How much should an engagement ring cost?
Updated 16 October 2026
The honest answer is: whatever you are comfortable spending. The old rule of thumb about a month or two of salary began as a diamond advertising slogan, not as advice. Start from your budget, then decide where it should go.
What drives the price
An engagement ring has two costs: the setting and the centre stone.
- The setting covers the metal, the design and the making. Platinum costs more than 18ct gold because it is denser and harder to work. Halos, pavé and side stones add both diamonds and hours at the bench.
- The centre stone is usually the larger share, and its price depends on origin, carat weight, shape and grades.
Origin changes the picture
The single biggest lever is whether you choose a laboratory-grown or an earth-mined diamond. For a 1.5 ct stone of the same grades, the earth-mined version can cost many times more. That is why every Audley product page shows both prices for every size: you can see exactly what the choice means for your budget.
Getting more for your budget
- Choose a shape that looks larger for its weight, such as an oval or a pear.
- Look just under a round number: 1.4 ct rather than 1.5 ct.
- Hold colour around G and clarity around VS2. Above that, the difference is on paper.
- Choose 18ct white gold instead of platinum if you want the same look for less.
Leave room for the wedding ring
If you plan to wear a wedding band alongside it, set some budget aside. Our wedding rings are made to sit flush against our engagement settings.
If you tell us a budget, we will show you the best options within it. Book a consultation.