How much should you spend on an engagement ring?
28th February 2023
Whether you’re going all out or trying to stick to a budget, shopping for an engagement ring can be a daunting task. Do you go as expensive as possible, or is it more important to choose a style that your partner will cherish forever instead?
Read on to find out the average price of an engagement ring in Ireland, the traditional amount you should spend on a ring, and what options you have if you’re on a budget.
What is the average price paid for an engagement ring?
Buying an engagement ring is a very intimate decision, and the price of said ring is just as much of a personal choice as the ring itself. The average price of an engagement ring is €4,500 in Ireland, but the amount you spend can be much more flexible.
One months salary
Tradition states that you should spend no less than one month’s salary on an engagement ring. This suggestion first came about in the 1930s when diamond jewellery was booming, and advertising campaigns told customers that it would “show her what the future would be like” – suggesting that if you could afford that much on a ring, your future wife would be living in luxury.
However, since then, that tradition has grown and changed, along with the people buying engagement rings. Nowadays, the price of an engagement ring has become much more customisable – changing to suit the needs and attitudes of consumers.
How much do people spend?
Budgeting is key when buying an engagement ring for someone you care about. Despite the rules that people spout about engagement ring expenditure, the most important thing is to buy a ring that you feel comfortable with – besides this, 41% of people in Ireland believe you should only spend what you have on an engagement ring! The average cost of an engagement ring in Ireland is €4,500, but in 2022, couples in Ireland spent €2312 on average on an engagement ring.
What’s the average cost for an engagement ring?
The cost of a ring depends on a few factors. The first is the metal choice. 9K, 10K, or 14K gold tends to be on the more affordable end of the spectrum, while pure 24K gold and platinum are often at a premium price because of their value and rarity.
The other factor to consider is the diamond(s) or other gemstones. The most coveted, and therefore pricy, stones are perfectly clear, white diamonds cut with the ideal size and shape. Gemstones are valued according to the four C’s – cut, clarity, colour, and carat – and all of these can affect the price of the engagement ring.
Engagement ring alternatives on a budget
If you’re on a budget, you have a few options for your engagement ring.
Solitaire engagement rings are one of the best ways to get the maximum effect and value for your money. The single stone, typically a prong setting, allows the diamond to take centre stage. The prong setting allows light to shine through the diamond from all angles, creating a gorgeous sparkle no matter the size of the stone. The ring band itself is also typically simple, a plain metal band that truly lets the stone shine, further saving a bit of money.
Another option to help you stick to a budget is to opt for lab-grown engagement rings. Lab-grown diamonds are created rather than mined naturally and are usually extremely high quality with very few inclusions. Despite being almost perfect, because they are created in a lab, they are more affordable than naturally formed diamonds.
To find your perfect ring for her to cherish forever at a range of different price points to suit any budget, browse our full range of engagement rings.