Jewellery Articles

The Average Engagement Ring Cost in the UK

February 26, 2020 - Jewellery Articles
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When jewellers start telling couples that they should be spending three months’—or more—salary on an engagement ring, it’s time for a reality check. That’s why we decided to take a closer look at the average cost of an engagement ring in the UK. Read on to discover not only how prices are determined, but how any couple can make their money go further.

Get the answers to these questions:

 

What is the average engagement ring cost in the UK?

 

Less than it used to be. In the UK, engaged couples are spending roughly 19 percent less on an engagement ring than they did a decade ago. According to a survey conducted by retailer William May, the average cost of an engagement ring in the UK is currently £1,471. That’s less than an average of one month’s salary (£1,800) based on an average annual salary of £27,271. And the number of couples who want to spend much, much less is growing fast: there’s an increase of 18 percent in the grooms spending £500 or less. In fact, Poundland recently found great success with its one pound engagement ring.

But it depends on how old you are. Millennials seem willing to spend more—about double the £691 average spent by 45- to 54-year-olds (who are, after all, more likely to be on their second or third marriage).

 

And it also depends on where the groom-to-be lives. In Northern Ireland, grooms average over £1,700 for rings and in the East of England, the average cost of an engagement ring goes up to £1,696. In Yorkshire, however, it goes down to £1,261. The Scots’ reputation for thrift apparently applies to engagement rings too: grooms there spend under £1,000 for sparklers.

 

WHAT DETERMINES THE PRICE OF AN ENGAGEMENT RING?

Because the average engagement ring contains only three or four grams of precious metal, the cost of any engagement ring is linked to the main diamond, which is still judged according to the classic 4 Cs: cut, color, clarity, and carat weight. While many people will present themselves as diamond experts, your most reliable source about any diamond is a certification by the Gemological Institute of America, the grading system that is used worldwide.

UK engagement ring trends

So what are the 4 Cs?

 

Cut refers to the proportions and symmetry of the stone and how well the person responsible for cutting the diamond used facets to enhance the stone. Don’t be misled by a “good” classification since diamonds categorized as “fair” or “good” can actually be in the bottom third of quality.

 

Color really refers to the absence of color, a quality prized in diamonds. (Unless it’s a fancy diamond in a strong color like blue, canary, or pink.) Here, again, the terminology can be misleading since there’s no such thing as an A+ stone. The GIA system starts with a grade of D as its highest, and then goes all the way down the alphabet to Z, a designation saved for muddy-looking stones. For an engagement ring, you’ll probably be looking at stones with a grade of K and above, but you’ll find that few nonexperts can tell the difference between G through J grades and that diamonds with the ever-so-slightest yellow tinge may pair beautifully with yellow gold settings.

 

Clarity refers to whether or not imperfections can be seen in your diamond—particularly any flaws that are apparent without magnification. You’re apt to find beautiful rings with GIA grades like “VVS2,” which translates to a “very, very slightly included stone”—a grade that can sound alarming but actually means that even a trained eye has trouble seeing the flaws under the 10x magnification of a jeweller’s loupe.

 

Carat Weight seems like it should be the easiest for most nonprofessionals to understand. A big stone costs more, right? Well, not necessarily. A big stone that doesn’t rank high on the cut, color, and clarity may cost much less than a flawless one-carat diamond.

WHERE CAN I GET AN ENGAGEMENT RING FOR THE BEST PRICE?

Yes, you could shop sales, check consignment shops, attend auctions, and hope for the best. You could be one of the brave souls who buys a lab-grown diamond. Or you could take the most cost-effective route and buy a pre-owned engagement ring.

Gemma, our partner site, offers a full range of pre-owned engagement rings—from top jewellery brands including Cartier, David Yurman, Harry Winston, Tiffany & Co., and Vera Wang, at prices up to 78 percent off retail. Each piece has been authenticated by our team of luxury jewellery experts and is backed by our five-star reputation for customer service. Or, if you prefer, build your own ring: choose a GIA-certified loose diamond and pair it a setting of your choice to create a one-of-a-kind engagement ring at the best possible price.

And, when you’re ready for a wedding band, you can also shop gem-set bands that will enhance an engagement ring, classic platinum bands from Tiffany and Cartier, complete wedding sets, even Cartier Love Rings set with diamonds.

HOW CAN I AFFORD AN ENGAGEMENT RING? 

Now that you know the average engagement ring cost and have discovered a source where you can buy an engagement ring for up to 78 percent off retail, you’re ready to start shopping—and start worrying about where the money is coming from.

 

We can help with that too. Why not sell any unwanted jewellery, luxury bags, or watches for store credit? Most people have at least one piece of jewellery that was an inheritance, an unwanted gift, a memento from a prior relationship, or a piece that’s simply no longer the right size or style.

 

As specialist online diamond, jewellery, and luxury watch buyers, WP Diamonds helps you use the jewellery you no longer want and no longer wear to get the engagement ring of your heart’s desire. You can sell your luxury jewellery and watches to WP Diamonds for cash or store credit (we’ll even give you a 10 percent increase when you opt for store credit) in a process that can take as little as 48 hours from start to finish.

With us, selling your diamonds, jewellery, and watches is easy. Start by filling out our online form and follow its prompts to receive a price quote from one of our experts. Whether you prefer to sell from the comfort of your own home or make an appointment at our offices in Birmingham, London, New York, Hong Kong, or Tokyo, our service is always simple, fast, secure—and free. You can feel confident in our trust guarantee and hundreds of positive customer reviews.

Find out what you can earn by clicking the button below.


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