What Is The Average UK Engagement Ring Cost In 2023?

I see you, looking at how much an engagement ring costs in the UK. Are you getting engaged, or planning to? Then a big fat congratulations are in order for you!

But, I know what you are thinking. An engagement ring can equal lots of money and can I actually afford to propose? You want to marry your soul mate but how can you achieve your dream engagement, within your budget?

No need to fret, I am here to help. Let me share with you not only the average engagement ring cost in the UK but also some words of wisdom and advice on where to start with that all-important ring budget.

Photo: Jean Smith Photography via Greenhouse Michigan Wedding

Please note these figures may change and may vary depending on many external factors. The rings featured in the images are for illustrative purposes and are not related to the ring costs mentioned.

How Much Does An Engagement Ring Cost?

Let’s keep things super simple. An engagement ring can be FREE. Yes, that’s right, when you strip everything back, an engagement ring doesn’t have to cost you a single penny. You could find a ring you already own or inherit a ring.

Alternatively buying a second-hand or non-precious metal or gem engagement ring can set you back from £20.

But, not many of us want to go down the route of using a ring we already own, or buying a really inexpensive piece. We want to have a ring that’s going to last the test of time in quality materials that is super special.

A UK engagement ring can cost from £0 all the way up to thousands (if not millions) of pounds depending on what a couple wants and their ring budget.

Photo: Andy Withey Photography via Middlethorpe Hall Wedding

What Is The Average Cost Of An Engagement Ring In The UK In 2023?

There is no definitive answer to what is the average cost of an engagement ring in the UK in 2023. But there have been several surveys conducted. It’s worth considering that the answers are from a select number of couples so do take them with a pinch of salt.

Bridebook’s January 2023 survey of nearly 4000 UK couples found the average engagement cost in 2022 was £1929.

DiamondsByMe polled 1,500 UK couples through the survey provider TLF in October 2022. They found that the average engagement ring spend in 2022 was £1,630. Significantly less than Bridebook’s survey which is really interesting. It just goes to show that finding the true average engagement ring cost in the UK isn’t an easy feat.

What we do know is that it’s common for couples to spend hundreds if not thousands of pounds on their engagement ring(s). But that’s an average and there will be couples spending much less than these figures and wildly over this figure too. You know what? That’s totally OK.

If your ring budget is a little different from the average, don’t sweat it. You can have your engagement ring of dreams.

Photo: Anna Gomes Photo via Los Cabos Wedding

How Much Should We Spend On An Engagement Ring?

First and foremost, there should not be a dedicated amount or rule on what you spend on an engagement ring. Never ever feel pressured to spend beyond your means for an engagement ring, or any part of your wedding.

There was a traditional saying that stated three months’ salary should be spent on an engagement ring. No matter your salary, that’s an extortionate amount to spend on a ring and it’s just not necessary.

To decide on how much to spend on an engagement ring, do a little research. Go ring (window) shopping! Check out online retailers, wedding ring jewellers or jewellery shop windows and look at their prices. Shop around and see which kind of ring you’d like. When you think you know the type or style of ring you’d love, you can then see the kind of price you’ll be looking at spending.

From there, you can decide if you are able or want to spend that kind of money on an engagement ring.

Photo: October James Photography via Eggington House Wedding Bedfordshire

How To Save Money On An Engagement Ring?

Ring Materials

If the cost of the dream engagement ring is too high, consider finding a ring with smaller gems or different precious metals or gems. Sapphires for example can work out cheaper than diamonds, as can lab-grown diamonds.

Second-Hand & Antique

Alternatively, look at vintage or second-hand rings. Online marketplaces, antique fairs and pawn shops are places to search. Be careful to ensure the ring is genuine and if it doesn’t feel right, walk away. Another one will pop up. Don’t forget to take into account the cost of ring resizing and cleaning an old ring into your budget.

You could also be gifted a ring to propose with by a family member. How about refashioning a ring or other piece of jewellery you already own? This could save money on the cost of the metal and gems.

Bespoke & Online

Bespoke engagement rings are an option too as jewellery designers will work to your budget.

If buying a ring online, do research independent review sites to see if they are legit. If something is too good to be true, it usually is! Of course, there are sales and offers around. Keep your eyes peeled and prepare to be flexible to save money.

Look out for deals on Black Friday, Boxing Day or in the Summer. And, have a search online for discount codes or cashback retailers.

Placeholder Ring

You could even use a placeholder engagement ring to save money or a sweetie ring! Then when the time is right and you save some spare money, invest in the final engagement ring.

All in all, there is a way to get the ring you dream of. It just takes a little extra thought, research and perhaps, patience.

Photo: Luke Doyle via Manor Farm Wedding Hampshire

What Affects The Cost Of An Engagement Ring?

So I’ve touched on how choosing different stones and metals may save you money. And that’s absolutely right! Let’s take a look at what affects the cost of an engagement ring.

The Gem Stone(s)

The gem or stone (if you so choose to have one) in your ring will be a big factor in the cost of it. One option to save money on your ring is to choose lesser quality ratings on the 4Cs; clarity, cut, carat and colour. If you choose a stone or diamond with less clarity and colour, as well as a smaller stone in a simple cut, these will all save you money.

You could ditch the stone altogether or choose a diamond alternative. Think about these mined-diamond stone alternatives:

Sapphire
Morganite
Amethyst
Opal
Lab-Grown Diamonds
Tanzanite
Moissanite
Aquamarine

Photo: Mariya Stecklair Photography via Stotesbury Mansion Wedding

The Band Material

The material you choose for your engagement ring band also affects the price. Platinum is top of the list of expensive precious metals, but there are ways to cut costs. You can have less metal by choosing a more delicate band or choose a smaller carat rating for gold.

Consider these alternative precious metal options too:

Wood
Tungsten
Sterling Silver
Titanium

Photo: Lightening Photography via Quirky Natural Outdoor Festival Wedding

Places To Buy UK Engagement Rings Online

Links in this article may be affiliate links, which means I may earn a commission if you make a purchase, at no additional cost to yourself.

If you fancy buying an engagement ring online in the UK, here are some places to begin:

Always, always do your research before buying an engagement ring online. Be sure to search for independent reviews and accreditations.

So there we have it! You now know the average cost of an engagement ring in the UK, how much you should spend on your ring and how to save money! Yes! It's now time to go off ring shopping, how exciting.