Welcome back to the Diamonds Hatton Garden blog where we bring you the latest insights from our Hatton Garden jewellers. Following on from our buying guides to various fancy cut diamond shapes, we look to continue with our educational themed blogs with today’s article about the impotence of setting your budget and how this can help you to choose your perfect diamond engagement ring.
Why is budget important?
Getting married is one of the most joyous experiences that we can have. Uniting a couple in holy matrimony, a marriage turns a couple into a single unit as they both begin to navigate their lives together. Understandably, the pressures around marriage, the ceremony and planning, the invitations and the perfect day can rise and that’s without mentioning costs!. Understanding and setting a budget for your all important diamond engagement ring is a vital part of the princess to ensure that you have enough money in the kitty for all other expenses not to mention the sensible act of not overspending. It is easy and (very understandable) to be excited to spend the rest of your life with your special person and overextending a budget can be very tempting. Having a fixed budget is not only a financially healthy approach but also assists our team when matching your budget, preferences and tastes to the perfect engagement ring or loose diamond.
What to consider when setting a budget?
Setting a budget for your engagement ring allows you to explore the options that our team of Hatton Garden jewellers have available. We recommend to start by totalling your monthly income – if you’re buying the ring to surprise your other half then just use your income. Things to include can be:
- Rent or Mortgage Payment
- Utilities Payments
- Phone Payment
- Credit Card Payments
- Car Payments
- Student Loan Payments
- Insurance Payments
- Food Expenses
- Personal Grooming Expenses
- Any Regular Savings Contributions
Now that you have calculated your monthly expenses, subtract this from your total earnings to understand what budget you have left monthly. From there you can see how much you want to spend on a ring. We also suggest reaching out at this stage to a reputable jeweller to understand what the general costs and what can be purchased for various budgets.
What costs are involved in an engagement ring?
It is useful to understand the average cost of an engagement ring and what affects engagement ring pricing as the information can be used as a base to understand your options vs what you are willing to spend. Roughly speaking, the average cost of an engagement ring is about £3,500 GBP. Around 50% of people spend much less than that, while around 15% spend far more than that.
Centre Stone Cost
At Diamonds Hatton Garden, we offer both the setting and the loose diamond together as well as preset wedding rings. When buying an engagement ring, it is usually common to purchase the band and then choose the diamond or vice versa. The centre stone will be the most expensive part of an engagement ring and the better quality and the higher the carat weight, the higher the price tag for the gemstone.
What influences the price of a diamond?
The GIA’s 4Cs of diamonds—diamond cut, diamond colour, diamond clarity, and diamond carat weight—influence a diamond’s price and within this certain shapes such as the round brilliant diamond command a higher price than say an emerald cut diamond. Finding a balance between these characteristics that works for your desired aesthetic and budget is key. Depending on the shape of the diamond some of these factors may be more or less important than compared to other shapes – regardless, our team will assist you throughout the process and answer any questions.
Cost of the setting
Whilst the vast majority of the budget is allocated to the diamond itself, the cost of the setting or mount is also worth consideration. The two main factors are the style of the setting (Halo/Pave/Solitaire for example) as well as the precious metal used.
The most common precious metals used for engagement rings are white gold, yellow gold, rose gold, and platinum. Platinum is more significantly expensive than gold, but it’s also hypoallergenic and very durable.
Bespoke or ready to wear?
Choosing a bespoke or ready-to-wear ring is another option to consider. A bespoke diamond engagement ring will be custom made for your and usually begins with advanced sketches and designs before the mount is entirely cast and created for you. A ready to wear option, a popular option, involved using a beautifully made existing mount design and you choose the diamond that works best for you or a ready-to-wear ring can also come with a diamond mounted. A bespoke ring will be more expensive than a ready-to-wear ring due to the design and materials used.
However much you choose to spend on your diamond engagement ring, our team of jewellery designers and experts have assisted generations of clients for more than 40 years. Contact our team via harel@diamondshg.co.uk or call +44 7951 060238 for more information and to arrange your appointment. Alternatively, explore our selection of fancy coloured diamonds for sale and if you are looking to buy fancy Pink diamond jewellery contact our team as well as viewing our latest Diamond engagement rings in Hatton Garden. Or contact our team to sell diamonds in London.