Engagement Rings on a Budget: Our Buying Guide
With over a decade of experience, Emily is a powerhouse of diamond, gemstone and jewellery knowledge. Her love of alternative diamond shapes and degree in Circus Arts underpins her joyous approach to modern jewellery design.
With the cost of living soaring and inflation looming, Brits are more concerned than ever with how and where we're spending our money. It has even been reported that a number of couples have had to sell their wedding rings just to cover basic costs. So what if you’re looking to purchase an engagement ring on a budget?
Proposing and getting engaged remains a milestone moment in most couples' trajectories, regardless of what’s happening in the economy. While we’re all tightening our purse strings, how can you save money on your engagement ring. Here we reveal the secrets that could save you thousands, without compromising on the beauty or the size of your engagement ring
Our step-by-step guide to buying a budget engagement ring includes:
Have the cost of engagement rings increased?
Over time, yes – but people aren’t necessarily spending more.
The cost of producing engagement rings has gradually increased over the years, mainly due to the long-term rise in raw material prices. For example, gold has gone from around £250 per ounce in the early 2000s to over £2,400 in 2025 – a nearly 700% increase. As a result, even simple gold bands now cost significantly more to make than they once did.That said, consumer spend hasn’t followed the same trajectory. According to our latest Engagement Ring Trend Report, our clients spent an average of £5,750 on engagement rings in 2024 and 2025, compared to £6,500 in 2022.
Rather than cutting back, couples are simply making smarter, more value-driven choices, especially when it comes to diamonds. The rise of lab grown diamonds means buyers can choose higher carat weights and excellent quality for a lower price than natural diamonds, helping offset rising production costs without sacrificing style or meaning.
So while costs have increased over time, what people are choosing to spend has stayed relatively stable – with more value, and more options, than ever before.
A step-by-step guide to buying an engagement ring on a budget
Diamond engagement rings typically start from around £1,00, but can easily climb to several thousand – or tens of thousands – depending on the diamond, metal and design. The good news? There are smart ways to stay on budget without compromising on beauty or quality.
1. Set a smart budget (and stick to it)
Forget the outdated “three months' salary” rule – it's an engagement ring myth. Instead, set a budget that feels comfortable for you, whether that’s £1,000, £2,500 or £5,000. Starting with a clear price limit helps narrow your options and prevents overspending.
2. Understand the 4Cs
Understanding the 4Cs – cut, colour, clarity and carat – will help you make better value decisions.
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Cut – the biggest sparkle factor (prioritise Excellent/Ideal)
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Colour – how white the diamond looks (G–H offers great value)
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Clarity – presence of internal flaws or inclusions (VS2/SI1 are often eye-clean)
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Carat – the size/weight of the diamond
Pro tip:
Always prioritise cut first – a well-cut diamond will sparkle more than a bigger, poorly cut one. Then, balance carat weight with clarity and colour to get the best look for your budget.
Read our complete 4CS diamond guide here.
Lower the colour grade, just a little
A high diamond colour grade, between D to F, will appear bright and icy, but you can lower the grade a little to G or H, particularly if you’re choosing a yellow gold or rose gold ring, because these will absorb the warmth in the diamond. We don't usually advise looking lower than H colour diamonds, but some people don't mind subtle colour traces.
Don't compromise on top-cut grades
You should look at diamonds with really great cuts, symmetry and polish grades. They may cost a little more, but it's totally worth spending here. Poorly cut diamonds are lacklustre and can appear dull or cloudy – so for serious sparkle, look at Ideal or Excellent cut diamonds.
Avoid flawless diamonds
There’s no need to buy a flawless diamond, or even a near-flawless diamond. The closer to flawless a diamond is, the rarer and more valuable it is, but the truth is, you don’t need to splurge your budget on finding a diamond without inclusions. You won’t be able to see the small, internal marks within a diamond graded between VS1 and SI1 without magnification, so this is a great grade to compromise on.
3. Consider natural diamond alternatives
If natural diamonds are out of your budget, there are many cost-friendly alternatives:
Lab grown diamonds: chemically and visually identical to natural diamonds, but cheaper.
Moissanite: brilliant and durable.
Sapphires, emeralds, rubies and other gemstones: unique, colourful and budget-friendly. You can read our guide on Sapphires vs Diamonds and our coloured gemstones for engagement rings guide.
These can cut costs significantly whilst still being meaningful.
Why choose a lab grown diamond?
The best way to save significant money is choosing to buy a lab grown diamond. Compare an identical natural and lab diamond, and you can notice hundreds, if not thousands, between the prices. Lab diamonds cost significantly less than identical natural diamonds, usually between 60% to 80%. This is because the time and cost of producing a lab diamond is far less than that of mining natural diamonds. Read more in our guide: Are lab diamonds real diamonds?
With your budget in mind, take a look at the carat weight you could achieve with a natural vs lab diamond. The lab diamond will be considerably bigger, so it may strike you as the better investment!
In a 2021 survey conducted by Queensmith, we found that 88% of participants said they’d actually prefer a lab diamond engagement ring. Around 2 in 3 engagement rings ordered with Queensmith now feature lab diamonds, a figure that was as low as 1% in 2019. Explore our guide for more information on the differences between natural diamonds and lab diamonds.
Can you tell which of these is a lab diamond? Only specialist equipment can tell the difference between a natural and lab grown diamond
4. Choose a smaller carat with a different look
One of the easiest ways to maximise your budget is to choose a diamond just below a milestone carat weight. For example, a 0.99ct diamond can cost significantly less than a 1.00ct diamond, even though the visual size difference is minimal. The same applies at other milestones, like 1.49ct vs 1.50ct, or 1.98ct vs 2.00ct. These just-under sizes are rarer, but if you can find one with excellent cut and proportions, you’ll get a beautiful diamond with great savings. Want help comparing sizes? Explore our Engagement Ring Carat Size Guide for expert tips.
5. Change the setting to impact the price
The right setting can enhance the look of your diamond, especially if you’re working with a smaller carat size:
- Halo ring settings surround your centre stone with a circle of tiny diamonds, adding sparkle and making the centre look bigger.
- Pavé or scallop shoulders (diamonds along the band) can also boost overall brilliance.
- East-to-west settings or elongated diamond shapes like ovals, marquise and radiants create the illusion of a larger stone with more finger coverage.
Avoid full diamond band settings
If you're trying to keep costs down, avoid full pavé or scallop bands or full eternity ring styles. While they look beautiful, you're paying for additional diamonds and the labour to set each one. Most diamond band engagement rings feature 40–60% diamond coverage, but you can opt for a bespoke ring with fewer diamonds either side of the centre stones or a plain metal band for a more budget-friendly option.
Consider elongated diamond shapes
Choosing the right shape can make your diamond look bigger without increasing the price. Oval, pear or marquise cut diamonds have a larger surface area compared to more compact cuts like round or princess, meaning they appear bigger per carat and give you more visual impact for your budget.
Not sure which shape is right for you? Explore our Engagement Ring Shape Guide to compare different diamond cuts.
6. Shop pre-loved or vintage
If you’re looking for something unique on a budget, vintage and pre-owned rings can offer excellent value. These rings often feature timeless craftsmanship, thicker gold bands and distinctive design details that are hard to find in modern mass-produced pieces. Plus, they’re a sustainable choice – by reusing a piece, you reduce demand for newly mined materials.
That said, pre-owned rings often come without the structural guarantees or aftercare that modern rings offer. At Queensmith, every ring is made to order using responsibly sourced diamonds and comes with a lifetime care package, so you can enjoy all the character of a one-of-a-kind piece with the peace of mind that it’s built to last.
7. Consider other associated costs
When budgeting, remember: the cost of a ring doesn’t stop at checkout. Things like resizing, cleaning, setting repairs and even certification can add up quickly, especially if they’re not included.
At Queensmith, our pricing is transparent and inclusive. We offer:
- Free resizing within 60 days
- Lifetime aftercare, including professional cleaning and annual setting checks
- GIA or IGI certification for all diamonds, included as standard
Many retailers charge extra for these services – so always consider the total value, not just the initial price tag.
8. Always check certifications
No matter your budget, never compromise on diamond certification. A certified diamond comes with a grading report from a recognised authority (like GIA or IGI), verifying its cut, colour, clarity and carat weight.
This is essential for knowing exactly what you’re paying for, especially if you’re choosing a slightly lower grade in one area to maximise size or value. At Queensmith, every diamond comes with certification, and our gemmologists guide you through the options to ensure full transparency and confidence in your purchase.
9. Time your purchase
Unlike some high street jewellers that rely on seasonal sales, Queensmith offers fair, consistent pricing year-round. That means no inflated prices or gimmicky discounts, just honest value at every stage.
But timing still matters. Engagement rings are made to order, and bespoke designs can take 4 to 6 weeks to complete. Planning ahead helps you avoid last-minute stress and gives you more time to get the design just right.
10. Personal touch > price tag
A bigger diamond doesn’t always mean a more meaningful ring. Some of the most special engagement rings feature thoughtful, personal details – like hidden birthstones, hand-engraved messages or a design inspired by your partner’s style.
These bespoke touches don’t just create a more memorable piece; they often carry far more emotional value than an extra 0.25 carats ever could. At Queensmith, our expert designers and gemmologists work with you to create a ring that feels completely personal – a reflection of your story, not just your budget.
Buying diamonds: where to splurge vs where to save
| Feature | Where to spend | Where to save | Why it matters |
|---|---|---|---|
| Cut | Always choose an Excellent or Ideal cut | Don't sacrifice cut: even Good or Fair cuts will be significantly less sparkly | Cut has the biggest impact on sparkle – always prioritise it |
| Carat weight | Choose a size that suits your partner’s hand & preferences | Just under “milestone” weights, like 0.90ct or 0.99ct instead of 1.00ct | You’ll save up to 15–20% with almost no visible size difference |
| Colour grade | D–F (colourless) for the brightest, iciest look | G–H (near colourless) – if you don't mind a slightly warm-toned diamond | Below H should be avoided – can show a noticeable yellow/brown tint |
| Clarity grade | IF / VVS1–VS1 (flawless to very slightly included) | VS2 / SI1 (eye-clean and best value) | Most inclusions are invisible without magnification – save here and invest in the cut |
| Diamond origin | Natural diamonds | Lab grown diamonds | Lab diamonds offer the same brilliance for up to 80% less |
| Setting style | Intricate designs with more diamonds, like halo rings | A classic solitaire setting – refined and effortlessly elegant | An intricate setting can make the centre stone look larger, while simpler designs reduce diamond and labour costs |
| Certification | Always GIA or IGI certified | Don't sacrifice GIA or IGI certification: other graders may over-grade a diamond to increase its price | Trusted certification confirms diamond quality and protects your investment |
| Timing | Plan ahead for lead times, or use 0% finance offers | Don’t rely on ‘sales’ or pay rush fees | Queensmith offers consistent pricing, but lead times matter – ordering early gives you more flexibility |
| Personalisation | Invest in a meaningful design or hidden detail (e.g. engraving) | Keep carat size modest if it means including a more personal touch | A personal ring often feels more special than simply opting for the biggest stone |
Find your perfect engagement ring
Explore our curated collection of expertly crafted engagement rings – where exceptional quality meets timeless design. Every detail considered, every finish flawless.
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