You’re about to buy an engagement ring. Maybe your first real piece of fine jewelry. Maybe the most significant gift you’ve ever given. And then the question hits: how much should I actually spend on this thing? Suddenly you’re down a rabbit hole of “rules,” Reddit threads, and price points that range from “totally doable” to “did they finance that?”
We’ve been helping people design custom engagement rings for years, and trust us—every couple approaches this decision differently. Some want to go big and bold from the start. Others are balancing wedding planning, rising interest rates, and all sorts of other budgetary concerns. There’s no universal number. No perfect price. And definitely no rulebook. What there is—is context. Personal finances. Values. Priorities. And yeah, maybe a little sparkle.
Here’s a quick detour into diamond drama: When Prince Rainier III proposed to Grace Kelly in 1956, he did it with a 10.47-carat Cartier diamond ring that cost $4.06 million. Today, that ring is valued at close to $39 million.
Today’s celebrity engagement rings, and those of yesteryear, are designed for headlines, not real-life budgets. Most of them are more about status than sentiment. So if you’ve been scrolling through articles listing “the most expensive diamond rings ever made” and wondering how yours will compare—don’t. You’re not trying to impress the press. You’re creating something personal, something real, and something built for your day-to-day life—not a red carpet.
You’ve probably heard the classic rule: spend three months’ salary on an engagement ring. It’s catchy, it’s memorable—and it’s also marketing. That “rule” was introduced by diamond companies (most notably De Beers) during the Great Depression to boost diamond sales. Somehow, it stuck around.
Fast forward to today, and most people don’t take that advice literally. Many spend far less. Some spend more. The truth is, how much you should spend on an engagement ring depends entirely on your personal financial situation, your partner’s preferences, and what feels right for you.
Here’s the short answer: it’s too much if it stretches you beyond your comfort zone. Buying a ring shouldn’t derail your finances or add unnecessary pressure. Remember, the engagement ring is just one part of a much larger chapter—there’s the proposal, wedding planning, future milestones… all of it.
Instead of focusing on a magic number, think about what fits within your overall ring budget. Most of our clients set their engagement ring cost based on a mix of factors: how important the center diamond is, whether they prefer lab grown or earth mined diamonds, their choice of metal (yellow gold, white gold, or platinum), and the design itself.
The most significant cost drivers are:
Lab grown diamonds, in particular, have changed the game. They’re chemically identical to mined diamonds and look the same to the naked eye—but they can cost significantly less. That means more value, and often, a larger stone for the same spend.
There’s no fixed “average engagement ring cost” that works for everyone. We’ve created beautiful, meaningful engagement rings at both ends of the engagement ring budget spectrum.
Some clients want something simple and symbolic—or perhaps a smaller centre stone suits their hand best. Others have always envisioned big, bold and blingy – sparing no sparkly expense. Neither is right or wrong. It all comes down to your values, your vision, and your personal budget.
Before you start engagement ring shopping, be honest about your priorities. Do you want to spend more on the ring or save that money for your honeymoon? Is size your top priority, or are you more focused on finding a unique design?
We always recommend factoring in a realistic timeframe, researching options, and seeking expert advice—especially if you’re comparing lab grown vs. natural diamonds, or considering engagement rings online.
At Alexis Gallery, we will help you design something that feels personal, beautiful, and right for your life. Our custom curation process allows us to work backwards from your budget to find the best possible centre stone options to keep you on budget for your fully finished ring. Whether you’re after a show-stopping custom design or a more modest one, we’ll walk you through it all.
Start where you are. Not where the internet tells you to be. A great ring isn’t about the biggest diamond or the fanciest setting—it’s about meaning, longevity, and craftsmanship.
Our benchmark pricing starts as follows:
At Alexis Gallery, we design unique engagement rings for all kinds of budgets. If you want something extravagant, we’ll make it exceptional. If you’re looking for something simple and personal, we’ll help you make it unforgettable. We’re here to help you compare options, clarify your priorities, and land on a ring that feels just right.
Book your phone consultation and let’s talk about your perfect ring—no pressure, just thoughtful guidance.
