Ring Budget: Real‑World Tips for Setting the Right Spend

First thing’s first – decide how much you’re comfortable putting toward a ring. It doesn’t have to be a magic number, just a figure that fits your overall wedding budget and leaves room for other priorities like the venue or catering.

A good rule of thumb is to aim for 5‑7% of your total wedding budget for both the engagement and wedding bands combined. If your wedding costs £20,000, that means about £1,000‑£1,400 for rings. Adjust up or down depending on how much the ring matters to you personally.

What Drives Ring Prices?

Two big things decide the cost: the metal and the stone. Platinum and 18‑carat gold are pricey, while 14‑carat gold or silver keep the price down. For diamonds, the 4 Cs – carat, cut, colour, and clarity – are the price levers. A smaller carat with excellent cut can look just as sparkly as a larger, lower‑quality stone.

Don't forget extra fees like hallmarks, customs duties (if you buy overseas), and insurance. Adding a simple engraving is cheap but gives a personal touch.

Smart Ways to Stretch Your Ring Budget

Consider buying a solitaire setting with a modest diamond and letting the setting do the heavy lifting. A halo setting can make a smaller centre stone appear bigger, giving you a wow factor for less.

Look for labs‑grown diamonds – they cost 30‑40% less than mined stones and have the same sparkle. Many reputable jewelers now offer certified lab‑grown options that pass the same quality checks.

Shop during sales or off‑season. Autumn and winter are slower periods for jewelers, so you’ll often find discounts or added value like a free polishing kit.

Don’t be afraid to negotiate. Ask the jeweller to match a lower price you found online or to throw in a free upgrade on the setting. Most will try to keep you happy.

Finally, think about splitting the cost with a partner. Some couples split the engagement ring cost, some share the wedding band expense – there’s no rule, just what feels fair to you both.

Remember, the ring is a symbol, not a status badge. A well‑chosen piece that fits your style and budget will mean more than an over‑the‑top price tag.

Use these tips to set a clear ring budget, compare options, and walk away with a ring you love without blowing your overall wedding finances.