This is actually a very simple question to answer but before I do, let's address the most common answer of 3 months wages. Is this true?
Based on the average salary in the UK in 2022 and according to the ‘3 month rule’, the average person should be spending around £7000 on their engagement ring. Is the average person spending around £7000? No!
So, how did the 3 months wages myth start?
In 1938 an American advertising agency called N.W. Ayer & Son, were commissioned by De Beers to create a marketing campaign to combat the falling price of diamonds during the Great Depression. At the same time engagement rings were falling out of fashion with the younger generations. In fact, pre-World War II, less than 10% of engagement rings in America contained a diamond.
N.W. Ayer & Son set about educating the public about diamonds and were responsible for one of the most famous and memorable advertising slogans, A diamond is forever. Ultimately this campaign convinced people that diamonds are the gift of love and a diamond is the only acceptable stone for an engagement ring, the value of which, should be the equivalent of three months wages.
All very interesting but this doesn’t answer the question!
I have lost count of how many engagement rings I have helped nervous partners design over the past 15 years. One of the most satisfying parts of this process is meeting the recipient of the ring after they have received it, and I have met hundreds of them. The most common answer I receive when asking the recipients what they like most about their ring is, “the thought that went into it”. Yes, some people say, the design, the stone, the size of the stone, the colour but, by a long way, “the thought that went into it” is the number 1 answer.
What does “the thought that went into it” mean?
It can mean several things. It can mean visiting every jeweller within 100 miles and comparing all different styles before deciding. It can mean knowing what your partner’s favourite stone or metal colour is and seeking out an engagement ring that ticks those boxes. It can mean placing the emphasis on service and quality and ensuring you thoroughly read the reviews of the retailer you are considering buying from. Or it can mean visiting a bespoke jeweller who will involve you in the design process from the start and allow you to make changes as the design progresses. A bespoke jeweller who will talk you through every aspect of design and manufacture and allow you to personally select the stone or stones to be used in the ring while providing this level of service and quality without going a penny over the budget you have set.
How much should I spend on an engagement ring?
ANSWER: Whatever you can comfortably afford, whether that is £1000 or £100,000, it doesn’t matter. It’s what the ring represents that’s important, and remember, the value of an engagement ring for the recipient is the thought that went into it.
Are you trying to choose the perfect engagement ring? I’m always happy to give advice or guidance so if you have any questions you can reach out to me on firstname.lastname@example.org or via our website www.fanci.co.uk .