This topic is highly controversial in the jewellery space. There is a lot of confusion about what is the ideal amount to spend on an engagement ring. There’s also a lot of misinformation and myths that seem to fuel this confusion.

We thought it’s about time we wrote an article on this, and quash some myths. It’s bound to help people, right? Not to mention, we love busting myths. It gives us a lot of joy.

A De Beers Ad from the 1900s made popular the notion of 2 months’ salary.

Some Numbers

What’s the average that people spend on an engagement ring? Well, the answer to this differs basis who you ask. And where they stay. It’s not unusual for a couple to spend USD8000 for an engagement ring in the US.

Here in India, and in our experience, we’ve seen people spending between ₹60,000 all the way up to ₹25,00,000 for an engagement ring. Our average is probably around ₹2,50,000. But there’s a lot context that’s missing there. The price of your engagement ring can vary greatly based on the materials you choose and the design you want to go for.

Busting some Myths

Myth 1: Spending 3 months worth your salary

This is a suggestion most jewellers will give when you think about purchasing an engagement ring. But it’s an outdated thumb rule that went mainstream after a well executed marketing campaign. The truth is there is no set rule for what’s considered an acceptable amount to spend on an engagement ring. It comes down to what your budget is, and what you wish to purchase.

What you spend on a ring is entirely up to you. Like the ring, it’s a personal choice.

Bespoke Made to Order emerald diamond ring

Myth 2: Buying from your family jeweller is cheaper

This isn’t true. Again, there’s a lot of context that’s missing here. If they’re a retail store, they have costs to deal with, bills to pay, employees to take care of, not to mention the cost of inventory. Markups on jewellery can range from 20% to nearly 400% based on who you’re dealing with.

There are lots of jewellers in the Indian market who will break down the price of your ring into individual components, to make it seem like their profit margins are negligible. Do not believe them. There are a lot of hidden, unscrupulous ways in which margin can be masked. Do not fall for that trap! Instead, focus on the following:

Buy certified
Buy something beautiful
Buy from people who are experts
Make sure you get an invoice for the full amount you paid for.

What holds value over a period of time is the design and workmanship that’s gone into making the engagement ring. Hence, it’s so important to buy something beautiful. Not to mention you’ll have to live with this ring for the rest of your life.

At The Peacock, we craft all our rings with a lot of love and care. All our rings are made to the highest global standards, and finished to perfection by our experienced team.

Buy something beautiful, and it is more likely to retain its value over time.

How Much Is Too Much to Spend?

Well, there is no limit on how much you can spend on an engagement ring. So, if you’re worried that your partner might go over board with this purchase, it might make sense to be direct and slip in a few lines of caution in a conversation. Something like, “You know, my friend was telling me the other day that they maybe spent too much on their wedding rings. That they would’ve liked to have budgeted more for the wedding instead. Frankly, I think no one should spend more than on an engagement ring”.

You could obviously pass on this message through a family member, or a common friend. Or better still, go engagement ring shopping together.

If, on the other hand, you feel like splurging on an engagement ring, that’s perfectly fine too. Just make sure you have the means to do so.

Keep your communication channels open on this subject. And spend as much as you’re comfortable with. There’s no point going into debt to buy your engagement ring.

Choose from a wide range of designs and finishes in our store, or get in touch with us for a bespoke piece.

Blue sapphire engagement rings in a bunch

How To Reduce Engagement Ring Costs?

Choose Other Gemstones

There are lots of other beautiful stones you can use apart from a diamond, in your engagement ring. We have a host of stones to offer – pastel Blue Aquamarines, Flamingo pink Morganites as well as vividly brilliant Sapphires in a number of different colours. All of these stones come with diamond accents, and are perfect for an engagement ring. Some of them are rarer than diamonds are, and all of them add a dash of colour.

When you take into account the fact that they’re easier on the wallet too, they’re definitely an option worth considering.

Oval blue sapphire ring kept in velvet bix

Find a sweet spot with the 4Cs

A diamond’s cut, carat, clarity and colour determine its price. There are an infinite combinations available, and for someone who’s unaware of how to grade a diamond, this can be challenging. Checkout our Simplest Guide to the Diamond 4Cs. You’ll realise we’ve used every hack in the book to present you with the best value possible. Feel free to use our recommendations to prevent paying too much for your engagement ring, whether you buy from us or not.

Our Approach

We’d suggest you have a budget in mind. This will help you reduce the scope of what you’re looking out for. After you have a budget in mind, we suggest you buy something that’s beautiful. Don’t think about whether it’s an investment, don’t bother about whether the retailer is earning a high margin. Just get something you absolutely love. We cannot over state this. An engagement ring is something you will live with for a lifetime. Many a times, these rings are passed down from one generation to another. So, choose well. And if you buy something that’s beautiful, chances are it will hold and amplify its value over a period of time.

At The Peacock, we have a range of Engagement Rings and Stacking Bands to suit all budgets. You can visit our store and choose something beautiful, no matter what your budget. We’re adding new designs to our collection frequently too, and you can always request a custom, bespoke design if you so wish.

Explore our Collection

View the entire collection in our store. Each design is carefully made, with love and care. All stones are hand picked, and adhere to our high standards of quality and craftsmanship.

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Akshay Sethi

With an eye for detail, Akshay has been designing exquisite pieces of jewellery for years now. He's also our resident gemologist, and the founder at The Peacock.

All Posts By Akshay