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10 things you need to know when looking for a cheap engagement ring
A lot of nonsense is talked about engagement rings, with us men being told to spend with hundreds or even thousands of pounds on something that we really know very little about.
How do you know if you're getting a good deal on an engagement ring? Can you really get a decent ring for under £1000, £500 or even £100 pounds?
Hopefully this guide will help.
How do you know if you're getting a good deal on an engagement ring? Can you really get a decent ring for under £1000, £500 or even £100 pounds?
Hopefully this guide will help.
1. You don't have to spend one month's salary on an engagement ring
Perhaps not quite enough...
Dont believe the hype - you don't have to spend one, two or even three month's salary on an engagement ring. These 'traditions' were created by the marketeers of a diamond supplier and should be dismissed as marketing guff.
It is much more important to look at what you can afford and what you are getting for your money with an engagement ring. Two similar rings can vary in price massively so it won't be obvious what you paid. It is possible to buy cheap engagement rings which cost under £500, and even as cheaply as £100 or £200 if you are willing to compromise and look around.
Read our guide to 10 of the best places to buy cheap engagement rings online for an idea of where to start looking.
It is much more important to look at what you can afford and what you are getting for your money with an engagement ring. Two similar rings can vary in price massively so it won't be obvious what you paid. It is possible to buy cheap engagement rings which cost under £500, and even as cheaply as £100 or £200 if you are willing to compromise and look around.
Read our guide to 10 of the best places to buy cheap engagement rings online for an idea of where to start looking.
2. Some of the cheapest diamond ring sellers aren't jewellers
We've done price comparisons of diamond rings by budget and carat size, and Amazon frequently comes out on top or thereabouts. The only cheaper options in our price comparisons were generally second hand options from eBay or Etsy, or occasionally imports from abroad.
The choice is a bit overwhelming, but if you narrows things down you end up with prices and a selection which is hard to beat. 0.25 carat diamond ring prices on Amazon started around £220, compared to about £300 with high street jewellers.
The choice is a bit overwhelming, but if you narrows things down you end up with prices and a selection which is hard to beat. 0.25 carat diamond ring prices on Amazon started around £220, compared to about £300 with high street jewellers.
- Search for Amazon diamond engagement rings under £100
- Search for Amazon diamond engagement rings under £300
- Search for Amazon diamond engagement rings under £500
- Search for Amazon diamond engagement rings under £1000
- Search for Amazon diamond engagement rings under £2000
- Search for Amazon diamond engagement rings under £5000
3. Second hand and used engagement rings are often very cheap. 'Vintage' engagement rings are not as cheap.
If you are not superstitious then buying a second hand engagement ring is a cheap option. Needless to say many people end up with engagement rings which are either not worn at all or only worn for a few weeks or months. Whilst gold can be melted down and sold as new, diamonds cannot so you can grab a bargain second hand engagement ring (admittedly at some heartbroken chap's expense).
For example, an H Samuel Forever Diamonds 0.26 carat ring which had been worn for just one week sold for £190 on eBay including certificate and packaging. A nearly identical engagement ring from H Samuel would cost just over £1700.
If it is the wrong size, you can get an engagement ring resized. In the UK, resizing an engagement ring can be as cheap as £30. If it's still in warranty, some jewellers will even give your engagement ring a free polish.
The term 'vintage' is a little vague when applied to engagement rings, but my experience has been that the cheapest used or second hand engagement rings are recently purchased rings being sold as second hand, rather than older 'vintage' rings.
Search for diamond engagement rings under £100 on eBay
Search for diamond engagement rings under £200 on eBay
Search for diamond engagement rings under £500 on eBay
Search for diamond engagement rings under £1000 on eBay
eBay isn't the only online seller of used engagement rings - you can also try Vinted, Preloved or Etsy.
For example, an H Samuel Forever Diamonds 0.26 carat ring which had been worn for just one week sold for £190 on eBay including certificate and packaging. A nearly identical engagement ring from H Samuel would cost just over £1700.
If it is the wrong size, you can get an engagement ring resized. In the UK, resizing an engagement ring can be as cheap as £30. If it's still in warranty, some jewellers will even give your engagement ring a free polish.
The term 'vintage' is a little vague when applied to engagement rings, but my experience has been that the cheapest used or second hand engagement rings are recently purchased rings being sold as second hand, rather than older 'vintage' rings.
Search for diamond engagement rings under £100 on eBay
Search for diamond engagement rings under £200 on eBay
Search for diamond engagement rings under £500 on eBay
Search for diamond engagement rings under £1000 on eBay
eBay isn't the only online seller of used engagement rings - you can also try Vinted, Preloved or Etsy.
4. Some of the cheapest engagement ring websites are in the USA...but you will pay import duties and taxes
You might have reservations about buying an expensive item from the USA, but our studies have consistently found discount American sites offering very cheap engagement rings.
We've looked at 0.25 carat diamond rings, 1 carat diamond rings and 2 carat diamond rings and websites such as SuperJeweler and Macys frequently offer some of the lowest prices. They all ship to the UK, although you would have to deal with a US call centre if you had problems.
But - and this is a big but - import duties and taxes need to be paid on diamond rings coming from the US to the UK. The means you will have to pay VAT (20% at the time of writing) plus a customs duty (only a couple of percent usually). See this HMRC page for more details. We put a $1000 engagement ring into The Duty Calculator and it reckoned we'd need to pay £154 tax.
Some US companies, such as Macys, include import duties in your total bill, whereas others such as SuperJeweler usually leave you to pay it yourself.
Please note: Some of the links on this site are affiliate links, but we include good deals regardless of whether they have the potential to earn money for the site or not.
We've looked at 0.25 carat diamond rings, 1 carat diamond rings and 2 carat diamond rings and websites such as SuperJeweler and Macys frequently offer some of the lowest prices. They all ship to the UK, although you would have to deal with a US call centre if you had problems.
But - and this is a big but - import duties and taxes need to be paid on diamond rings coming from the US to the UK. The means you will have to pay VAT (20% at the time of writing) plus a customs duty (only a couple of percent usually). See this HMRC page for more details. We put a $1000 engagement ring into The Duty Calculator and it reckoned we'd need to pay £154 tax.
Some US companies, such as Macys, include import duties in your total bill, whereas others such as SuperJeweler usually leave you to pay it yourself.
Please note: Some of the links on this site are affiliate links, but we include good deals regardless of whether they have the potential to earn money for the site or not.
5. Discount codes and promotional vouchers are often available for engagement rings
Lots of big high street jewellers (F Hinds, Goldsmiths, H Samuel, Ernest Jones, Beaverbrooks, Argos) offer discount codes and promotional vouchers which can be applied to engagement rings, such as Tesco Clubcard deals. These are often 10% or more so could save you quite a bit of money.
6. It's worth deciding which of the '4Cs' matter to you
Every diamond is graded according to its cut, clarity, colour and carat. Some jewellers will tell you that they are all equally important, but are they really? Diamonds are graded according to:
So which of the 4Cs is most important?
If you want to find a cheap engagement ring then you may decide that the carat (weight) is most important, and worry less about how well it scores on the other Cs. That's a pretty controversial statement but I spent hours searching for a diamond that was a decent colour and clarity, but my girlfriend just said 'Ohhhhh, that's a nice size, and it's so sparkly'.
Alternatively, you might want to buy a really small diamond which has a high grading and lots of sparkle.
One seller - Purely Diamonds - has a commendably transparent guide to how they price their diamonds. At the time of writing, jumping from an H grade colour to a D grade costs about £70 on an 0.48 carat ring whilst going from an SI2 (Slight inclusions) engagement ring to a VS1 (very slight inclusions) costs about £164 extra.
It's a useful tool to work out what's important to you and where you might be able to save some money when searching for a cheap engagement ring.
- Carat is the weight of the diamond (not to be confused with the carat rating of gold, which is entirely different). Personally, I wanted to get something between 0.25 and 0.5 carat as I felt that it looked to be a 'normal' size diamond for an engagement ring. The prices go up steeply as they get bigger - a single stone of 1.0 carat is much more expensive than two 0.5 carat diamonds.
- Cut is (in very non-technical terms) how sparkly it is, which is determined by how well the diamond has been cut by the craftsmen. There are several scales for grading the cut of a diamond, but a common one is 'Excellent', 'Very good' or 'Good'.
- Colour determines whether the diamond is a nice white colour or a less pleasant yellow colour. For some reason the scale goes from D (white) to Z (yellow), although anything up to an H is pretty decent in my view.
- Clarity is a grading of how many imperfections there are in the diamond. The usual scale is (from highest to lowest): IF (internally flawless), VVS1 (very very slight inclusions), VVS2, VS1 (very slight inclusions), VS2, SI1 (slight inclusions), SI2, I1 (inclusions) I2, I3. I would be reluctant to buy anything at the very bottom of the clarity scale, but most differences are only really visible under magnification.
So which of the 4Cs is most important?
If you want to find a cheap engagement ring then you may decide that the carat (weight) is most important, and worry less about how well it scores on the other Cs. That's a pretty controversial statement but I spent hours searching for a diamond that was a decent colour and clarity, but my girlfriend just said 'Ohhhhh, that's a nice size, and it's so sparkly'.
Alternatively, you might want to buy a really small diamond which has a high grading and lots of sparkle.
One seller - Purely Diamonds - has a commendably transparent guide to how they price their diamonds. At the time of writing, jumping from an H grade colour to a D grade costs about £70 on an 0.48 carat ring whilst going from an SI2 (Slight inclusions) engagement ring to a VS1 (very slight inclusions) costs about £164 extra.
It's a useful tool to work out what's important to you and where you might be able to save some money when searching for a cheap engagement ring.
7. High street jewellers often have big reductions on engagement rings - but are they the cheapest?
As a (very) general rule, high street jewellers (such as H Samuel, F Hinds, Ernest Jones, Goldsmiths, Beaverbrooks, Argos, TH Baker) tend to have more dramatic sale reductions and discounts on engagement rings, whereas smaller online sellers (such as Purely Diamonds, Diamond Heaven, Diamonds Factory) tend to have more consistent prices.
So, if you have the luxury of time, it is worth waiting for a sale if you want a cheap engagement ring from a big high street jeweller such as F Hinds, Goldsmiths, H Samuel, Ernest Jones, Beaverbrooks, TH Baker or Argos.
It is tempting to think that you are getting a bargain when something is heavily reduced (big sofa companies use this technique a lot) but you will often find that smaller diamond sellers have lower prices to start off with.
My conclusion is that if there is a decent sale then it is worth considering big shops such as F Hinds, Goldsmiths, Beaverbrooks, Ernest Jones, H Samuel, Argos for a cheap engagement ring. If there isn't a sale, then you might get a better deal with an alternative retailer.
So, if you have the luxury of time, it is worth waiting for a sale if you want a cheap engagement ring from a big high street jeweller such as F Hinds, Goldsmiths, H Samuel, Ernest Jones, Beaverbrooks, TH Baker or Argos.
It is tempting to think that you are getting a bargain when something is heavily reduced (big sofa companies use this technique a lot) but you will often find that smaller diamond sellers have lower prices to start off with.
My conclusion is that if there is a decent sale then it is worth considering big shops such as F Hinds, Goldsmiths, Beaverbrooks, Ernest Jones, H Samuel, Argos for a cheap engagement ring. If there isn't a sale, then you might get a better deal with an alternative retailer.
8. The biggest difference between white gold and platinum is the price
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Ok, ok, so that headline will annoy a few people but it is a point worth making.
Whilst a lower grade diamond looks worse than a higher grade one, the same isn't initially true of what the ring itself is made of. A new platinum ring looks very similar to a new rhodium plated white gold ring (whether it is 9 carat or the more expensive 18 carat type - don't buy 24 carat, it is too soft). However, white gold engagement rings do start to lose their shine through time, so some people choose to get them replated - which costs about £20 - £30 from a jewellers. |
So, think about how important it is to you that your ring keeps its shine, bearing in mind the big difference in price between 9 carat white gold vs platinum. For example, a 9 carat 6mm white gold men's wedding band on Amazon costs about £210 (at the time of writing), whilst a platinum men's ring of the same size costs £1035.
The general advice is that your wedding ring and engagement ring should be the same type of metal so that a hard metal doesn't damage a softer metal. That means that if you go for a platinum engagement ring, you will also end up buying a platinum wedding band as well - not a cheap option!
My advice? If you're looking for a cheap engagement ring then I would go for white gold, and use the money you've saved to pay for occasional re-coating every so often (although we haven't actually bothered with our rings...).
The general advice is that your wedding ring and engagement ring should be the same type of metal so that a hard metal doesn't damage a softer metal. That means that if you go for a platinum engagement ring, you will also end up buying a platinum wedding band as well - not a cheap option!
My advice? If you're looking for a cheap engagement ring then I would go for white gold, and use the money you've saved to pay for occasional re-coating every so often (although we haven't actually bothered with our rings...).
9. You don't have to buy a diamond ring
Shocking, I know, but not every engagement ring is a diamond ring. The whole idea that an engagement ring has to be a diamond was created by the De Beers diamond syndicate. I did some subtle investigative work by asking my girlfriend (now wife) what sort of jewellery she liked in the hope that she would say she hated diamonds. Unfortunately, she said she loved diamonds...
If you want something that looks like a diamond, but costs a fraction of the price then you might consider Diamond Style, where you can get something that looks suitably sparkly for £30.
My advice would be to confess early on - just in case you get found out at a later date...
Alternatively, look for an unusual engagement ring or an alternative gemstone, such as a Red Ruby engagement ring or a Blue Sapphire or a Green emerald engagement ring from Amazon.
If you want something that looks like a diamond, but costs a fraction of the price then you might consider Diamond Style, where you can get something that looks suitably sparkly for £30.
My advice would be to confess early on - just in case you get found out at a later date...
Alternatively, look for an unusual engagement ring or an alternative gemstone, such as a Red Ruby engagement ring or a Blue Sapphire or a Green emerald engagement ring from Amazon.
10. Don't pay much attention to the 'insurance value' of an engagement ring
Jewellers enjoy giving you a certificate with the 'insurance value' of your ring, which always seems to be much higher than the retail price. It leaves you feeling you've got a bargain, and everyone's happy.
Don't pay too much attention to it when you're trying to work out if what you are buying is a cheap engagement ring. I've seen two very very similarly graded rings with very different 'insurance values'.
Don't pay too much attention to it when you're trying to work out if what you are buying is a cheap engagement ring. I've seen two very very similarly graded rings with very different 'insurance values'.
11. Hatton Garden does not sell cheap engagement rings
Well, that's a pretty controversial statement (complaints to the usual address please) but bear with me. Like many people, I wandered around London's famous Hatton Garden where pretty much every shop is a jewellers in the hope of buying a cheap engagement ring (there are more than 55 jewellers at Hatton Garden). There were plenty of diamond engagement rings which I would consider 'good value', but there was not much available for less than 1000 pounds.
If you plan to spend more than 1000 pounds on an engagement ring, then Hatton Garden is well worth a browse, but if your budget under £500 or under £100 pounds then I would save yourself the train fare.
Click on the Streetview image below to take a sneak peak of what to expect from Hatton Garden.
If you plan to spend more than 1000 pounds on an engagement ring, then Hatton Garden is well worth a browse, but if your budget under £500 or under £100 pounds then I would save yourself the train fare.
Click on the Streetview image below to take a sneak peak of what to expect from Hatton Garden.
I'm less familiar with Birmingham's Jewellery Quarter, which seems to offer a similar sort of thing. Some of the traders in the Jewellery Quarter - such as Aspire Diamonds - offer decent prices online meaning you can order online but know that there is an actual shop at the end of your credit card.
12. You don't necessarily need an expensive certificate of your engagement ring's diamond grading
A big chunk of the cost of your engagement ring could well be the cost of getting it formally certified by one of several bodies which grades diamonds (GIA, EDR, EGL, IGI, HRD, blah blah etc etc). As a guide, a GIA diamond grading report costs $50-$100 for a diamond under 1 carat if you get it from them direct.
However, retailers vary significantly in the amount they charge for different diamond certificates. For example, Diamond Heaven helpfully give you the option of which certificate you want. In our test at Diamond Heaven, a 0.4 carat diamond engagement ring came up at:
One option is to pick a reputable engagement ring seller which certifies the rings themselves.
However, retailers vary significantly in the amount they charge for different diamond certificates. For example, Diamond Heaven helpfully give you the option of which certificate you want. In our test at Diamond Heaven, a 0.4 carat diamond engagement ring came up at:
- £941 with certification from IGL
- £980 with certification from GIE
- £1448 with certification from IGI or AGI
- £811 with certification from GIA
One option is to pick a reputable engagement ring seller which certifies the rings themselves.
13. You can save money by avoiding round numbers
Curiously, a diamond which is exactly 1.0 carats is sometimes sold for a fair bit more than one which is 0.98 carats, or a similar number. Apparently, jewellers have much more luck selling neat round numbers for diamonds than they do for odd numbered carat diamonds. It is certainly true that most of the diamond rings you see from High Streets jewellers (F Hinds, Goldsmiths, Ernest Jones, H Samuel, Beaverbrooks) are nice neat 1.0 carat or 0.50 carat diamonds rather than more random '0.62 carat' diamonds.
So, you can save some money by 'buying shy' (that's what it is called, according to The Guardian).
You will need to use an online diamond engagement ring seller which allows you build your own ring, by selecting from a list of diamonds and then adding it to your setting.
Blue Nile is one online jeweller which allows you to customise your ring by choosing from a huge range of diamonds (93,000 when I looked).
I found two diamonds with identical gradings (colour J, clarity SI2) but the 1.02 carat diamond was actually cheaper than the 1.0 carat diamond (£1575 rather than £1650). Meanwhile, a higher grade 0.96 diamond (colour J, SI1) was cheaper at £1533.
So, you can save some money by 'buying shy' (that's what it is called, according to The Guardian).
You will need to use an online diamond engagement ring seller which allows you build your own ring, by selecting from a list of diamonds and then adding it to your setting.
Blue Nile is one online jeweller which allows you to customise your ring by choosing from a huge range of diamonds (93,000 when I looked).
I found two diamonds with identical gradings (colour J, clarity SI2) but the 1.02 carat diamond was actually cheaper than the 1.0 carat diamond (£1575 rather than £1650). Meanwhile, a higher grade 0.96 diamond (colour J, SI1) was cheaper at £1533.
