How Much Does an Engagement Ring Cost in the UK?

It's the question almost every couple asks us first, and often the one they feel most awkward about. The truth is there's no "right" amount to spend on an engagement ring. The old rule about spending a set number of months' salary was a marketing line, not a tradition. The right budget is simply the one you're comfortable with, and a good jeweller will help you get the most beautiful ring possible within it.

Here's how pricing actually works, so you can walk into any conversation with confidence.

What decides the price of an engagement ring?

Most of the cost of a diamond engagement ring is the centre stone. The setting matters too, but the diamond is where your budget does the most work. A diamond's price comes down to five things:

• Carat weight. Price rises steeply with size, and jumps at "round" weights like 0.50ct, 1.00ct and 1.50ct. A 0.95ct stone can look almost identical to a 1.00ct and cost noticeably less.
• Cut. This is what makes a diamond sparkle. A well-cut stone looks brighter and often larger than a poorly cut one of the same weight, so it's rarely the place to save.
• Colour. Graded from D (colourless) downwards. Stones in the G to H range look white to most eyes, especially in a platinum or white gold setting, and cost considerably less than D to F.
• Clarity. Most people can't see the difference between VS2 and VVS1 without magnification. "Eye clean" is what matters day to day.
• Natural or lab grown. Lab-grown diamonds are real diamonds and typically cost far less than natural stones of the same size and quality. We explain the difference in our lab-grown vs natural guide.

For a deeper look at each of these, read the 4Cs, explained honestly.

What about the setting?

The setting is the metal band and the claws or frame that hold the stone. A plain solitaire keeps the focus on the diamond and is usually the most affordable choice. A halo surrounds the centre stone with smaller diamonds, adding sparkle and making it appear larger. A diamond-set band adds stones along the shoulders. Platinum usually costs more than 18k gold because it's denser and harder to work, but both are excellent, durable choices.

Where your money goes furthest

• Prioritise cut, then be flexible on colour and clarity.
• Look just under the round carat weights (0.90ct rather than 1.00ct, for example).
• Consider a lab-grown diamond if size matters most to you.
• Choose a halo if you want a bigger look for the same budget.
• Buy direct from a maker. At Finecraft, rings are made by Dov, so there's no chain of middlemen adding to the price.

What to expect at Finecraft

Our engagement rings start from around £2,500, and every ring can be made in platinum or 18k white, yellow or rose gold. Because we work to order, we can build a ring around your budget rather than the other way round. Our what your budget buys guide shows the kind of diamond and setting you can expect at different price points.

Come and see the difference in person

Photos only tell you so much. The easiest way to understand what your budget buys is to compare a few stones side by side. Book a private appointment at our showroom in The Record Hall, Hatton Garden, and we'll talk you through the options with no pressure. Call us on 020 7965 7304 or send us a message.