When planning a proposal, one of the biggest questions is how much to spend on an engagement ring. At Faire & Fine, we believe there is no single rule, it’s about finding the balance between budget, beauty, and personal meaning. With lab grown diamonds, you can enjoy exceptional quality at a more accessible price, especially when compared to mined stones.
Our rings are designed and crafted in Hatton Garden, London, UK, in your choice of gold or platinum, so you can choose a style that feels right for you. Whether it’s a classic solitaire, an oval solitaire, or a timeless round solitaire, your budget goes further with us.
What is the Average Cost of an Engagement Ring in the UK?
In the UK, the average cost of an engagement ring ranges from £2,000–£7,000, depending on diamond size, clarity, and setting. At Faire & Fine, most of our clients spend around £2,500 on a ring, which remains the most popular budget. Thanks to lab grown diamonds, you can often choose a larger stone or higher quality within the same spend.
What is a Decent Budget for an Engagement Ring?
A decent budget is one that feels comfortable for you. Many of our clients in London spend between £2,500 and £5,000 on a lab grown diamond engagement ring, but we also create designs starting from £1,500.
For example, our Lab Grown Oval Solitaire Engagement Ring is a beautiful ring, and available in F VS clarities for £1,500.
By offering both approachable solitaires and high-end bespoke designs, we make sure every couple finds the right balance of beauty and budget.
Is £3,000 Enough for an Engagement Ring in the UK?
Yes. £3,000 can buy a beautiful engagement ring in London, especially if you choose lab grown diamonds. With our £1,500 starting price, there are plenty of stunning options below this budget as well. A £3,000 budget covers most of our core range, as well as bespoke creations.
What is the 3 Month Rule for Engagement Rings?
The “three months’ salary” rule was created as a marketing campaign, not a tradition. Today, couples prefer to spend what feels right. With lab grown diamonds, you can choose a classic oval solitaire or round solitaire ring without over-stretching your budget, whether you’re starting at £1,500 or investing £5,000+.
Is it Okay to Propose Without a Ring?
Yes. Some couples prefer to design the engagement ring together after the proposal. If you’d like to propose without a final ring, you can even use a simple “dummy ring” as a placeholder.
Can I Propose with a Dummy Ring?
Absolutely. Many clients choose a temporary ring so their partner can later design the final piece. At Faire & Fine, we recommend booking an appointment in Hatton Garden to create the perfect ring after the proposal.
Why Are Some Engagement Rings More Expensive?
The two main factors are:
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Diamond weight: more carats = higher cost. Additional diamonds (such as side stones or halos) also add significantly.
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Labour and craftsmanship: complex settings take longer and require more skill, making them more expensive than simple solitaires.
For example, our Oval Trilogy Engagement Ring includes three lab grown diamonds, making it more expensive than a solitaire due to both added diamond weight and labour.
Stepping up further, our Oval Engagement Ring with Hidden Halo and Diamond Band combines a central oval with a hidden halo and a diamond-set band, increasing both the diamond weight and the craftsmanship required.
This is why a classic solitaire will always be the most budget-friendly design, while more elaborate rings reflect additional work and sparkle.
Can I Get an Engagement Ring for Less Than £2,000?
Yes. At Faire & Fine, our engagement rings start from £1,500, but they can be made for even less when crafted in 9k or 14k gold. This makes them an excellent choice for couples on a tighter budget.
For enquiries about lower gold carat options, we recommend booking a consultation.
Engagement Ring Budget Comparison
| Style | Features | Budget Range (Approx) | Notes |
|---|---|---|---|
| Oval or Round Solitaire | One central lab grown diamond, gold/platinum band | £1,500+ | Entry-level, timeless, elegant |
| Oval Trilogy | Three lab grown diamonds, crafted band | £1,950+ | More sparkle, more labour involved |
| Hidden Halo with Diamond Band | Central oval, halo beneath, pavé diamond band | £2,050+ | High diamond weight and complex craftsmanship |
| Bespoke Design | Tailor-made, fully customised | £2,200+ | Design-led, one-of-a-kind, premium |
Explore our bespoke process here.
Why Choose Faire & Fine
At Faire & Fine, every engagement ring is crafted using our stone-first approach. Whether you’re working with £1,500, the average £2,500, or beyond, we’ll guide you to the right lab grown diamond and design, from classic round solitaires to modern oval solitaires. With bespoke options for higher budgets and affordable choices in lower carat gold, we ensure every couple finds their perfect ring.
Book an appointment in our Hatton Garden studio to start your journey.