During the festive season, more than 100,000 engagements take place, making it a popular time to propose, according to Bridebook, a popular wedding planning app.
With financial constraints affecting many Britons due to years of high inflation, the question arises: how much are people spending on engagement rings, what are the popular choices, and what happens to the ring in case of a breakup?
The Money blog delved into this topic to find out.
The Origins of the ‘Two-Month Salary Rule’
When it comes to budgeting for an engagement ring, the common advice is to spend two months’ salary.
Interestingly, this guideline originated as a marketing tactic by De Beers, a diamond cartel, in the 1930s.
De Beers faced economic challenges during the Great Depression and launched a campaign associating diamonds with engagements, which significantly increased the popularity of diamond rings by the end of the 20th century.
Initially, the suggested amount to spend on a ring was one month’s salary, but in the 1980s, this was increased to two months, following successful advertising efforts by De Beers.
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By the turn of the century, De Beers had established diamond engagement rings as a staple in weddings and had essentially dictated the amount men should spend on a ring.
The average UK monthly salary, according to the Office for National Statistics, is £2,297 post-tax, translating to an average ring expenditure of £4,594 if following the De Beers’ logic.
However, this amount is unaffordable for many Britons, while some can afford to spend more.
The duchess of Sussex’s engagement ring is estimated to be worth between £150,000 and £300,000. Pic: AP
Meghan, the duchess of Sussex, dons an elegant white engagement ring adorned with three diamonds, including some from Princess Diana’s collection. Prince Harry is estimated to have spent between £150,000 and £300,000 on the ring, which likely holds a higher value now.
Molly Mae Hague’s ring could be worth more than £1m. Pic: AP
On the other hand, Molly Mae, who split with fiancé Tommy Fury before tying the knot, received a stunning five-carat, oval diamond ring valued at a minimum of £600,000.
A Sky News survey on LinkedIn revealed that a majority would allocate between £1,000 and £5,000 for a ring.
Only 306 respondents felt that rings were unnecessary, compared to 507 who were willing to spend over £5,000.
Alternative Approaches to Ring Selection
Charlotte Leigh, the owner of Lottie Leigh Fine Jewellery, advises clients to spend within their means.
Charlotte emphasizes the importance of avoiding financial strain over an engagement ring, as practical expenses like mortgages and bills take precedence.
She notes that many couples opt for a “starter” ring with the intention of upgrading later when financially feasible.
When selecting a stone, Charlotte recommends diamonds for their durability and lasting quality.
Emeralds Gain Popularity in 2024
Recent research by Ramsdens Jewellery reveals a growing preference for emeralds over diamonds and sapphires for engagement rings in the UK.
Popular styles include emerald cut, princess cut, and pear cut.
File pic: iStock
Evolving Perspectives on Engagement Rings
Notably, more individuals, especially women, now participate in designing their engagement rings with their partners, marking a shift towards personalization and empowerment.
Charlotte highlights this as a significant reflection of changing societal norms and gender roles.
She emphasizes that preferences vary among clients, with some valuing factors like wearability and enjoyment over cost.
Lab-grown vs Mined Diamonds
Opting for a lab-grown diamond can offer a more affordable yet visually similar alternative to mined diamonds, though environmental considerations must be taken into account.
Despite the perceived eco-friendliness of lab-grown diamonds, the energy consumption during their production is a point of contention.
Lab-grown diamonds are seen as a more affordable alternative. Pic: iStock
“Regardless of the chosen path with an engagement ring, there is an environmental impact, and claims of complete eco-friendliness may be misleading,” according to Charlotte.
Charlotte also predicts that lab-grown diamonds may depreciate in value over time due to market saturation, as their production is relatively straightforward but energy-intensive.
Ring Disputes After Breakup
In cases of failed engagements, issues regarding the ownership of expensive rings may arise, as seen in high-profile instances like Paris Hilton and Chris Zylka.
The legal framework in different regions determines whether an engagement ring is considered an absolute gift or a conditional one, impacting its return in case of a breakup.
The UK generally treats engagement rings as absolute gifts, with no obligation for the recipient to return them if the marriage doesn’t take place or ends in divorce.
While opinions on this matter vary, the legal standpoint stands firm.
Proposing This Christmas?
Charlotte advocates for aligning the ring’s value with personal priorities and enjoyment, akin to evaluating the cost per wear and satisfaction.
Ultimately, the worth of an engagement ring lies in the eyes of the beholder, similar to luxury items like a Chanel bag, which hold value based on individual perspectives.