How Much Should You Spend on an Engagement Ring?

The first simple engagement rings worn by the Romans and Ancient Egyptians were, somewhat unromantically, considered a binding pledge of intention and alliance, as opposed to the symbols of love and commitment we see today.  

However, in 1477, Archduke Maximilian of Austria presented Mary of Burgundy with a ring set with diamonds in the shape of an “M.” This was widely regarded as the first diamond engagement ring and sparked a trend, initially limited to royalty and the wealthy, which spread throughout Europe over the ensuing centuries.

Victorian and Edwardian engagement rings, elaborate and set with colourful gemstones alongside diamonds, reflected the romantic and symbolic sensibilities of the age. Queen Victoria’s gold, emerald, and diamond engagement ring, in the shape of a serpent, symbolising eternity and wisdom, is a perfect example.

^{A large diamond solitaire ring}

^{Sold for £37,000}

The Art Deco period of the 1920s and 1930s saw geometric shapes and platinum settings become popular as the world moved away from the sentimentality of the Victorians.  The world wars and economic challenges that followed called for simpler rings, often solitaires, but these became iconic in their understated elegance. This popularity was fuelled by the 1947 De Beers slogan and marketing campaign, “A Diamond is Forever,” which cemented the diamond’s connection to eternal love, and naturally led to a dramatic increase in diamond engagement ring sales.

So, how much should you spend on an engagement ring? The “three-month salary rule,” which suggests that one should spend the equivalent of three months’ wages on an engagement ring, has become a widespread notion, but its origins are surprisingly recent and rather commercial. The ‘rule’ was popularised by De Beers in the aftermath of World War II. Facing a slumping diamond market, De Beers launched advertising campaigns suggesting that two months’ salary (and later three) was the appropriate amount to spend on a ring. The campaign was so successful that it has become received wisdom, and we now tend to equate enduring love with a rather large financial outlay.

^{A rare 11.03ct diamond three-stone Kutchinsky ring}

^{Sold for £51,000}

But there is no universal rule, nor should there be.  How much you spend should depend on your finances, your partner’s taste, and what feels comfortable and meaningful to you both.

However, for those seeking exceptional value for money, purchasing an engagement ring from a reputable auction house, such as Dawsons, offers distinct advantages over traditional retail.

Auction houses often offer vintage, antique, and even modern rings at a fraction of high street prices. Buyers can access unique pieces, some with fascinating histories, without paying inflated retail margins. You will not find the rings offered by Dawsons in chain jewellers. And if you seek the cachet of a prestige brand such as Tiffany & Co. or Cartier, auction houses can offer authenticated pre-loved rings at significantly less than the retail price.

^{A diamond solitaire ring, brilliant-cut diamond of 8.62ct}

^{Sold for £41,000}

Ahead of each Fine Jewellery sale, Dawsons gemmology qualified experts accurately catalogue (describe) the quality, and provenance of each piece, providing a level of transparency that is reassuring, especially for first-time buyers, and giving you confidence in what can be a complex market. If you are looking for an engagement ring, our friendly team would be delighted to help you find that special something for your special someone.

Related Articles

How to Tell if a Diamond is Good Quality

Engagement Ring Buying Guide

How to Tell if a Diamond is Real

Are you considering selling an engagement ring?

Dawsons can access a global audience of more than 10 million known bidders, and secure the best price.

Contact an expert Jewellery Valuer today for confidential sales advice, we would be delighted to help:

info@dawsonsauctions.co.uk / 0207 431 9445