Once upon a time, it was the accepted tradition that a diamond engagement ring needed to cost somewhere in the region of three months' worth of the proposer's salary. While this might have been a suitable guideline in generations past, we like to think that these days there is a much more relaxed and achievable attitude to what is an affordable price for a diamond ring.

Finding the perfect engagement ring will be a different experience for each individual person and couple, so you should never feel pressured or cornered into spending too much money and reaching out of your price range for something just because it might be seen as the 'best' piece of jewelry.

In truth, the best engagement ring design or engagement ring style is always going to be one that meets the two crucial factors of the right price and the right personal style.  

The choice for engagement rings on the modern market is wider and more varied now than it has ever been so the idea of not finding the perfect choice shouldn't be entertained. (You might say the choice is endless but if your dream ring is impossible to find, there are jewelers that offer a bespoke ring service.)

Finding an affordable diamond engagement ring is not just a case of looking at the price tag. There are compromises that you can make, sacrificing some elements but still ending up with a budget-friendly engagement ring you love. It is all about knowing how to play off one thing against another.  Follow these guidelines and we are sure you make an affordable and gorgeous engagement ring choice. 

Opt For Lab Grown Diamonds

One of the easiest and most effective ways to lower the cost of any engagement ring is to choose lab-grown diamonds rather than natural diamonds. There are numerous reasons to choose a lab-grown diamond. Currently, lab-grown stones can cost 30-60% less than natural diamonds. They are also a more environmentally friendly and ethical choice. Being completely the same in every physical and chemical way,  lab-made stones offer much better value based solely on diamond size. Lab-grown diamonds are a beautiful choice with bonus advantages. 

Another avenue to explore is alternatives to real diamonds. If you want the look of a diamond and are not sold on the idea of lab-grown diamonds, you might consider white sapphire or moissanite. 

Explore Different Metal Options

The choice of precious metal influences the price of an engagement ring. Platinum is the most expensive followed by gold. A white gold band has become the number one choice for engagement rings but there's also yellow gold and rose gold to consider. 

Although not a common choice, you can pick sterling silver for your ring band to save a considerable amount on the ring cost. People who do this, generally do so with the idea of replacing the ring in the future. 

Modern rings can also be made from many other materials other than precious metals. Talk to your chosen jeweler about non-traditional engagement ring designs that might help with sticking to your budget.

Consider A Less Common Gemstone

Diamonds are always the first stones that come to mind when imagining an engagement ring, but there's no rule that says you can't opt for a different center stone if you are trying to cut back on cost. You might want to consider alternative gemstones like emeralds, rubies and sapphires. These are usually a more affordable option than traditional diamonds while still being stunning.

Your choice doesn't have to be the classic diamond in order to make an impact or even one of the other three gemstones. If you want to embrace the idea of being different, there are many, many different semi-precious stones that look great in an engagement ring. One avenue to consider is a ring that features your birthstone. 

Consider A Halo Setting

Another clever way to get more visual impact with a smaller budget is a halo ring design. A halo setting is where a group of smaller stones surround the center stone, which has the effect of making the main stone appear much larger and more impressive even though it might have a smaller carat weight than the stone in a solitaire diamond ring.

You can be strategic in your stone choices with a halo setting ring in the sense of choosing a real stone for the larger diamond, and then complementing it with a group of lab-created diamonds to complete the halo design. Or, you can choose a diamond center stone encircled by other stones, such as sapphires. Of course, it works in reverse too. Choose a different gem for the center stone that is encircled by diamonds. A good example of this is the engagement ring Prince (now King) Charles (III) presented to Lady Diana Spencer. this ring is now worn by Kate Middleton, Princess of Wales. 

Ring Recommendations

If you are looking for some inspiration to kickstart your quest for a ring that combines beauty with affordability,  then you have come to the right place! Our jewelry experts have put together a list that embodies everything in a ring needed for a beautiful engagement.

Thanks to their timeless style, any of these will make for an excellent option when the time comes to pick a popular style for your own ring choice.

Timeless White Gold Solitaire Engagement Ring


You can't do better than to opt for the iconic choice! This is a white gold solitaire engagement ring that features a classic solitaire design, really making a simple but elegant and effective impact. When people shut their eyes and imagine an engagement ring, this is pretty much the image that comes to most people's minds. Sophistication with affordability!

Rose Gold Solitaire Double Prong Split Shank 

Rose gold is a less conventional choice for the band of an engagement ring but not only does this double-prong split shank design look beautiful all on its own, but it will also look amazing when paired with any wedding band of any color or metal alongside it. Rose gold is much more versatile than you might imagine.

Yellow Gold Pave Round Cut Diamond Engagement Ring with Cupid's Arrow 

The addition of smaller stones around the main center stone is a simple and effective way to make the design look bigger and more dramatic. This is certainly the case with this beautiful round-cut engagement ring that features some extra sparkle with the help of a pave setting cupid's arrow design.

Walk The Line Pave Round Cut Diamond Engagement Ring 

The twisted band of this affordable ring adds a lot of extra dimension and interest to the overall design. There is a gentle fluidity and motion to the design that makes it feel contemporary compared to some of the more rigid and traditional solitaire-style engagement rings. Perfect for a modern bride!

Halo Cushion Cut Diamond Engagement Ring with Cathedral Bridge

The structural beauty of the cathedral bridge element of this particular ring adds a real touch of sophistication and grandeur, without having to break the bank! The cushion-cut diamond evokes an effortless and timeless luxury that is going to be stunning on the finger of any jewelry lover.

This is just a small selection of the affordable engagement rings at Stein Diamonds. With our reputation for value-for-money prices and exceptional customer service, we invite you to browse our entire collection to find the ring you desire and we're happy to answer any queries.