Who says you need to spend a fortune to get an engagement ring that’s absolutely gorgeous? The idea that you need to spend three months’ salary on a ring is, thankfully, outdated. (You can read more about Engagement ring etiquette here.
These days, it’s all about being smart, creative, and finding a ring that’s both stylish and meaningful. Here are some down-to-earth tips to help you get a stunning engagement ring without putting a dent in your savings.
1. Think beyond diamonds
Diamonds might be the classic choice, but they’re not the only gems that sparkle. Stones like moissanite, morganite, sapphires, and aquamarine are just as stunning and often cost a fraction of the price. For example:
- Moissanite is a sparkling, rare mineral that’s become a popular and affordable alternative to diamonds. It’s prized for its incredible brilliance, rainbow-like sparkle (known as “fire”), and impressive durability. Originally, moissanite was discovered in a meteor crater, but is so rare that it is now lab-grown.
- Morganite is a stunning gemstone with soft pink and peach tones that give it a romantic, feminine charm. Part of the beryl family – the same group of minerals as emeralds and aquamarines – it’s known for its delicate beauty and elegance. In recent years, morganite has become a favourite for engagement rings and fine jewellery, thanks to its unique colour and timeless appeal.
Going for a gemstone that’s a bit different not only saves you money but also makes the ring feel more personal and unique.
2. Lab-grown diamonds are a game-changer
If it’s got to be a diamond, check out lab-grown ones. They’re physically and chemically the same as mined diamonds but way more affordable. The bonus? They’re also more ethical and sustainable.
No one will be able to tell the difference – except your bank account, of course. Plus, you’ll have the satisfaction of knowing your diamond was created without any of the environmental and social baggage that can come with mined stones.
3. Size isn’t everything
Let’s talk about carat size. Did you know a 0.9-carat diamond can cost less than a 1-carat diamond, but the size difference is barely noticeable?
You can also save by going for a diamond with slightly lower clarity or colour. As long as the stone looks great to the naked eye, no one will ever know it’s not "flawless." Understand more about diamond clarity here.
4. Keep it simple with the setting
The setting can have a big impact on the price, so if you’re budget-conscious, a minimalist design is the way to go. Solitaire settings – where the focus is on a single stone – are timeless and elegant. Or, for something with a bit more pizzazz, try a halo setting, where smaller stones surround the main gem to make it look bigger.
If you’re after savings on the band, white gold or sterling silver can give you that sleek look for a lot less than platinum.
5. Go custom without going broke
Custom rings aren’t just for people with unlimited budgets. Working with a jeweller to design your own ring may actually save you money. You can choose materials and settings that fit your budget, or even repurpose an old family heirloom into something new and special.
Not only do you get a one-of-a-kind piece, but you also have control over how much you spend. Read our tips on how to design your own engagement ring.
6. Vintage is always in
There’s something magical about a vintage ring. It comes with a story, unique craftsmanship, and often a much friendlier price tag than buying new. Whether you’re browsing antique shops, or buying an engagement ring at auction, you’re bound to find something special.
Just make sure to check the seller’s reviews and ask for certification or proof of authenticity if you’re buying online. Our blog: Reasons to buy vintage engagement rings has some more tips.
7. Shop smart online
Online jewellers often have more attractive prices than high street shops because they don’t have the same overhead costs. But while you may be able to get more for your money, there are things you need to take in to account such as ensuring the retailer provides certifications for their stones and has a solid return policy.
Our blog - The best places to buy an engagement ring - discusses these considerations in more detail.
8. Alternative engagement rings
More couples are choosing alternative ways to mark their engagement. Whether it’s a desire for something more personal, sticking to a budget, or focusing on ethical values, there are plenty of options beyond the traditional diamond ring. Tattooed rings, necklaces, bracelets, and watches are just a few thoughtful alternatives that can reflect your unique story.
For those who value experiences over items, an unforgettable adventure can be just as meaningful. Ultimately, it’s about finding a way to express your love that feels true to you - whether that’s with a timeless keepsake or a memory you’ll treasure forever. Read our blog: Alternative engagement rings.
9. Time it right
Timing really is everything. January and February (after Valentine’s Day) are great months to look for deals on rings as retailers clear out their stock. Black Friday and mid-year sales are also great opportunities to snag a bargain. Patience pays off – literally – so keep an eye out for promotions and discounts.
The bottom line
You don’t need to spend a fortune to find a ring that’s as beautiful and meaningful as your love story. By exploring alternative stones, opting for a simple setting, or going for a vintage piece, you can find something stunning that suits your style and budget.
Remember, it’s not about how much you spend – it’s about the thought and love that goes into choosing the perfect engagement ring. And once you have found it, don’t forget the importance of engagement ring insurance too, so you can protect it against unexpected events such as loss, theft or damage.
