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The average cost of an engagement ring in 2022

If you’re thinking about proposing to your partner this year, you’re probably wondering how much to spend on a ring. To help you out, experts at our parent company, Steven...

What’s the price of an engagement ring in 2022? Well, that depends on the type of ring you’re looking for and those ever-important four Cs: carat, cut, clarity, and colour.  

If you’re thinking about proposing to your partner this year, you’re probably wondering how much you should spend on a ring. It goes without saying that you can’t put a price tag on love, but when it comes to a piece of jewellery as special as this one, it’s always good to get a rough idea.

To help you out, experts at our parent company, Steven Stone have revealed the average cost of an engagement ring forecast for 2022 by analysing their customer trends data.

In 2020, the average engagement ring value was £3,000 to £4,000, however in 2021 it soared to £3,500 to £4,500, with the average customer spending £1,000 more.

This year, the average spend on an engagement ring in the UK is set to increase to even more to £5,000.

What can you get for £5,000?

On average, £5,000 will cover the cost of a 0.75 to 1ct natural diamond on a solitaire or halo setting. However, the price of the diamond depends on the cut quality, clarity, colour, and shape. A 1ct diamond of the highest quality can cost up to £12,000.

The colour

Typically, a 0.80 to 1ct diamond priced between £4,000 – £4,500 will have a clearer colour and sit at the higher end of the spectrum. As you go further down the chart, diamonds will appear to be slightly yellow, meaning they decrease in price and value.

The Gemmological Institute of America (GIA) colour scale is the industry standard for diamond grading. The GIA diamond colour grades range from D (colourless) to Z (light yellow or brown).

D colour is the highest grade and is extremely rare, being the highest colour grade that money can buy, meaning not many people have the budget for this bling. Near-colourless diamonds, from grade G to J are great value for money, as they still have a great colour, yet are much more affordable.

What about clarity?

When many people start shopping for diamonds, they immediately assume that they need a flawless stone. However, this is not always the case. Flawless stones are very rare, not to mention expensive. The majority of shoppers often opt for a VVS or VS clarity, with minor inclusions.

You can see a full breakdown of the clarity grading below:

Flawless (FL) – To achieve a diamond clarity grade of FL, there must not be any visible inclusions or blemishes on the diamond even under 10x magnification. Believe it or not, it’s very rare to find a diamond that is 100% free of inclusions. In fact, it is estimated that less than 1% of all diamonds have FL clarity.

Internally Flawless (IF) - Internally Flawless diamonds will have no visible inclusions when viewed under 10x magnification by a skilled grader, although some blemishes may be seen. These diamonds aren’t as uncommon as FL diamonds but are still extremely rare.

Very, Very Slightly Included (VVS) - If a diamond is VVS, it can either be one of two grades, VVS1 or VVS2. VVS2 diamonds have slightly more inclusions than VVS1 diamonds, however both grades are still considered to be an excellent quality diamond.

Very Slightly Included (VS). The same applies to VS grade diamonds, they will either be of VS1 and VS2 clarity. These diamonds have minor inclusions that can be either difficult or relatively easy for a skilled grader to identify under 10x magnification. VS diamonds are the most commonly purchased diamonds for engagement rings in the UK.

Slightly Included (SI). A SI grade diamond will either be SI1 or SI2. Unlike the other grades, these diamonds have visible inclusions that are easy for an expert to see using 10x magnification.

Included (I). The final three grades are I1, I2 and I3 clarity. These diamonds have obvious inclusions that can often be spotted without the need for magnification.

How is the cut of a diamond graded?

The cut of a diamond refers to the angles and proportions created when a rough diamond is transformed by a diamond cutter into its final polished state. The cut grade is a measure of how well light is reflected within a diamond and what will produce a so called ‘sparkle’.

When shopping for an engagement ring, you should be looking for ‘Very Good’ or ‘Excellent’ cut graded round diamonds. Unless you’re a trained jewellery expert, it’s unlikely you will be able to tell the difference between a Very Good or an Excellent cut stone. Very Good cut stones represent an excellent combination of value and sparkle due to the fact that they reflect nearly as much light as an Excellent cut stone but for a much lower price.

How many carats should an engagement ring be?
The carat is the diamond’s most popular feature and refers to the stone’s weight. Unlike popular beliefs, the carat doesn’t necessarily reflect value or size. Size varies depending on other diamond aspects, such as cut and shape. However, larger diamonds are rarer than smaller ones and are therefore valued more highly.

The majority of our customers choose a 1ct diamond: the average weight for an engagement ring in the UK.

It is a common misconception that all 1ct diamonds appear the same size - this is not the case, as not the entire diamond is visible from the top down. The percentage of hidden carat weight, or “depth percentage” determines the surface area of your diamond that is visible when set, and there are strict parameters for a well-cut stone. For example, a well-made round brilliant cut diamond of 1ct in weight should measure between 6.4mm to 6.5mm in width.

If you would like to purchase a 1ct diamond and optimise your engagement ring budget, we recommend choosing a well-made 0.90ct round diamond which measures 6.25mm in width, which equals the same physical size as an average 1ct diamond.


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