Wondering how much an engagement ring really costs and which one to get? You’re not the only one. A long list of celebrities have swooned us with their engagement announcements, from Zooey Deschanel and Jonathan Scott, Nina Agdal and Logan Paul, to the surprising announcement of Millie Bobby Brown and boyfriend, now fiancée Jake Bongiovi.

It can be recalled that the Enola Holmes star revealed the bombshell news to the public in an Instagram post along with a caption referencing lyrics from Taylor Swift’s 2019 hit song Lover. “I’ve loved you three summers now, honey; I want ’em all,” she wrote. Interestingly, Millie Bobby Brown’s engagement ring, which boasts an estimated 4-carat round natural diamond, values around £56,000 or $70,000, as mentioned by a jewelry expert to Page Six.

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A post shared by Millie Bobby Brown (@milliebobbybrown)

It was a different choice with a price tag to match, but how much should an engagement ring usually set you back? If you’re thinking of popping the question or are expecting it you might be worried about the excessive cost of the jewellery.

There are so many myths about how much we should spend on the band that it sometimes detracts from the huge life decision you’re actually making, but it shouldn’t be as difficult as it is. So we’re demystifying the rumours and explaining the general rules about the engagement ring. Keep scrolling for everything you need to know.

Next, apart from engagement rings, here’s our list of must-have accessories or join the booming Y2K trend with these resin rings.

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How much should you spend on an engagement ring?

There are so many theories about the amount people believe you should spend on an engagement ring, but as you can expect, the high cost of engagement rings originated as a marketing ploy. It was the US jewellery brand De Beers, who launched a marketing campaign in 1947 with the tagline: ‘How can you make two months’ salary last forever? This myth has stuck, so now people expect to spend thousands on a ring.

How much does the average engagement ring cost in the UK?

The average cost of an engagement ring has reduced in recent years, from £1,865 in 2018, to £1,483 in 2021 according to Diamond Factory. The average actually matches up to the country’s average salary, so you can expect to spend around that on a ring.

However it of course depends on how much you can really afford; nobody should spend more than they can afford, regardless of how much they love their partners. Love cannot be defined by material wealth or possessions, despite the romantic gesture involved in proposing.

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A post shared by Zooey Deschanel (@zooeydeschanel)

How much does the average engagement ring cost in the US?

A study by Brides found that couples spent on average $3,756 on an engagement ring in 2020. This works out at around £2,760 – a little more than the UK average. However it’s a drastic reduction from 2018, when the average cost spent on the ring was $7,829 almost £6,000.

Engagement ring calculator

There are nifty engagement ring calculators online, including this one from Diamond Factory. It asks you how much you earn, your monthly outgoings and how many months until you’ll propose. Then it works out how much remaining income you can save for the perfect ring.