A realistic take – not a rulebook
This question comes up all the time, and it’s genuinely tricky to answer. Not because people are asking the wrong question, but because the world underneath the cost of an engagement ring keeps changing dramatically
At the time of writing, precious metals are volatile. Gold and silver are at historic highs, platinum isn’t far behind, so even a lightweight yellow gold ring has rocketed in price. At the same time, natural diamond prices have softened, while lab-grown diamonds have continued to drop.
So the price of an engagement ring in the UK today looks very different to even a year ago. A budget that once felt sensible could now buy a completely different diamond ring – or the same ring, but with compromises elsewhere.
That’s why I struggle to give a neat number. It just doesn’t reflect reality anymore.
The first thing I always say to clients
Wherever possible, do what feels right to you.
When people start deciding how much to spend, they’re often carrying a lot of chatter – what they should spend on an engagement, what tradition says, what Instagram pushes, or the old idea of needing to spend three months’ salary on an engagement ring.
I know it’s easy to say “ignore expectations”, and much harder to do in practice. Cultural, friends and family expectations matter to many people, and pretending they don’t isn’t helpful.
But it’s worth remembering this: the ring isn’t for the crowd, it’s for you and your partner. People will see it and comment, yes, but the ring is really about what it represents privately – not what you paid, not whether it hits the so-called average engagement ring cost, and not whether it follows a rule.
So… how much should you spend?
Honestly?
Whatever it costs to feel comfortable and right for both of you. I realise this isn’t massively helpful on its own. The problem with asking “how much should an engagement ring cost” is that it assumes there’s a correct answer. There isn’t. Especially now.
A cheaper option when you buy an engagement ring today might be:
- Mass-produced
- Made to hit a price point
- Using average quality stones
- Old stock
- Fine, but not exceptional
A more expensive ring may well be:
- Better designed
- Better made
- Using higher quality stones
- Thought through in terms of proportion and carat weight
- Built to last decades, not trends
Neither approach is wrong.
They are simply very different outcomes.
What you’re really deciding
I don’t think the real question is about money at all. For me, it’s more about:
- What do you want this ring to express?
- How important is individuality?
- Do you care more about size, or about high quality?
- What price range feels financially comfortable for you, not impressive to others?
Once you answer those questions, the engagement ring budget usually becomes obvious.
That’s why it’s far more useful to approach a designer and say something like:
“I’ve set aside £5,000. My partner loves sapphires, art deco style, and isn’t fussed about a big diamond – how can you help?”
That’s a strong starting point. It’s not about chasing the perfect engagement ring in theory – it’s about finding the right ring in reality.
The lab-grown factor
If you want a diamond engagement ring and you’re open to lab-grown, the economics change dramatically.
Lab-grown diamonds allow you to spend less on the stone itself and put more into design, metal, and craftsmanship. For some couples, that feels like a sensible rebalancing. For others, the provenance of a natural diamond still matters deeply.
Neither choice is right or wrong. They simply lead to different prices, different priorities, and different emotional weight when you finally find the perfect ring.
A realistic bracket (if you really want one)
Most modern couples I work with in 2026 end up spending somewhere between £2,500 and £7,500.
Some spend less. Some spend significantly more.
What matters isn’t where you land relative to the average engagement ring cost. What matters is whether you feel calm and confident about the decision afterwards – not quietly uneasy because you followed a rule that didn’t really fit you.
Final thought
An engagement ring isn’t a test and it’s not a performance or a competition.
Spend what you’re comfortable spending, on a ring that feels right to you both, in a market that’s anything but stable.
