The Common Value of an Engagement Ring in 2024
The common worth of an engagement ring in 2024 is £2000 primarily based on the everyday UK buy worth of a diamond ring.
With a radical change in purchaser habits and the introduction of lab-grown diamonds, many youthful consumers profit from bigger diamonds for a major discount in ring worth.
We surveyed ring purchases within the £600 to £10,000 worth vary. The common price of an engagement ring was £ 2000.
How does the value evaluate to a median wage?
The common ring worth is said to many individuals’s common month-to-month take-home pay. As a rule of thumb, many consumers enable a month’s wage for his or her buy.
In line with the Workplace of Nationwide Statistics, the common weekly earnings are £ 648 whole pay earlier than tax. This works out to roughly £2500 gross pay per thirty days or roughly £2000 internet pay per thirty days.
One month’s wage – and the standard rule-of-thumb
The “one month’s wage rule” gave many consumers a standard guideline to recommend spending an quantity equal to at least one month’s wage on an engagement ring.
The rule originated from diamond retailer De Beers within the Thirties as a part of a advertising marketing campaign to advertise diamond engagement rings. However, some organisations even tried to recommend a 3-month rule.
On the identical time, it’s essential to notice that the “one month’s wage rule” grew to become a social conference for anybody budgeting for an engagement ring.
What has modified throughout 2024?
In 2024, engagement ring choices elevated dramatically. Most significantly, the adoption of lab-grown diamonds radically elevated the scale of a £2000 diamond ring. A pure 1-carat diamond engagement ring costing £20,000 now prices beneath £2000 with a lab-created diamond.
Because of this, many millennials look in the direction of inexpensive, lab-grown diamond engagement rings as a substitute of their pure counterparts.
Instance of an inexpensive lab-grown diamond engagement ring equivalent to the pure equal.
Subsequent, the revenue margin varies significantly from one jeweller to a different. For instance, some jewellers with fewer overheads can apply a smaller margin than a London boutique jeweller with larger overheads.
Elements Affecting Engagement Ring Price
A number of components have an effect on the price of an engagement ring. The next desk units out a number of of crucial particulars influencing price.
How a lot do you have to spend in your engagement ring?
The next chart reveals 100 of our most up-to-date engagement ring gross sales ranging from 2022 and the broad variation of costs. Discover how the vast majority of gross sales fall between £1000 – £2000.
Examine this chart to the primary one printed on this article, which was taken from 50 x ring gross sales throughout 2020.
Think about your funds.
Earlier than shopping for a hoop, rigorously think about your monetary state of affairs. Everybody’s monetary place differs primarily based on private circumstances. Revenue, current commitments and credit score standing all fluctuate from one individual to a different.
Within the UK, many consumers reap the benefits of finance—extra importantly, 0% finance. For that reason, we launched quite a lot of choices from Klarna Financial institution. While solely accessible to UK consumers, a spread of 0% finance choices exist, all topic to software. We ship shoppers a hyperlink to use primarily based on their chosen ring design and specs.
Examples of common priced engagement rings.
Based mostly on the common diamond ring within the UK, we determined so as to add a number of selections to fulfill this finances. As well as, we offer a number of hundred ring kinds and a bespoke service too.
At present, some consumers favour lab-grown diamonds as an inexpensive various to mined, pure diamonds. For instance, we arrange one in all our ring designs (Kensington) in 950 Platinum with a 1.03 carat F color SI1 readability lab-grown diamond for simply over £2000 as proven within the chart beneath.
By comparability, most Excessive-Road chains, together with jewelry manufacturers resembling Beaverbrooks, H. Samuel, and Goldsmiths, present far much less worth for cash.
Pure vs lab diamond ring costs on the Excessive Road.
| Retailer Identify | Diamond Weight | Color / Readability | Steel | Value | Notes | Worth Score |
|---|---|---|---|---|---|---|
| Serendipity Diamonds | 0.4 | G SI1 | Platinum | £2,000 | GIA licensed. Very Good Minimize | ★★★★★ |
| Earnest Jones | 0.33 | I SI2 | Platinum | £2,095 | Non-recognized lab cert. | ★★★ |
| H. Samuel | 0.5 | I I1 | Platinum | £2,300 | Multistone solely accessible. Non-recognized lab cert. | ★★ |
| Beaverbrooks | 0.31 | G SI1 | Platinum | £2,095 | Uncertified. Diamond weight could possibly be 5% much less. | ★ |
| Goldsmiths | 0.40 | G SI1 | Platinum | £2,150 | Uncertified. | ★★★★ |
| Serendipity Diamonds | 1.03 | F SI1 | Platinum | £2,160 | IGI licensed. Moral. Lab-grown diamond. | ★★★★★ |
About Mark Johnson
My identify is Mark and I am founder at Serendipity Diamonds. By day you will discover me working in our showroom—in quite a lot of roles. My work (which I like) ranges from photographing jewelry, to writing weblog posts and serving to shoppers with my colleagues Drina, Emily and Debbie.
