KATE’S ENGAGEMENT RING STILL TOPPING WISH LISTS 10 YEARS ON

With William and Kate’s 10-year wedding anniversary just happened, Kate’s iconic engagement ring, first worn by Diana 40 years ago, is still inspiring the nation with a majority of engaged couples opting for a diamond and sapphire combination.

• Kate’s ring, believed to be purchased for around £28k by Prince Charles, is now estimated to be worth around £400k
• 8 in 10 couples go for diamond and sapphire combination engagement rings
• The UK average spend on engagement rings up by 12% to £7,056
• money.co.uk’s Engagement Ring Calculator helps shoppers decide how much they can afford to spend on a ring

Diamond and sapphire engagement rings are the first choice for engaged couples in the UK, emulating the Duchess of Cambridge’s 12-carat band, worn first by Diana, Princess of Wales back in 1981.

The ring was originally chosen by Diana herself, and purchased for an estimated £28,000 by Prince Charles in the 80’s. Now, as William and Kate celebrate 10 years of marriage on 29^th April, it is estimated to be worth around £400,000 by experts.

More than eight in 10 (82%) lovers who opt for a combination-stone ring will choose the diamond and sapphire pairing made popular by Princess Diana 40 years ago, according to new research from money.co.uk.

Given the high cost of purchasing engagement rings, money.co.uk launched an interactive Engagement Ring Cost Calculator to help couples gain a better understanding of how much they can afford to spend based on their income, spending habits and family circumstances.  

Money.co.uk first created an engagement ring guide last year after news that Brexit caused 20% of people to either delay purchase or reduce their planned spend on engagement rings.

This year, COVID-19 has had a similar effect, with just under 1 in 5 (18%) saying that the pandemic has caused them to either delay purchase or forced them to spend less on engagement rings. 

Although diamonds and sapphires are the most popular combination of stones, the single most popular gem remains the diamond, which has actually increased in popularity by almost 20% in 2021. 

This year, 68% of people are picking diamonds over other stones such as rubies, emeralds or amethysts, compared to 50% in 2020.

When it comes to style, ‘The Solitaire’ is the most popular cut of engagement ring, chosen by 31% of people – followed by ‘The Three Stone’ and ‘The Cluster’, both at 17%. 

Despite their popularity, diamonds clearly aren’t for every age group. Only half of 16-24s pick diamonds for their engagement rings, compared to 75% of over 55s. 

And most Brits are in the dark about their partner’s ring preferences. Some 72% say they have no idea what their significant other’s ring size is.

Regionally, it seems engagement ring preferences can be hugely varied. 

In Scotland, diamond engagement rings are most popular, with 77% and 81% of people choosing them in Edinburgh and Glasgow respectively. 

What’s more, ‘The Solitaire’ style – though popular in England, Wales and Scotland – is not the top choice in Northern Ireland. Just 19% of people have ‘The Solitaire’ regionally, with 36% opting for ‘The Three Stone’ style instead.  

James Andrews, personal finance expert at money.co.uk, said: “There’s an old saying that the cost of an engagement ring should equal three month’s salary, but that’s not necessarily the case.

“We love tradition in the UK, illustrated by the fact that Kate’s engagement ring is still the most popular style, 40 years after it first made its public debut by Diana. 

“However, regardless of the type of ring you choose whether it’s a princess-inspired sapphire or a simple gold band, you need to have an understanding of your expenditure and personal situation before you make a decision about how much to spend. 

“That’s where our engagement ring cost calculator comes in handy – it gives people guidance on what they should be looking at spending according to their personal circumstances.” Luckily, high street retailers have budget friendly alternative for people who want the Kate Middleton look without the price tag. Beaverbrooks boasts an affordable cubic zirconia look-a-like at only £115, whilst The Diamond Store offer an engagement ring alternative featuring a 1.55ct sapphire that comes in at £1749.

When it comes to taking the plunge and actually purchasing engagement rings, ring shoppers stick to old habits, with an overwhelming 8 in 10 buying their rings in a physical store, either a high street shop (43%) or an independent jeweller (37%). 

Of those that don’t, around one in 20 people have their rings passed down from a family member, and just 7% purchase them online. 

The research from money.co.uk crucially reveals that the average spend in the UK on engagement rings is currently up by 12% compared to last year, from £6,300 to £7,056. 

That cost is reflected in the fact that 6 in 10 have to save up for their ring and, just as was the case in 2020, a further 20% will use a credit card to manage the cost.

Although the amount of people taking out a loan to cover the cost is fairly low nationally (4%), the number of 16-24 year olds who need to borrow from their parents in order to purchase an engagement ring is almost triple (11%). 

Engagement Rings – UK most popular choices 

Most Popular Cut

1. The Solitaire (31%) 
2. The Three Stone (17%) 
3. The Cluster (17%)

Most Popular Stones

1. Diamond (68%) 
2. Sapphire (14%) 
3. Ruby (6%) 

Most Popular Metals 

1. Gold (48%) 
2. White Gold (23%)
3. Platinum (12%)