Let’s get real: when you start thinking about proposing, one of the first things you wonder is, “How much should I spend on the ring?” The answer isn’t as simple as some would have you believe. For years, ads and old-school ideas have made this way more stressful than it needs to be. You’ve probably heard the whole “three months’ salary” thing — honestly, that’s just marketing from decades ago, not actual financial advice.
Here’s the truth: there’s no magic number. The budget for an engagement ring should fit your life, your priorities, and the story you’re creating together. At Blackwell Jewellers, we think your ring should mean something — it’s not about stretching your wallet to the breaking point. Whether you’re spending £1,000 or £10,000, what really matters is the craftsmanship, the design, and how authentic it feels, not what it costs.
So, in this guide, we’ll help you figure out what actually makes a ring valuable. We’ll dig into things like metal, diamond choices, and the details that count. Plus, we’ll share some honest advice to help you make a smart, meaningful choice without losing sleep over it.
💡 Blackwell Tip: A meaningful ring doesn’t start with money — it starts with thought.
👉 If you’re just beginning your search, read our full guide: How to Choose the Perfect Engagement Ring in 2025
“The perfect ring isn’t defined by cost — it’s defined by connection.”
Breaking the Myth – The ‘Three-Month Salary’ Rule
For years, one of the most common pieces of advice floating around engagement ring shopping has been the so-called “three-month salary rule.” The idea that you should spend three months’ wages on a ring sounds neat and simple — but it’s also completely outdated.
The truth? That “rule” was never based on love or logic. It was created in the 1930s by diamond marketers as part of a campaign to boost sales. Back then, a month’s salary was the recommended spend — but by the 1980s, clever advertising had turned that into three. And just like that, a marketing slogan became a social expectation.
At Blackwell Jewellers, we’re here to say it’s time to move past it. The value of your engagement ring isn’t defined by how much you spend — it’s defined by what it means. The right budget depends on your circumstances, not someone else’s.
In the UK, the average spend on an engagement ring is currently between £2,000 and £4,000, but we’ve crafted stunning rings for much less — and breath-taking bespoke pieces for more. What matters most is that your choice feels right for you and your partner.
💡 Blackwell Tip: Don’t let a rule written nearly a century ago dictate your love story. Spend what feels right — and invest in craftsmanship, not numbers.
“Forget the rules — the only number that matters is the one that fits your love.”
The Real Factors That Affect Cost
There’s more to an engagement ring’s price than just the size of the stone. It’s really about what’s going on beneath that shine. When you know what drives the cost, it’s easier to see where your money’s going — and how to get the most out of it.
Here’s what actually shapes the price:
1. The Stone
Whether you go for a natural diamond, a lab-grown one, or a coloured gem, this choice matters most. Lab-grown diamonds, for example, give you the same sparkle and structure as mined ones, but for 30–50% less. That’s a big difference, and honestly, you still get all the wow without the extra cost.
2. Cut, Clarity, and Carat
A smaller diamond with a great cut can outshine a bigger stone that’s just average. At Blackwell Jewellers, we care about the craft — not just the size — because a well-cut diamond actually makes your whole ring stand out.
3. Metal
The band matters too. Platinum feels solid and stays bright, while gold has that classic warmth and tons of style options. They each have their strengths, and the price shifts depending on what you pick.
4. Setting and Design
The more detailed or unique the design, the more time and skill it takes. Think hidden halos or intricate details — these cost more because they’re harder to make, but they also add real character and meaning to your ring. That’s something you’ll hold onto for years.
💡 Blackwell Tip: Don’t just look for the biggest stone or the heaviest metal. Look for the details that make the ring feel like it was made for you.
“Every detail counts — knowing what drives value helps you spend smarter.”
Smart Ways to Save Without Sacrificing Beauty
Here’s the thing: you don’t need a massive budget to snag an engagement ring that actually takes your breath away. It’s all about knowing where to put your money, and where you can save a bit — without losing out on quality or what the ring means to you.
Here’s how to stretch your budget without feeling like you’re settling:
1. Try Lab-Grown Diamonds
Lab-grown diamonds shine just as bright as mined ones. Same sparkle, same structure, same wow factor — but the price? Way lower. Sometimes you’ll pay half as much. Since they’re made above ground, not dug up, you can usually get a bigger or fancier diamond for the same money.
👉 Read more: Lab-Grown Diamonds vs Mined – The Complete 2025 Guide
2. Pick an Unusual Shape
Round diamonds grab the spotlight, but they also come with the highest price tag. Switch it up with an oval, pear, or cushion cut. You get a unique look and more surface area, all for less.
👉 See inspiration: Popular Engagement Ring Shapes & Their Meaning
3. Choose Sustainable Metals
Recycled gold or platinum feels just as luxurious as new, and it’s often easier on your wallet — especially if you want something custom.
👉 Compare materials: Gold vs Platinum – Pros & Cons
4. Think About the Long Run
Go for a jeweller who offers lifetime aftercare — things like cleaning, resizing, or polishing. It keeps your ring looking fresh and saves you money on upkeep later.
💡 Blackwell Tip: The smartest shoppers don’t skimp on the things that matter. They just know how to make every penny count. You can have a ring that’s beautiful, meaningful, and built to last — all within your budget.
“Smart choices don’t show — they shine.”
How to Set a Realistic Budget
The right engagement ring doesn’t come down to a price tag—it starts with you. Setting a real budget means finding that sweet spot between what you can actually afford and what feels right in your heart.
Forget about keeping up with anyone else. The goal isn’t to drop the most cash—it’s to spend smart. Take a good look at your finances, figure out a range that won’t keep you up at night, and go from there. The ring is just the beginning of your story together, not the grand finale.
So, how do you strike that balance?
Focus on what matters most to you. Is it the size of the diamond? The type of metal? Maybe it’s all about the craftsmanship. Get clear on your priorities.
Be upfront. If you’re shopping together, talk honestly about what you both want—modern proposals are about building a future, not racking up secret debt.
Think about the long run. You can always upgrade the ring for an anniversary or another big moment down the road.
At Blackwell Jewellers, we help every client find a ring that fits—style-wise and budget-wise. Whether you’re spending £1,500 or £15,000, our approach doesn’t change: make it personal, make it meaningful, and make it yours.
💡 Blackwell Tip: A realistic budget doesn’t limit your choice — it focuses it.
“A realistic budget is the foundation of a meaningful choice.”
Engagement Ring Myths Busted
Buying an engagement ring? There’s a ton of so-called “rules” out there, but honestly, most of them are just old news. Let’s set the record straight.
Myth 1: Bigger is Better
People love to say a huge diamond makes the ring, but that isn’t the whole story. A smaller stone with a great cut will outshine a big, dull one any day. It’s not all about size—it’s about how much that diamond actually sparkles.
💡Blackwell Tip: The cut matters way more than carat weight if you want that fire and brilliance.
Myth 2: You Have to Buy a Diamond
Diamonds are classic, sure. But more and more couples are picking stones like sapphires, emeralds, or rubies. These gems have history, meaning, and a ton of personality. Plus, you get unique colour and style that stands out.
See more: Popular Engagement Ring Shapes & Their Meaning
Myth 3: Bespoke Rings Are Expensive
Going custom doesn’t mean emptying your wallet. At Blackwell Jewellers, we start with your budget and create something just for you. “Bespoke” just means personal—not pricey. You get a one-of-a-kind ring without the sticker shock.
Discover: Design Your Own Engagement Ring
Myth 4: Online Rings are Low Quality
Trusted jewellers now offer online consultations and transparent certifications, meaning you can explore designs, materials, and stones confidently from anywhere.
💡 Blackwell Tip: Whether in-store or online, always ask for certification, aftercare details, and metal purity — it’s the hallmark of true craftsmanship.
“It’s not about how big it is — it’s about how it’s made.”
Honestly, there’s no magic number for what you should spend on an engagement ring. What really matters is that the ring feels right to you—both in your heart and for your budget.
An engagement ring isn’t just jewellery. It’s something you’ll see every day, a little story on your finger, reminding you what matters: love, commitment, and everything you two share. Whether you spend £1,000 or £10,000, it’s the meaning and thought behind the ring that make it special—not the price tag.
At Blackwell Jewellers, we love helping couples find a ring that hits that sweet spot—beautiful, well-made, and a good value. Whether you want a lab-grown diamond or something totally custom, we’re here to make luxury feel personal, honest, and within reach.
💡 Blackwell Tip: The perfect ring doesn’t start with price — it starts with purpose.
If you’re ready to explore your options, our jewellers will guide you through the entire process — from budget planning to design selection.
👉 Explore our Engagement Ring Collection
👉 Book your free Bespoke Consultation
“Your love story is unique — your ring should be too.”
