It is one of the most favored times of the year to propose – as per Bridebook, a well-known wedding planning application, over 100,000 engagements take place during the holiday season.
However, with many Britons experiencing financial strain after years of elevated inflation, what are individuals spending, what adjustments are they making, and what occurs to the ring in the event of a breakup?
The Money blog undertook a comprehensive investigation to uncover the facts.
The ‘two-month salary guideline’
When it pertains to planning a budget for a ring, the common adage proposed is that one should allocate two months of their salary.
But were you aware that this notion actually stemmed from a shrewd marketing strategy? It was conceived by De Beers, a diamond industry conglomerate, during the 1930s.
The Great Depression proved catastrophic for De Beers, prompting them to launch a campaign that linked diamonds with engagement—and it truly had an impact. In the 1940s, merely 10% of engagement rings featured diamonds, whereas by the end of the 20th century, that figure jumped to 80%.
Their approach involved an advertising campaign suggesting that a single month’s salary was the appropriate expenditure on a ring. The major breakthrough occurred in 1947 with the slogan “A diamond is forever”.
In the 1980s, the one-month salary guideline was expanded to encompass two months. A notable advertisement featuring a woman adorned with a ring proclaimed: “Two months’ salary revealed the future Mrs. Smith what her future would indeed be.”
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Another advertisement featured a ring with the tagline: “How can you make two months’ salary endure forever?”
By the onset of the 21st century, De Beers had effectively positioned diamond engagement rings as a vital element of marriage—determining the standard expenditure for men.
As per the Office for National Statistics, the typical monthly salary in the UK sits at £2,297 after taxation, which implies (if one were to adhere to De Beers’ philosophy) that the average Briton is investing £4,594 on a ring.
Unavoidably, this figure is unattainable for a substantial portion of Britons—whereas there are significant numbers who can afford to invest more.
The Duchess of Sussex’s engagement ring is valued between £150,000 and £300,000. Pic: AP
Meghan, the Duchess of Sussex, showcases a white engagement ring boasting three diamonds, including some sourced from Princess Diana’s collection. It is believed to have initially cost Prince Harry between £150,000 and £300,000 – but its current worth is likely much higher.
Molly Mae Hague’s ring may be valued at more than £1m. Pic: AP
Molly Mae, for her part, who parted ways with her fiancé Tommy Fury prior to walking down the aisle, was proposed to with a five-carat, oval diamond ring—estimated to be worth at least £600,000.
A Sky News survey involving more than 3,400 individuals on LinkedIn revealed that a majority would allocate between £1,000 and £5,000 for a ring.
Only 306 participants indicated they believed rings to be superfluous—less than the 507 who reported a willingness to spend over £5,000 on a ring.
‘Two months? It’s absurd – here’s what many individuals do instead’
Charlotte Leigh, the proprietor and creator of Lottie Leigh Fine Jewellery, advises her clients to spend within their means.
“One month, two months, or even three months… it’s all relative foolishness. You should never find yourself in a financial dilemma due to an engagement ring. While an engagement ring is undeniably beautiful, it won’t cover your mortgage or rent. It won’t cover your utility bills.”
She frequently observes couples purchasing a “starter” ring with the intention to upgrade in the future when their finances permit.
“It demonstrates a mindset of, ‘I want you to have the best, but that’s not feasible at the moment. Let’s acquire something beautiful now, and later when our financial circumstances improve, we can invest in something magnificent,'” she articulated.
Regarding stone selection, diamonds are viewed as a “delightful concept” yet also practical, she mentioned: “They are incredibly durable and should endure a lifetime.”
In 2024, emeralds rise in popularity
Recent research conducted by Ramsdens Jewellery indicates that nowadays, emeralds are the gemstone of choice, followed by diamonds and sapphires. This study analyzed national Google searches regarding engagement ring gemstones and shapes to identify the most desired in the UK.
Emerald cuts, princess cuts, and pear cuts emerged as the most favored styles.
File pic: iStock
Our perception of rings is evolving
While composing this article, the journalist mentioned to Charlotte that her spouse did not present her with an engagement ring at all – and Charlotte appeared unperturbed by the unconventional approach.
“Currently, the average age for marriage hovers around 32, indicating we are establishing our lives at an older age compared to previous generations,” she notes.
“And now, when we connect with someone, we often cohabitate before deciding to marry. I know several couples with children who have opted out of marriage – this illustrates the transformation within our society. Individuals have varying priorities.”
However, she frequently observes couples (typically women) collaborating with their partners to design their own rings.
“This is quite a testament to the shifting role of women in our society. In the past, women typically received a ring as a gift. I can assure you, nine out of ten times, it wasn’t the ideal ring.
“But today’s trend focuses on ensuring that everything revolves around you, your joy, and fulfilling your desire for the perfect ring. I find this concept profoundly beautiful.”
According to Charlotte, while clients may enter her shop requesting the “most luminous diamond with the highest clarity”, they often reconsider when shown various alternatives – as many discrepancies aren’t perceptible to the naked eye.
Lab-created versus mined diamonds?
One approach to enhance your shine without overspending is choosing a lab-created diamond. These gems share the same composition as mined diamonds, right down to the sparkling atoms – they are simply cultivated in a laboratory instead of extracted from the earth.
At first glance, this option appears more eco-friendly, but the majority of lab diamond manufacturers consume 250-750 kilowatt hours (kWh) to produce a rough carat (equating to operating 750 dishwashers for one hour).
Lab-grown diamonds are seen as a more affordable alternative. Pic: iStock
“Regardless of which path you choose for an engagement ring, even if it’s a high-quality diamond, there is an environmental impact – and anyone who claims otherwise is misinformed,” Charlotte asserts.
Forecasts also indicate that lab-grown diamonds will ultimately “equal the worth of a [budget-friendly] cubic zirconia”, Charlotte adds, due to an influx in the market as they are straightforward (but energy-intensive) to manufacture.
“The essential characteristic of a diamond is its rarity,” she explains.
What occurs if a breakup happens?
Like Molly Mae and Tommy Fury, not all engagements culminate in everlasting happiness. Paris Hilton’s third engagement to actor Chris Zylka featured a 20-carat pear-shaped diamond ring valued at $2 million. After their separation, the heiress refused to return it, claiming Zylka received it at no charge from a close acquaintance, jeweler Michael Green.
A particularly pricey ring became the focal point of a legal dispute that escalated to the Massachusetts Supreme Court, where representatives for Bruce Johnson and Caroline Settino presented their cases. The couple briefly became engaged in 2017.
Court documents reveal that Johnson purchased the engagement ring from Tiffany’s in Boston for over $70,000. Soon after their engagement, the relationship dissolved. Massachusetts law classified the ring as a “conditional gift”, allowing the giver to reclaim it if found without fault in the relationship’s conclusion.
Conversely, in the UK, the ring is typically categorized as an “absolute gift”.
The Law Reform (Miscellaneous Provisions) Act 1970 states: “The gift of an engagement ring is presumed to be an absolute gift; this presumption may be refuted by proving that the ring was given on the condition, either explicitly or implicitly, that it should be returned if the marriage did not occur for any reason.”
According to Nelsons Solicitors, while this may seem unjust, it implies that the recipient is under no mandate to return the ring should the marriage not materialize, or it ends in divorce.
We inquired among our readers, and 55% expressed that the ring ought to be returned.
Planning to propose this Christmas?
Charlotte advises that the amount you spend should reflect your values.
“Some individuals place emphasis on cost per wear and enjoyment factors. If you possess something you don daily and derive pleasure from, you might perceive it as worthwhile.
“It’s somewhat comparable to a Chanel bag – it’s pricey, but is it worth it? That largely depends on personal perspective.”
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