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03rd May 2024

This is how much you’re ‘supposed’ to spend on an engagement ring

Kat O'Connor

How much would you actually expect someone to spend on your engagement ring?

It feels like everyone and their nanny has gotten engaged over the last few weeks and it has us thinking about our future engagement ring.

Our Instagram feeds have been full of engagement announcements with a close-up of a stunning diamond never too far away.

It’s beautiful to see especially if you’re a jewellery fiend like me and can’t help but drool over all the different designs.

We all have an idea of the engagement ring we’d love to receive, but how much should people really spend on the rock?

Knowing Molly-Mae’s engagement ring costs around €600,000 makes me feel a little queasy, but is there a right amount to spend?

Personally, I don’t think there is as long as the ring is one you adore and one that suits you as a person.

Some people want a giant diamond you can see from space, but others prefer vintage rings that are more subtle.

Everyone has their own individual taste, but Blake Asaad, the founder of Goodstone, believes people should focus on emotional value.

“There’s a saying that you should spend three months’ salary on an engagement ring. However, this actually originated from a marketing campaign headed up by De Beers. In reality, you could find one you like that’s cheaper and generates more of an emotional connection,” Blake shared.

There are so many other things your partner could spend that money on, Blake pointed out. Rather than splashing out on the engagement ring, maybe the money could go towards your first home or even the wedding itself.

You also need to consider your ongoing expenses, such as mortgage/rental payments, food, utility bills, transport, etc. before splashing out on the ring.

How much do you think people should spend on engagement rings or does it matter at all?