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How Much Should You Spend On An Engagement Ring In 2021?

12 February 2021
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The unwritten rule for decades has been to spend two months' salary on an engagement ring for your significant other, but is that still the case? With many couples choosing to break free from traditional engagement rules anyway, here’s a run through on how much to spend on an engagement ring in 2021.

 

 

Where Did The Two Months Salary Myth Come From? 

 

US jewellery brand De Beers first coined the term in one of their marketing campaigns back in 1947, titled “How can you make two months’ salary last forever?”. By convincing couples all around the globe to spend more on their engagement ring, De Beers quickly set the standard for engagement ring budgets. Thanks to them, the two month salary myth stuck and the rest is history. 

 

 

What is the Average Cost of An Engagement Ring? 

 

Buying an engagement ring is a big decision! Your significant other is going to wear it on their finger forever, so it’s natural to question how much to spend on an engagement ring. 


If you’re looking for a general benchmark to give you an idea, then the national average cost of an engagement ring is £1865 (Diamond Factory, 2020). That’s just slightly under what the average monthly salary is, which stands at £1,950. This falls just short of the De Beers two-month salary standard. 


Although, the average spend on an engagement ring can still depend on what type of ring you actually want to buy! Whether you stick to traditional diamonds or opt for something contemporary, it’s always important to consider that a ring is a symbol of love. So however much you decide to spend on a ring just remember that it needs to be affordable for you and something your significant other will love wearing.


Finding out how much people are willing to spend on an engagement ring in the UK is interesting enough! But if you’re curious, The most expensive engagement ring in the world was Mariah Carey’s 35 carat diamond and platinum ring, worth a whopping $10 million! 


So whether you can afford to spend $10 million or £1000, just be mindful that an engagement ring is something to be cherished for life! So your benchmark should depend on what you can afford, rather than what you think you should spend. 


 

Does An Engagement Ring Have to be Diamond? 

 

Diamonds are forever they say, well ever since another successful marketing campaign told us they were. From the 1940’s onwards, diamond rings have become a worldwide symbol for eternal love.


Buying a diamond engagement ring for your significant other might be traditional, but there are other precious stones to choose from too. If you’re sticking to a budget or want something a little more unique, then there’s so many other types of rings to choose from. If your significant other has a favourite colour in mind, then opt for a gemstone engagement ring


If coloured stones aren’t your thing and you feel like sticking to a classic and traditional look, then you can always opt for a lab grown diamond. Lab grown diamonds are a growing trend and definitely one of the most cost effective options. If you’re looking to learn more about the difference between lab grown diamonds and natural diamonds, then check out our blog.

 

 

Can You Buy Engagement Rings on Finance? 

 

If you still want to splash out on the perfect ring for your loved one, then buying an engagement ring on finance might be the best option for you. If your heart is set on one ring and one ring only, then spread the cost by selecting finance options when buying an engagement ring from us. 

 

 

Forget What You Think You Know

 
However much you decide to spend, whether it’s one month’s salary, three months' salary or $10 million, an engagement ring should be personal to you. We recommend sticking to a budget that is manageable, there’s still plenty of options for diamonds or precious stones to choose from if you decide to break free from tradition. Even if you decide to spend a little more (it is a special occasion after all!), you can opt for paying for your engagement ring through finance if you need to spread the cost. If you’re looking for the perfect ring for your significant other, then book an online appointment, one of experts will be able to help you choose a ring suited to your budget.