Best places to buy engagement rings under £500
Some people will tell you that you can't get a decent diamond engagement ring for under £500 pounds, but you can if you know where to shop and where to cut corners (incidentally, you can also get a diamond ring for £100, £200 or £300)
First, you'll need to decide what's important. Would your girlfriend prefer an impressive diamond ring which was worn by someone else for a couple of weeks, or would she prefer a new diamond engagement ring which is towards the cheap end of the scale?
Anyway, here's our guide to buying a diamond engagement ring on a budget of £500.
First, you'll need to decide what's important. Would your girlfriend prefer an impressive diamond ring which was worn by someone else for a couple of weeks, or would she prefer a new diamond engagement ring which is towards the cheap end of the scale?
Anyway, here's our guide to buying a diamond engagement ring on a budget of £500.
Buying second hand engagement rings under £500
The first shortcut to getting a good quality diamond engagement ring for under £500 pounds is to buy second hand. Diamond rings depreciate quicker than a brand new car leaving a car showroom because unlike gold they can't be melted down and resold as new.
By searching for diamond engagement rings under £500 on eBay you could expect to get a second hand white gold diamond engagement ring that is 0.75 carat (3/4 carat) or larger within your budget. An equivalent new ring would probably cost you around £2000 (very roughly and dependent on other factors).
Here are some examples of diamond engagement rings sold on eBay for about £500 on a random couple of weeks in autumn 2014:
Another big online retailer for second hand diamond rings is Etsy. They tend to be described as 'vintage' rather than 'used' but many of the second hand diamond rings I found were fairly modern. Click to search for Etsy diamond engagement rings under £500.
You might feel superstitious or mercenary buying a ring which belonged to someone else, but you'll often find they were only worn for a few days or weeks before things went awry...
By searching for diamond engagement rings under £500 on eBay you could expect to get a second hand white gold diamond engagement ring that is 0.75 carat (3/4 carat) or larger within your budget. An equivalent new ring would probably cost you around £2000 (very roughly and dependent on other factors).
Here are some examples of diamond engagement rings sold on eBay for about £500 on a random couple of weeks in autumn 2014:
- Beaverbrooks 18 carat white gold, 0.53 carat diamond engagement ring, 'like new' condition - sold for £450 on eBay (retails new at about £1700).
- Goldsmiths 18 carat white gold, 0.75 carat marquise cut diamond engagement ring, VVS1 clarity, about six years old but with a 10 year guarantee, sold for £503 on eBay (retails new at about £2000).
- H Samuel 18 carat white gold, 0.50 carat diamond engagement ring, perfect condition, sold on eBay for £500 (retails new at about £1800)
- Tiffany & Co platinum, 0.25 carat diamond engagement ring, sold on eBay for £500 (retails new at about £1500).
Another big online retailer for second hand diamond rings is Etsy. They tend to be described as 'vintage' rather than 'used' but many of the second hand diamond rings I found were fairly modern. Click to search for Etsy diamond engagement rings under £500.
You might feel superstitious or mercenary buying a ring which belonged to someone else, but you'll often find they were only worn for a few days or weeks before things went awry...
Buying new engagement rings under £500
Perhaps you would rather not buy your engagement ring second hand - or perhaps more accurately, your girlfriend would not want a used engagement ring.
If you want to buy a new diamond engagement ring my advice would be to buy online. Jewellery quarters such as the world famous Hatton Garden in London are fantastic if you have a budget of more than £1000 pounds, but I found that there was very little available for those on a tighter budget. For a budget of less than £500, my advice is to save the train fare and put it towards your ring.
Here are some of our favourite online diamond engagement ring retailers, with examples of what you can get for under £500 pounds (as of February 2016):
Alternatively, you might feel more confident buying from a high street retailer, which also sells online such as F Hinds (0.25 carat for £400), H Samuel (0.25 carat for £500), Argos (up to 0.50 carat for £360) or Goldsmiths (0.25 carat for £400)
My advice is to wait for a sale from the likes of Argos, F Hinds, H Samuel or Goldsmiths (assuming you aren't in a hurry) as you will find that their prices become much more comparable during the sales. I’ve regularly seen F Hinds offering 0.25 carat diamond white gold engagement rings for under £500 pounds (sometimes nearer to £300) but these are reduced from £750 pounds, which would be more expensive than many of the other sellers on this website.
(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).
If you want to buy a new diamond engagement ring my advice would be to buy online. Jewellery quarters such as the world famous Hatton Garden in London are fantastic if you have a budget of more than £1000 pounds, but I found that there was very little available for those on a tighter budget. For a budget of less than £500, my advice is to save the train fare and put it towards your ring.
Here are some of our favourite online diamond engagement ring retailers, with examples of what you can get for under £500 pounds (as of February 2016):
- Amazon (up to 0.50 carat for £500)
- SuperJeweler (up to 0.50 carat for £440)
- Diamond Jewelery United (eBay store - up to 0.46 carat for £450)
- The Jewellery Channel (up to 0.50 carat for £480)
- The Diamond Ring Company (up to 0.18 carat for £500)
- QP Jewellers (up to 0.30 carat for £465)
- Diamonds Factory (0.30 carat for £400)
- Diamond Heaven (0.30 carat for £445)
- Ideal World (0.25 carat for £400)
- Purely Diamonds (0.25 carat for £350)
- Wedding Rings Direct (0.28 carat for £504)
- Littlewoods (0.33 carat for £509)
- Aspire diamonds (0.36 carat for £500)
- Fraser Hart (0.25 carat for £400)
Alternatively, you might feel more confident buying from a high street retailer, which also sells online such as F Hinds (0.25 carat for £400), H Samuel (0.25 carat for £500), Argos (up to 0.50 carat for £360) or Goldsmiths (0.25 carat for £400)
My advice is to wait for a sale from the likes of Argos, F Hinds, H Samuel or Goldsmiths (assuming you aren't in a hurry) as you will find that their prices become much more comparable during the sales. I’ve regularly seen F Hinds offering 0.25 carat diamond white gold engagement rings for under £500 pounds (sometimes nearer to £300) but these are reduced from £750 pounds, which would be more expensive than many of the other sellers on this website.
(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).
Buying alternative gemstone engagement rings under £500
If you decide to avoid the diamond market altogether then you have plenty of alternative gemstones to choose from for your engagement ring.
The most popular alternative gemstones for engagement rings tend to be ruby (red), sapphire (blue) and emerald (green), though there are other less common options. The Duchess of Cambridge (formerly Kate Middleton) wears a 12 carat sapphire engagement ring which is surrounded by diamonds and belonged to Diana, Princess of Wales. It reportedly cost £28,000 in 1981.
Here's a rough guide of how far your money will go on a ruby, emerald or sapphire engagement ring (prices checked November 2014):
You might also like to read our guide to buying unusual engagement rings.
The most popular alternative gemstones for engagement rings tend to be ruby (red), sapphire (blue) and emerald (green), though there are other less common options. The Duchess of Cambridge (formerly Kate Middleton) wears a 12 carat sapphire engagement ring which is surrounded by diamonds and belonged to Diana, Princess of Wales. It reportedly cost £28,000 in 1981.
Here's a rough guide of how far your money will go on a ruby, emerald or sapphire engagement ring (prices checked November 2014):
- Red ruby engagement ring, between 4 carat and 8.5 carat - under £400 to £500. (QP Jewellers)
- Blue sapphire engagement ring, up to 9.5 carat - £500 (QP Jewellers)
- Green emerald engagement ring, 14K rose gold, 3.5 carat - under £400 (QP Jewellers)
You might also like to read our guide to buying unusual engagement rings.
Our conclusion
Regardless of what you might have heard, £500 is a perfectly reasonable budget for a cheap diamond engagement ring - if you are happy to either buy online, or wait for a genuine sale from a high street jeweller.
With a budget of £500 I would personally lean towards buying a new engagement ring, rather than buying second hand. You'll find you can get something that doesn't look too tiny and has a nice sparkle without worrying about whether your potential spouse will mind having something second hand. Of course, you also get the after sales service with a new engagement ring (most offer a 30 day money back guarantee and longer assurances that it won't fall apart). Don't expect to get a super high grade diamond for £500 and you'll be fine!
If you are working on a cheaper budget of under £100, £200 or £300 for your engagement ring then I would be much more tempted to buy used jewellery.
With a budget of £500 I would personally lean towards buying a new engagement ring, rather than buying second hand. You'll find you can get something that doesn't look too tiny and has a nice sparkle without worrying about whether your potential spouse will mind having something second hand. Of course, you also get the after sales service with a new engagement ring (most offer a 30 day money back guarantee and longer assurances that it won't fall apart). Don't expect to get a super high grade diamond for £500 and you'll be fine!
If you are working on a cheaper budget of under £100, £200 or £300 for your engagement ring then I would be much more tempted to buy used jewellery.
