One of the most commonly asked questions about diamond rings is how much is the average engagement ring? This is a complicated question with many contributing factors. Over the years, the cost of an engagement ring has fluctuated based on metal prices, diamond prices, cultural, and economical circumstances.
How Much the Average Engagement Ring Costs in the US and UK
Before we get into it, it’s important for you to understand that each study performed by various jewelry authorities have performed these over a selected group of people. In the United States, the yearly Jewelry and Engagement Study from mega-wedding website The Knot serves as the top statistic for how much the average engagement ring is.
According to The Knot’s 2024 Jewelry & Engagement Study, this figure marks a decline from $5,500 in 2023 and $5,800 in 2022. While the exact specifications of those participating in the 2024 study are not disclosed in their most recent article, past years studies surveyed the engagement ring expenditures of over 5,000 couples on their website.
In the UK, there are various statistics reported for the average cost of an engagement ring. According to a report from Austen & Blake, the average sale price of an engagement ring this year was £2,200. This number translates to about $2,712.50 in USD. The UK has been known to spend less on engagement rings than the US as well as purchasing smaller center diamonds.
Why the Three-Month Salary Rule Is Outdated
Most people know about the “three-month salary rule”. This outdated notion that a person should save up three months worth of their salary to pay for an engagement ring. With the cost of inflation, wages, and other contributing factors, this rule has no merit on engagement ring purchases today.
Many couples today prefer to invest in a ring that suits their style and budget rather than adhering to outdated norms. Breaking free from the three-month rule allows you to focus on finding a meaningful and beautiful ring without unnecessary financial strain.
Focus on Materials, Stones, and Styles Over Price
Rather than fixating on how much you should spend, it’s more important to prioritize the materials, stones, and styles desired by you and your partner. There are plenty of ways to cut costs without sacrificing quality.
For example, opting for a lab-created diamond instead of a mined diamond can offer significant savings while maintaining exceptional quality. Similarly, choosing unique gemstones like sapphires, emeralds, or alexandrite can create a ring that’s both affordable and distinctive.
Colored gemstone quality may vary as well. Some shades of blue sapphire are more expensive than others. Deep dark sapphires are considered less valuable, but many prefer their dark hues. Similarly, a light blue sapphire is also less valuable. However, the shade of blue has no impact on the quality and durability of the stone. You might find you prefer a less expensive stone color to the one that would be considered more valuable.
Why Private Custom Jewelers Save You Money
One of the biggest misconceptions about custom jewelry is that it’s more expensive than buying from a traditional brick-and-mortar retailer. In reality, private custom jewelers often save you money by cutting out the overhead costs associated with mass production, marketing, and storefront operations.
These savings are passed on to you, allowing you to invest in a ring that is handcrafted to your specifications without breaking the bank. Additionally, working with a custom jeweler gives you the flexibility to choose every detail of your ring.
Create Your Perfect Ring with AW Jewelry
At AW Jewelry, we specialize in helping couples create engagement rings and custom fine jewelry. Instead of wondering how much is the average engagement ring, we’d rather you focus on what you want instead of a price.
We can work with a variety of budgets to create an engagement ring that’s suited to your taste and style. We offer natural stones and lab-created stones, whether its diamonds or colored gemstones. Choose from a variety of metals like white gold, rose gold, yellow gold, or platinum. Our gold is available in both 14K and 18K. Contact us to see what we can do with your budget today!
