How much should I spend on an engagement ring?

De Beers' iconic slogan

The concept of blood diamonds (as discussed in my previous post on ethics) is well known, but the idea that you must spend one or two months' salary on the ring is perhaps even more deeply ingrained in the public consciousness.  

Type 'how much should I spend on an engagement ring?' into Google/Bing and you will come across hundreds of forums all repeating what is actually no more than an extremely clever piece of marketing by a company that is very much interested in the amount you spend: De Beers.

The Luxembourg-based firm completely controls the diamond industry and owes much of its profits to some creative pieces of advertising copy over the past 60 years.

Diamonds are forever

While 'A diamonds is forever' cemented diamond rings as the default engagement symbol, it was a less well known slogan - 'How else can two months' salary last forever?' - which set the bar for men everywhere.

So first things first, don't let this piece of marketing pressure you into spending more than you can afford. After all, no one but you needs to know how much the ring cost.

Having said that, for those of you who are thinking of making the 'traditional' choice and plumping for a diamond, there is a minimum amount that you must spend.

Minimum spend

If you want a certified stone, you will need to buy one 0.3ct or greater. If you want an 'ethical' choice, you will be limited to the number of retailers on which you can call. If you want to ensure that the band is not going to turn green over time like the first piece of jewellery I brought for my fiancée, you need to buy 18kt gold (this is because the lower the gold content, the more copper and nickel will be present, which can react with the skin). 

To get all this, you will probably need to spend at least £600-£1,000 ($975-$1,625); as much as half of which could go on the cost of the band). However, increase the size of the diamond towards the magic (and much overrated) 1ct mark and you are looking at £2,000-plus ($3,250) easily – especially if you want a platinum and not a gold setting.

Other gems are cheaper (you can get a bigger stone for your buck), but you still have to factor in the cost of the setting. You must also bear in mind that, unlike diamonds, which have a neutral colour, the distinctive shades of sapphires, rubies and amethysts means that you need to have a very good idea of what your girlfriend likes.

Another couple of options are wooden bands or fake diamonds (not the most romantic idea perhaps), which can be picked up for a fraction of the cost of a diamond. 

Save some money in reserve

In conclusion, rather than worrying about De Beers' slogan, try to balance out between getting the kind of ring and level of quality you want with spending a sensible amount – remember the wedding and honeymoon are still to come!

There are also some tricks you can employ that can cut hundreds off the price without compromising the ring's appearance, as I will detail in my next blog on the infamous '4 Cs'.