When it comes to planning a proposal, one of the most frequently asked questions I get is: “How much should I spend on an engagement ring?” It’s a topic that’s steeped in tradition, but in 2025, the answer isn’t as straightforward as it might have been decades ago. Trends, values, and personal priorities have all evolved, and that’s why I want to share my perspective to help you navigate this important decision.

Forget the "Three Months' Salary" Rule

Traditionally, there was a so-called "rule" that suggested spending three months’ salary on an engagement ring. This idea originated from clever marketing campaigns decades ago, and while it has lingered, it’s not a practical guideline for everyone. In 2025, the better approach is to focus on what feels right for you and your financial situation. Your relationship isn’t defined by a specific price tag, and your engagement ring shouldn’t be either. At Morgan & Co, we prioritise working within your budget to ensure you feel confident and comfortable with the cost of your partner's engagement ring. By adjusting elements like diamond quality, we can help you create the ring of your dreams at a price that feels just right.

Consider Your Budget

The first step is to assess your finances. How much can you comfortably spend without compromising other financial goals or causing stress? Take into account your current expenses, savings, and any upcoming costs—such as a wedding or a future home purchase. This isn’t about being frugal; it’s about being thoughtful. I always advise clients to strike a balance between quality and affordability, ensuring they invest in a piece they truly love without stretching themselves too thin.

Personalisation Over Price

One of the most exciting aspects of engagement rings today is the ability to create something entirely unique. Custom design allows you to focus on meaning and craftsmanship rather than simply following trends or adhering to a price bracket. I’ve worked with clients who prioritised rare gemstones, sentimental engravings, or heirloom-inspired designs. These personal touches often carry far more emotional value than a ring’s dollar amount.

For example, lab-grown diamonds have gained significant popularity in recent years. They’re identical to natural diamonds in every way but come at a lower cost, allowing you to allocate more of your budget toward customisation. Similarly, alternative gemstones like sapphires or emeralds can make a ring stand out while being budget-friendly.

View our custom engagement ring collection here for some inspiration.

Some favourites at a lower price point are —

The Stevie Ring: By choosing a solitaire with a lab grown diamond, you're able to bring your price down a little as there is only one diamond to buy and set. 

The Roberta Ring: A delicate ring, such as The Roberta Ring, is a diamond engagement ring that has a lower price point due to the smaller size of the main diamond. 

View below some higher price point diamond engagement rings — 

The Lucy Ring: A Toi et Moi ring is at a higher price point due to having to purchase two diamonds in the one ring. 

The Ellise Ring: This is a trilogy ring featuring three diamonds and due to purchasing and setting three quite large diamonds, the price point is at the higher end. 

Educate Yourself on the "4 Cs"

When investing in a diamond, it’s crucial to understand the "4 Cs": cut, colour, clarity, and carat weight. These factors determine a diamond’s overall quality and value. However, the trick is knowing which of these aspects matters most to you. For many, the cut—which affects a diamond’s sparkle—is the most important. Others may prioritise carat size or the absence of inclusions.

By understanding the 4 Cs, you can make informed decisions that maximise your budget. For instance, opting for a slightly lower colour grade that still appears white to the naked eye can free up funds to go toward a larger stone or a more intricate setting. At Morgan & Co, we don't go below a G colour for our diamonds — we want your ring to have a beautiful sparkle, not cloudy or yellow. 

Think About Lifestyle and Longevity

Another key consideration is how the ring will fit into your partner’s lifestyle. Do they have an active job or hobbies that might put the ring at risk for damage? If so, a durable setting or a lower-profile design might be better suited for everyday wear.

Additionally, think about longevity. This ring is meant to last a lifetime, so prioritise timeless designs and quality craftsmanship. Trends come and go, but classic styles—whether that’s a solitaire diamond or an elegant halo setting —remain enduringly beautiful.

Your Partner’s Input Matters

If possible, try to gauge your partner’s preferences. Some people love surprises, while others appreciate being part of the selection process. Either way, understanding their style, metal preference, and desired gemstone can help guide your choice and ensure the ring feels like an extension of their personality. If you prefer to keep the proposal a surprise, but want to involve your partner in the design process, read our blog on "The Modern Proposal Approach" which gives you ideas on how to propose but not get the ring wrong! 

Final Thoughts

In 2025, the “right” amount to spend on an engagement ring is entirely personal. It’s about aligning your budget, your partner’s tastes, and your shared values. Whether you’re investing $5,000 or $20,000, the most important thing is that the ring symbolises your love and commitment — something no price tag can measure.

At Morgan & Co, we can source natural diamonds, lab grown diamonds, as well as natural coloured gemstones. Once we establish your budget, we can help guide you with what you can afford for your price point. Our engagement rings start from $4,900. 

At Morgan & Co, we’re here to guide you through the process, ensuring you feel confident and informed every step of the way. From selecting the perfect stone to designing a setting that tells your unique story, we’re dedicated to helping you create a piece that’s as special as the person you’re giving it to. After all, the most valuable thing about an engagement ring is the love it represents. 

Please contact our custom engagement ring team for your free consultation. 

With Love,
Morgan xo