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How Much Should an Engagement Ring Really Cost?

The age-old question.

Thinking of popping the question this year and pondering over which engagement ring to get? You’re not the only one.

2022 has got off to a romantic start already following the engagement of Megan Fox and Machine Gun Kelly, which happened notably soon after their friends Kourtney Kardashian and Travis Barker in October 2021.

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The musician popped the question with an unusual two-stone custom ring, estimated to have cost him almost £370,000.

He explained to Vogue that the ring contains “bands [that] are actually thorns,” adding that “if she tries to take it off, it hurts.”

He told the publication, “The concept is that the ring can come apart to make two rings. When it’s together, it’s held in place by a magnet.

“So you see how it snaps together? And then it forms an obscure heart.”

It was a different choice with a price tag to match, but how much should an engagement ring usually set you back?

If you’re thinking of popping the question – or are expecting it – you might be worried about the excessive cost of the jewellery.

There are so many myths about how much we should spend on the band that it sometimes detracts from the huge life decision you’re actually making, but it shouldn’t be as difficult as it is.

So we’re demystifying the rumours and explaining the general rules about the engagement ring. Keep scrolling for everything you need to know.

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How much should you spend on an engagement ring?

There are so many theories about the amount people believe you should spend on an engagement ring, but as you can expect, the high cost of engagement rings originated as a marketing ploy.

It was the US jewellery brand De Beers, who launched a marketing campaign in 1947 with the tagline: ‘How can you make two months’ salary last forever?’

This myth has stuck, so now people expect to spend thousands on a ring.

How much does the average engagement ring cost in the UK?

The average cost of an engagement ring has reduced in recent years, from £1,865 in 2018, to £1,483 in 2021 according to Diamond Factory.

The average actually matches up to the country’s average salary, so you can expect to spend around that on a ring.

However it of course depends on how much you can really afford; nobody should spend more than they can afford, regardless of how much they love their partners.

Love cannot be defined by material wealth or possessions, despite the romantic gesture involved in proposing.

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How much does the average engagement ring cost in the US?

A study by Brides found that couples spent on average $3,756 on an engagement ring in 2020. This works out at around £2,760 – a little more than the UK average.

However it’s a drastic reduction from 2018, when the average cost spent on the ring was $7,829 – almost £6,000.

Engagement ring calculator

There are nifty engagement ring calculators online, including this one from Diamond Factory. It asks you how much you earn, your monthly outgoings and how many months until you’ll propose. Then it works out how much remaining income you can save for the perfect ring.

Shop engagement rings

Platinum Diamond Cluster Halo Ring Beaverbrooks

Platinum Diamond Cluster Halo Ring, £1,950, Beaverbrooks – buy now

 Wild Posy Twist Diamond Ring Alex Monroe

Wild Posy Twist Diamond Ring, £2,550, Alex Monroe – buy now

Vera Wang 18ct White Gold 0.95ct Total Diamond Cluster Ring

18ct White Gold 0.95ct Total Diamond Cluster Ring, £3,999, Vera Wang – buy now

Tiffany Soleste Pear-shaped Halo Engagement Ring with a Diamond Platinum Band

Soleste Pear-shaped Halo Engagement Ring with a Diamond Platinum Band, £8,250, Tiffany – buy now

 Engagement Ring - 1.00ct, £9,810, Dower & Hall

18ct Yellow Gold – J – Halo Cushion Engagement Ring – 1.00ct, £9,810, Dower & Hall – buy now

Marquise diamond centre and bead-set diamond halo set in platinum

Marquise Diamond Centre and Bead-Set Diamond Halo Set in Platinum, £1,830, Taylor & Heart – buy now

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