The Common Value of an Engagement Ring

What’s the common value of an engagement ring?

In the UK throughout 2023, the typical value of an engagement ring is £2100. This determine comes from a mean of 100 latest engagement ring gross sales at Serendipity Diamonds. 

In our survey, particular person ring costs diversified significantly from £600 to £10,000.

However, the typical value paid labored out to £2100. Put merely, we divided the entire worth of gross sales, however the variety of engagement ring gross sales.

Common ring value in comparison with common pay

The typical ring value pertains to the typical month-to-month take-home pay for a lot of employees.

In accordance with the Workplace of Nationwide Statistics, common earnings of £648 per week complete pay earlier than tax. This labored out to roughly £2500 gross monthly. Or, roughly £2000 web pay monthly.

The rule of 1 month’s wage defined

The “one month’s wage rule” gave many consumers a conventional guideline to counsel spending an quantity equal to at least one month’s wage on an engagement ring.

In actual fact, the rule originated from diamond retailer De Beers within the Nineteen Thirties as a part of a advertising marketing campaign to advertise diamond engagement rings. However, some organisations even tried to counsel a 3-month rule.

On the similar time, it’s vital to notice that the “one month’s wage rule” grew to become a social conference for anybody budgeting for an engagement ring.

Consequently, the rule confronted criticism and isn’t universally adopted at this time. Because of this, many {couples} set their very own funds primarily based on their very own state of affairs. In actual fact, completely different people could have their very own distinctive monetary circumstances, priorities, and preferences with regards to shopping for an engagement ring.

How a lot ought to an engagement ring value?

Jewellers value engagement rings primarily based on a number of various factors. Firstly, the supplies rings are constituted of. Subsequent, the price of labour to create the ring design.

For instance, a Platinum diamond engagement ring prices greater than a 9-carat gold set with a semi-precious gem.

Subsequent, the revenue margin varies significantly from one jeweller to a different. For instance, some jewellers with fewer overheads can apply a smaller margin than a London boutique jeweller with greater overheads.

Components affecting engagement ring value

A number of components have an effect on the price of an engagement ring. The next desk units out a number of of a very powerful particulars influencing value.

Components	Description
Gemstone	The kind, measurement, and high quality of the gemstone used within the ring considerably influence its value. Diamond is the preferred gemstone for engagement rings, and components corresponding to carat weight, minimize, color, and readability have an effect on the price.
Steel	The selection of metallic for the ring band, corresponding to gold (yellow, white, or rose), platinum, or palladium, impacts the price. Platinum tends to be costlier than gold as a result of its rarity and sturdiness.
Ring Design and Fashion	Elaborate or intricate ring designs typically require extra labour and experience, which might enhance the price. Customized-designed rings or distinctive settings might also be pricier than commonplace designs.
Model	Designer or luxurious model engagement rings typically include the next price ticket as a result of their status and craftsmanship. Effectively-known manufacturers could cost a premium for his or her title and model worth.
Ring Setting	The complexity and craftsmanship of the ring setting affect the price. Intricate or custom-made settings, corresponding to pave, halo, or classic kinds, can add to the value.
Ring Band Width	Thicker or wider ring bands require extra metallic, leading to greater prices.
Diamond Certification	Rings with licensed diamonds, evaluated by respected gemological laboratories like GIA (Gemological Institute of America) or AGS (American Gem Society), could command the next value as a result of assurance of high quality and authenticity.
Market Demand	Market components like provide and demand, financial circumstances, and fluctuations within the jewelry business can affect the price of engagement rings. Costs could range primarily based on the present market developments.
Retailer	The pricing insurance policies and markups of various retailers can range. Established jewelry shops or boutiques could have greater costs in comparison with on-line or impartial jewellers.
Further Options	Further options corresponding to engravings, facet stones, or accent diamonds can enhance the general value of the ring.

How a lot to spend in your engagement ring?

The next chart reveals 100 of our most up-to-date engagement ring gross sales ranging from 2022 and the large variation of costs. Discover how nearly all of gross sales fall between £1000 – £2000.

Examine this chart to the primary chart printed on this article, taken from 50 x ring gross sales throughout 2020.

Contemplate your monetary state of affairs

Earlier than shopping for a hoop, rigorously think about your monetary state of affairs. Everybody’s monetary place differs primarily based on private circumstances. Revenue, current commitments and credit score standing all range from one individual to a different. 

Within the UK, many consumers reap the benefits of finance. Extra importantly, 0% finance. Because of this, we launched quite a lot of choices from Klarna Financial institution. While solely obtainable to UK consumers, a variety of 0% finance choices exist all topic to software. We ship purchasers a hyperlink to use primarily based on their chosen ring design and specs.

What can consumers count on for the typical engagement ring value?

Primarily based on the typical diamond ring within the UK, we determined so as to add a number of selections to fulfill this funds. As well as, we offer a number of hundred ring kinds and a bespoke service too.

Right now, some consumers favour lab-grown diamonds as an reasonably priced various to mined, pure diamonds. For instance, we arrange one among our ring designs (Kensington) in 950 Platinum with a 1.03 carat F color SI1 readability lab-grown diamond for simply over £2000 as proven within the chart under.

By comparability, most Excessive Avenue chains—together with jewelry manufacturers corresponding to Beaverbrooks, H. Samuel and Goldsmiths present far much less worth for cash.

Retailer Title	Diamond Weight	Color / Readability	Steel	Value	Notes	Worth Score
Serendipity Diamonds	0.4	G SI1	Platinum	£2,000	GIA licensed. Very Good Reduce	★★★★★
Earnest Jones	0.33	I SI2	Platinum	£2,095	Non-recognized lab cert.	★★★
H. Samuel	0.5	I I1	Platinum	£2,300	Multistone solely obtainable. Non-recognized lab cert.	★★
Beaverbrooks	0.31	G SI1	Platinum	£2,095	Uncertified. Diamond weight might be 5% much less.	★
Goldsmiths	0.40	G SI1	Platinum	£2,150	Uncertified.	★★★★
Serendipity Diamonds	1.03	F SI1	Platinum	£2,160	IGI licensed. Moral. Lab-grown diamond.	★★★★★

Fascinating observations primarily based on our analysis

A couple of fascinating particulars surfaced throughout our analysis into engagement ring costs. Firstly, Beaverbrooks features a small print to advise the precise diamond weight may range by as a lot as 5%. Their cause—as a result of all diamonds are completely different???

Additionally, a number of the sellers present certificates from unknown laboratories. For instance, Gemmological Science Worldwide seems steadily.

However, why do these shops not insist on GIA, IGI, HRD or any of the revered gemmological labs? Lots of the retailers additionally present instance certificates with greater grades than the diamonds listed on the market.

Lastly, regardless of their rising recognition, and 100% moral standing, not one of the comparability outlets provide lab-grown diamond alternate options to pure diamonds.

Further methods to cut back the price of an engagement ring

Some consumers use current unworn jewelry to cut back the price of a brand new ring. Many jewellers purchase ‘previous gold’ to offset the value of a brand new merchandise by deducting the scrap worth of the valuable metallic. In the identical method, we assist many new consumers in the identical method.

Firstly, we assess current gadgets to determine the purity of the valuable metallic. Subsequent, we weigh gadgets to work out their gram weight. Lastly, we apply the each day scrap value per gram to reach at a value.

One other method to scale back the price of an engagement ring includes shopping for simply the ring mount or setting solely. In actual fact, lots of our purchasers use this service. For instance, some purchasers buy gems elsewhere. Or, different purchasers have current diamonds, inherited from household. On this method, they buy simply the setting and keep away from the price of the whole ring.