Since the diamond companies popularised it as a symbol of everlasting love, diamond engagement rings have become the standard rings to propose with. They also popularised the old adage that when buying a diamond engagement ring, you should at least spend the equivalent of three months’ salary. However, times have changed and it is no longer necessary to obey that adage to the letter. If you’re considering getting down on one knee and proposing to your partner, you’re also considering the price range of a diamond ring. Here’s what we know about diamond engagement ring prices in London, United Kingdom.
The average cost of a diamond engagement ring in the United Kingdom varies greatly. For example, the average cost of a diamond engagement ring in Northern Ireland is around £1,700, whereas it is around £1200 in Yorkshire. However, in some countries, such as Scotland, it drops to £1000. These figures are based on how much people in these regions are willing to pay for a diamond ring, rather than the diamond ring itself. There are more expensive and less expensive diamond rings available in every part of the UK, and the above figures represent the price range at which the majority of people in a given region purchase them.
Similarly, engagement rings in London come in a wide range of prices, ranging from £500 to £5000. In London, however, most diamond engagement rings cost between £1200 and £1700, making the average cost of a diamond ring £1471. The good news is that, according to a recent poll, this figure does not equal three months’ wages for the average person. It’s a lot less than that. People’s lifestyles have evolved over time, which has resulted in a shift in their thought processes. People today are more cautious and aware of their financial situation, and they make sensible investment decisions.
The price of a diamond ring is determined not only by the diamond’s type and quality, but also by the metal setting, labor, and the company’s profit margin. Today’s market is flooded with less expensive diamond choices, such as lab-grown diamonds and moissanites, which look identical to a polished natural diamond. The metal bands that hold the stone can be made of tungsten carbide or white gold, which are far less expensive than palladium and platinum bands but look just as lovely and graceful. Of course, labor and profit margins differ from one firm to the next, and it is up to you to decide which one to purchase from.
