement on social media.
- The average amount spent on a wedding in 2022 was £18,400.
- 70% of people said their wedding plans were not impacted by the current economic crisis.
Deciding how much to spend on an engagement ring
This is a big question for a lot of people who are buying an engagement ring and just need to know where to start. There is the traditional approach of using the ‘three month rule’. However, this has fallen out of favour in modern times, and you will soon see why.
You can also balance quality and cost with methods like shopping around and even asking for discounts. But with 60% of couples posting their engagement on social media, it’s clear that appearance is still a major factor, no matter the cost. The main thing is to protect this lifetime investment and make sure your ring is insured against damage, loss and theft with engagement ring insurance.
What is the 3 month salary rule?
This ‘rule’ originally came from a marketing campaign for a jeweller in the 1930s. But despite this dodgy origin, a lot of people still use this to gauge how much to spend on an engagement ring today.
The average monthly salary in the UK sits at around £2,863 in October 2023. So using the three month rule, the average cost for an engagement ring should be £8,592.
This is a 350% jump from the real overall average cost. So it’s fair to say that this might not be the most accurate or applicable guide to use in modern times. Not to mention the differences in living costs between 1930 and 2023.
And opinions on this are reflected in the results of a 2023 study that found that when people were asked if an engagement ring should cost three months’ wages, 50% said they were not concerned with costs, as long as their partner liked the ring. 50% said they favoured spending what was affordable to the individual, and 0% saw it as a good indication of the expected value of the ring.
Should I haggle for an engagement ring?
It’s important to remember that an engagement ring is a high-value purchase that you want to last a lifetime. Think of it more like buying a house or a car rather than an everyday shopping purchase.
It’s completely reasonable to ask for discounts or haggle on the price of engagement rings. And even if you get just a 5% discount, this could still save you £194 based on the overall average price of an engagement ring in the UK.
Protecting the cost of your engagement ring
Whatever you choose to spend, make sure you protect this cherished investment. It’s always a good idea to check your existing insurance, as an engagement ring could already be protected under your home contents insurance.
Otherwise, you should consider engagement ring insurance from Quotezone.co.uk for protection from accidental or malicious damage, loss, and theft. And if you plan to propose abroad, make sure the value of the engagement ring is covered under the limits of your travel insurance.
Ultimately, understanding the average price of an engagement ring in the UK is just the start of your journey into marriage. But the overall average cost of £1,948 can still offer you a helpful gauge of where to start.
Exploring engagement ring trends, the options of lab-created or real diamonds, and getting the right insurance coverage are all important. But at the end of the day, you want something that your partner will love and can enjoy forever.
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This article is intended as generic information only and is not intended to apply to anybody’s specific circumstances, demands or needs. The views expressed are not intended to provide any financial service or to give any recommendation or advice. Products and services are only mentioned for illustrative rather than promotional purposes