Diamond engagement rings have become the standard rings to propose with since the time the diamond companies popularized it to be the mark of everlasting love. They also successfully popularized the old adage which says that you should at least spend an amount which is equivalent to your three months’ salary when you are buying a diamond engagement ring. However, the times have changed considerably and it’s not quite necessary to follow that saying to a tee. If you’re thinking of going down on one knee and proposing your partner, you must also be thinking about the cost range of a diamond ring. Here’s what we know about the costs of a diamond engagement ring in London, UK.
The average price of a diamond engagement ring varies considerably across United Kingdom. For example, in Northern Ireland, the average cost of a diamond engagement ring would be around £1,700 whereas in Yorkshire it would add up to about £1200. However, in areas like Scotland, it further dips down to £1000.These figures are not so much based on the diamond ring itself, but more on the amount the people of these areas are willing to pay for it. There are more expensive and less expensive diamond rings available in all parts of UK and the above mentioned figures is the range at which maximum people from an area buy them for.
Similarly, the engagement rings in London also have a varied price range and can cost up to £5000. However, most diamond engagement rings in London are priced in between £1200 to £1700 making the average cost of a diamond ring£1471. The good news is that according to some recent survey, this amount is not equivalent to an average individuals three months’ salary. It is much lesser than that.
With time, the lifestyles of people have changed which has also brought about a change in their thought process. People today are more careful and aware regarding their finances and also make prudent decisions regarding any type of investments. This may be the reason why most people are spending less on an engagement ring than what they did a decade ago. However, this might not be the sole reason why.
The cost of a diamond ring depends not just on the type and quality of the diamond but also on the metal setting, the labor work and the profit margin of the company. The market today is flooded with cheaper alternatives to diamonds such as lab grown diamonds and moissanites which look exactly similar to a polished natural diamond. The metal bands which hold the stone can be made of tungsten carbide or white gold which are much cheaper but look extremely beautiful and elegant, similar to palladium and platinum bands. Of course, the labor and the profit margin may vary from company to company and it is for you to choose which one to buy from.
Therefore, the cost of a diamond ring in London actually depends on the kind of ring you choose and where you buy it from. The hatton gardens engagement rings come in a wide variety of designs and price range that is sure to fit everyone’s budget. However, one must always keep their future wedding expenses in mind before making an investment in a diamond engagement ring.