The Average Price of an Engagement Ring – What it Gets You in 2013?
average-price-of-an-engagement-ring-2013

Getting the greatest value from an engagement ring purchase without compromise

“What is the average price of an engagement ring?”

This question lies alongside the question of how much should a person spend on an engagement ring. We measure our own purchases, actions, and lives alongside averages. We research average prices for houses, salaries. Engagement rings are no different. Tradition has suggested men spend between 1-3 months salary on an engagement ring, and recent reports have noted that around two-thirds of men buying engagement rings spend less than one month’s salary on an engagement ring purchase.

With budgets stretched in today’s current financial climate, a spend of 3 month’s salary is no longer viable for most people. Especially when many couples are supporting a family and growing household expenses. This is a time when people want a way of getting more for less but most importantly – without compromise. It can be done.

When researching average engagement ring prices, you should keep in mind the fact that what you actually get for your money will vary dramatically depending on where you purchase the ring. Read on, and we will prove this based on rock-solid evidence taken from prices and details anyone can research.

Based on an average UK salary of £26,664 per year, and with over two thirds of men spending around 3 weeks wages on a diamond ring, the following works on an average spend of around £1600.

With an average spend of £1600 what does this get you?

If we keep in mind that you want to buy the largest diamond size, whilst ensuring the diamond is bright and clear of visible marks (called inclusions – see our additional information) then the following provides quite an interesting comparison.

We took 5 jewellery stores, with websites, and compared a classic round brilliant cut solitaire ring. This is what we found basing our research on a sale of £1600.

1. Serendipity Diamonds (Yes this is us!)

What is the average price of an engagement ring - Serendipity Diamonds

Perhaps the easiest place to start. Quoting our own prices. Not based on our offers (which provide even greater value) but our regular engagement ring selection. Since our prices change dynamically based on current material costs, they reflect up-to-date costs and we consider many factors to arrive at the end engagement ring price.

What does £1600 get you?

A round brilliant cut solitaire.0.50cts. F colour SI1 clarity. GIA certified with Very Good Cut. Set into a solid 18ct White Gold ring mount. Iron clad money back guarantee. Available with 6 months interest free finance. Not just click and buy either (unless that is what you want.) We also put in the personal side of things and make sure you’re in good hands before and after the ring arrives.

Our verdict

Fivestars

Why – Regardless of who is scoring – diamond size, colour, clarity are all high. Certification is included and there is a wealth of information across many styles. The cut grade is (as a standard Very Good.)

2. Goldsmiths

Goldsmiths

Next on our list. The UK’s large High Street chain Goldsmiths. They are one of the biggest jewellery names on the High Street. But what did we find?

What does £1600 get you?

Rather disappointingly we found various single stone rings available around 0.40cts for this price. No details of colour, clarity, cut or diamond certificate.

Our verdict

Twostars

Why – Despite the diamond size being close to half a carat, the information disclosed was very poor. Looking online you would have no idea on the diamond quality being supplied. You really need to be going in and talking with them in-store, which is not ideal when you’re researching online.

3. H. Samuel

H.Samuel

Onto one of the UK’s well known chains, H. Samuel. A favourite, popular household name for jewellery. We used their side bar to refine our search for round brilliant cut, diamond engagement rings for £1600.00

What does £1600 get you?

0.38cts. I colour and I1 clarity. A forever diamond in 18ct White Gold.

Our verdict

threestars

Why – Getting on for a respectable diamond size. Colour and clarity are both at a commercial level. Probably the best of the high street retailers chosen. Quality might not be fantastic, but there is a balance here between size and quality.

4. Beaverbrooks

Beaverbrooks

This was probably the worst value from what we found. Using the price tool to refine search, we added £1600.00 to the search.

What does £1600 get you?

For this budget, expect a diamond 0.26cts G colour and SI1 clarity set into 18ct White Gold. We found one single stone ring design online, but at least the colour, clarity and carat weight were all described.

Our verdict

Twostars

Why – Despite the colour and clarity being white, and eye clean, the size was quite small and there was only one design available. Perhaps there is greater choice in-store, but not a fantastic offering from one of the big brands.

5. Ernest Jones

Ernest Jones

To compliment the other brands noted above, Ernest Jones produced a fair selection in this price range.

What does £1600 get you?

Interestingly there were a lot of diamond rings coming in at this price. For £1600.00 we found a round brilliant cut ‘Leo’ diamond, 0.25cts I SI2 in 18ct White Gold.

Our verdict

Onestar

Why – Small diamond size, and lower quality than Beaverbrooks. Certainly not great value for money. A ‘Leo’ diamond is a branded diamond, and it is likely there will be quite a premium in the first place on this type of stone.

In Summary

OK so we knew we were already way ahead. We’d be failing in our work if we were not providing extra value. The size of diamond, colour, clarity and assurances are all there in black and white for you to see, evident in the final package. We’re delighted that we have the full package without any compromise.

Final Note

I’ll be the first to admit that the above information works in our favour. But hopefully as a client it works in your favour too.

Many of the big name stores carry the power of a long established, big-brand name, but this does not necessarily provide the best value for money. Smaller niche diamond jewellery businesses like ours, put a staggering amount of work into coming up with a winning formula – for information, advice, easy to use product pages, astounding value for money, and no quibble reassurances. Spend a little time researching, and whatever budget you decide to spend, you can potentially stretch it much further than you might think.

All prices in the above article are based on same day research. August 3rd 2013.