The Average Engagement Ring Cost In The UK
When jewellers start telling couples that they should be spending three months’—or more—salary on a diamond engagement ring, it’s time for a reality check. That’s why we decided to take a closer look at the average cost of an engagement ring in the UK. Read on to discover not only how prices are determined, but how any couple can make their money go further.
Get the answers to these questions:
- What is the average cost of an engagement ring in the UK
- What determines the price of an engagement ring
- Where can I get an engagement ring for the best price
- How can I afford an engagement ring
What Is The Average Cost Of An Engagement Ring In The UK?
Less than it used to be: In the UK, engaged couples are spending roughly 19 percent less on an engagement ring than they did a decade ago. According to a survey conducted by retailer William May, the national average cost of an engagement ring in the UK is currently £1,471. That’s less than an average of one month’s salary (£1,800) based on an average annual salary of £27,271.
And the number of couples who want to spend much, much less is growing fast: there’s an increase of 18 percent in the grooms spending £500 or less. In fact, Poundland recently found great success with its one pound engagement ring.
But it depends on how old you are: Millennials seem willing to spend more—about double the £691 average spent by 45- to 54-year-olds (who are, after all, more likely to be on their second or third marriage).
And it also depends on where the groom-to-be lives:
- In Northern Ireland, average spend on an engagement ring is over £1,700
- In the East of England, the average cost of an engagement ring goes up to £1,696
- In Yorkshire, however, the average price point goes down to £1,261
- The Scots’ reputation for thrift apparently applies to engagement rings too: grooms there spend under £1,000 for sparklers
What Determines The Price Of An Engagement Ring?
Because the average engagement ring contains only three or four grams of precious metal, the cost of any engagement ring is linked to the main precious stone, which is typically a diamond.
These are assessed according to the classic 4 Cs: cut, colour, clarity, and carat weight. While many people will present themselves as diamond experts, your most reliable source about any diamond is a certification by the Gemological Institute of America, the grading system that is used worldwide.
So what are the 4 Cs?
- Cut refers to the proportions and symmetry of the stone and how well the person responsible for cutting the diamond used facets to enhance the stone. Don’t be misled by a “good” classification since diamonds categorized as “fair” or “good” can actually be in the bottom third of quality.
- Colour really refers to the absence of colour, a quality prized in white diamonds. Here, again, the terminology can be misleading since there’s no such thing as an A+ stone. The GIA system starts with a grade of D as its highest, and then goes all the way down the alphabet to Z, a designation saved for muddy-looking stones. For an engagement ring, you’ll probably be looking at stones with a grade of K and above, but you’ll find that few non experts can tell the difference between G through J grades and that diamonds with the ever-so-slightest yellow tinge may pair beautifully with yellow gold settings.
- Clarity refers to whether or not imperfections can be seen in your diamond—particularly any flaws that are apparent without magnification. You’re apt to find beautiful rings with GIA grades like “VVS2,” which translates to a “very, very slightly included stone”—a grade that can sound alarming but actually means that even a trained eye has trouble seeing the flaws under the 10x magnification of a jeweller’s loupe.
- Carat Weight seems like it should be the easiest for most nonprofessionals to understand. A big stone is more expensive, right? Well, not necessarily: a big stone that doesn’t rank high on the cut, colour, and clarity may cost much less than a flawless one-carat diamond.
Where Can I Get An Engagement Ring For The Best Price?
While you look for a good deal by shopping sales, consignment shops, attending auctions. Or you could take the most cost-effective route and buy a pre-owned, recycled engagement ring. Not only is truly the most sustainable way to buy diamond jewelry, it provides the very best prices without impacting on the quality of the ring.
Our partner site, myGemma, offers a full range of pre-owned engagement rings—from top jewellery brands including Cartier, David Yurman, Harry Winston, Tiffany & Co., and Vera Wang, at prices up to 78 percent off retail. Each piece has been authenticated by our team of luxury jewellery experts and is backed by our five-star reputation for customer service.
Or, if you prefer, build your own ring: choose a GIA-certified loose diamond and pair it a setting of your choice to create a one-of-a-kind engagement ring at the best possible price.
And, when you’re ready for a wedding band, you can also shop gem-set bands that will enhance an engagement ring, classic platinum bands from Tiffany and Cartier, complete wedding sets, even Cartier Love Rings set with diamonds.
How Can I Afford an Engagement Ring?
Now that you know the average engagement ring cost and have discovered a source where you can buy an engagement ring for up to 78 percent off retail, you’re ready to start shopping—and start worrying about where the money is coming from.
Why not sell any unwanted jewellery, luxury bags, or watches for cash or store credit? Most people have at least one piece of jewellery that was an inheritance, an unwanted gift, a memento from a prior relationship, or a piece that’s simply no longer the right size or style.
As specialist online luxury buyers, WP Diamonds helps you use the jewellery you no longer want and no longer wear to get the engagement ring of your heart’s desire. You can sell your luxury jewellery to WP Diamonds for cash or store credit (we’ll even give you a 10% increase when you opt for store credit) in a process that can take as little as 48 hours from start to finish.
With WP Diamonds, selling your diamonds, designer jewellery, watches, bags and sneakers is easy, fast and stress-free. Start by filling out our online form and follow its prompts to receive a price quote from one of our experts. Whether you prefer to sell from the comfort of your own home or make an appointment at our offices in Birmingham, London, New York, Hong Kong, or Tokyo, our service is always simple, fast, secure—and free. You can feel confident in our trust guarantee and hundreds of positive customer reviews.