How Much Should I Spend on an Engagement Ring?

A Luxe Guide Comparing Hong Kong vs. Western Standards

Image by Fresh Recollection

Imagine placing a sparkling ring on your partner’s finger— a timeless symbol of love, crafted with intention and brilliance. Luxe Gem Insider is here to guide you through one of life’s most meaningful purchases: how much to spend on an engagement ring in 2025. This guide compares spending habits in Hong Kong and Western markets, as well as offering advice and experience from Fresh Recollection to help you balance budget, beauty, and emotion.

The Classic Rule of Thumb: Origins and Modern Relevance

The famous “three months’ salary” guideline, born from a 20th-century diamond marketing campaign, once set the standard for engagement ring budgets. It suggested spending about a quarter of your annual income — a bold benchmark for its time.

Today, this rule is more symbolic than practical. Modern couples prioritize financial health, shared values, and personal style over rigid formulas. Fresh Recollection has also noticed more couples rather save money for their wedding or honeymoon than to splurge it all out on a single ring. Hence, Fresh Recollection emphasize, the perfect ring should tell your story and aesthetics, not reflect a paycheck percentage.

Engagement Ring Spending Trends in Western Countries

Spending on engagement rings in Western markets like the United States, United Kingdom, and Australia varies widely, influenced by income, cultural norms, and media:

• United States:  Approximately USD $5,200 (The Knot, 2024 Wedding Study)

• United Kingdom: 

  GBP £1,000–£4,000 (Hitched, 2024)

• Australia: 

  AUD $5,500 (Easy Weddings, 2024)

• Cultural emphasis: Financial balance, modesty, and timeless designs

• Preferences: High-brilliance diamonds set in elegant, minimalist styles

Many Western buyers often favoring larger stones or designer labels. They are also open to different shapes, different colours and different types of gemstones, not only diamonds. They usually prefer platinum over 18K Gold as this is what most brands are offering. However, younger couples increasingly prioritize sustainability and customization, seeking rings that reflect their values. Social pressures, amplified by media and peers, can drive budgets higher, though practicality is gaining momentum.

Image by Elina Sazonova

How Hong Kong Approaches Engagement Ring Spending

In Hong Kong, engagement ring spending blends cultural pragmatism with modern luxury. As Hong Kong is one of the world’s largest diamond and gemstone trading centers, buyers often have the opportunities to focus on value retention and craftsmanship than designer labels.

· Average spending: HKD $40,000–$60,000 (USD $5,000–$9,000), based on Fresh Recollection’s client trends

· Cultural emphasis: Financial balance, modesty, and timeless designs

· Preferences: High-brilliance diamonds set in elegant, minimalist styles

Fresh Recollection understand there is a trend to propose with a 1.01 Carat round-brilliant natural diamond amongst young men, with high priority over quality of all 4Cs even if it limits the size of the diamonde to align with their budget-conscious yet luxurious values. Buyers are less reluctant to be adventurous with shapes, colours, gemstones, or designs — opting for modest and timeless designs in 18K White Gold.

Western vs. Hong Kong Engagement Ring Norms: A Comparison

Aspect	Western Norms	Hong Kong Norms
Budget Influence	Linked to income and social trends	Guided by value and social expectations
Size Priority	Preference for larger stones, rising sustainability	Brilliance and quality 4Cs prioritized over size
Style Preference	Designer labels, bold center stones	Round, timeless, minimalist, high craftsmanship

While brands like Tiffany & Co. and Cartier have historically dominated Western luxury markets with their signature settings, Hong Kong buyers often look beyond brand names to focus on diamond quality and craftsmanship.

Image by Emma Bauso

Key Factors to Guide Your Engagement Ring Budget

Choosing your budget is a personal journey. Consider these essential factors:

1. Financial health: Avoid debt to start your new chapter stress-free. Proposing is only the first step into the wedding journey which will also consist of the wedding ceremony and honeymoon which can also put a lot of pressure on your wallet.

2. Partner’s preferences: Some favor subtle elegance; others prefer bold statements. Ladies who commonly wear rings expect differently than those who rarely wear one or like minimalism.

3. Shared goals: Are you saving for travel, a home, or the wedding itself? How do you usually spend money together as a couple? What are your values? Do you have any pressure from your friends or in-laws?

Fresh Recollection advises balancing emotion with practicality to ensure the ring fits both your finger and your future.

Ethical and Sustainable Jewelry in 2025

Ethical and sustainable choices are increasingly important, especially among younger buyers in Western and Hong Kong markets. Conflict-free diamonds, recycled metals, and lab-grown stones offer environmental and social benefits.

Sustainable practices are in the heart of many smaller jewellery businesses. Alongside Fresh Recollection, brands like Brilliant Earth and Mejuri have pioneered ethical sourcing practices, while established houses like Van Cleef & Arpels now emphasize their sustainability initiatives. With the current record Gold Prices (April, 2025), Fresh Recollection Clients are bringing in old gold pieces to melt down for recycling. Not only can buyers get cash back, they are serving the environment. Recently there is more requests at Fresh Recollection for a lab-grown diamond paired with a recycled gold setting, combining affordability with eco-conscious elegance.

Image by Yoav Franco

Redefining Luxury: Craftsmanship and Intention

The Rise of Bespoke Rings and Thoughtful Design

Luxury today centers on authenticity, craftsmanship, and intention — not just price tags. Bespoke engagement rings are becoming the new gold standard, allowing couples to tell their unique story. From selecting the diamond’s cut to designing the setting, customization creates heirlooms filled with meaning. While custom design was once the domain of high-end jewelers like Harry Winston and Bulgari, boutique studios like Fresh Recollection are making bespoke experiences more accessible without compromising quality.

Based in Hong Kong but serving Clients worldwide, Fresh Recollection excels in guiding clients through every step. Fresh Recollection offers diamonds that cater to different needs, while still ensuring all diamonds are expertly cut, and chosen for peak brilliance — a quiet statement of refined taste that resonates globally. Mixed-race Clients reach out to Fresh Recollection as their jewellers are able to blend Hong Kong’s minimalist aesthetic and need for value with a Western-inspired setting, creating a ring honoring both cultures.

Alternatives That Maximize Brilliance

For budget-conscious buyers, these options offer impact without overspending:

1. Lab-grown diamonds: 

   Chemically identical to mined stones, 70-90% less expensive, though with almost no resale value in the current market.

2. · Custom settings: 

   Unique designs that make smaller stones appear larger.

3. · Alternative shapes: 

   Ovals, pears, and cushions provide better spread per carat.

   
   

FAQs About Engagement Ring Budgets

1. Is the three-month salary rule still relevant? No. It’s outdated. Focus on a budget that suits your relationship and finances.

2. What’s the average engagement ring cost in Hong Kong? Around HKD $40,000–$60,000, depending on quality and design.

3. Do people notice how much you spend? Rarely. Brilliance and design leave a lasting impression, not price.

4. Are lab-grown diamonds acceptable? Absolutely. They’re beautiful, sustainable, and budget-friendly, though some prefer mined diamonds for rarity for engagement. Lab-grown diamonds are still more acceptable in fashionable pieces.

5. How can I make a smaller budget go further? Work with trusted jewelers like Fresh Recollection, prioritizing cut, proportion, and creative settings.

6. How do I balance cultural expectations in a mixed Hong Kong-Western relationship? Discuss preferences openly and consider bespoke designs that blend traditions.

7. Are financing plans a good idea? They can help manage costs but ensure terms align with your financial goals to avoid stress.

Final Thoughts: Spend Smart, Shine Bright

Choosing an engagement ring is a journey of love, intention, and balance. Whether embracing Hong Kong’s practical elegance or the West’s bold romance, the perfect ring reflects your unique story-not a price tag.

Choose a jeweller with curated expertise, your ring will sparkle with precision, personalization, and purpose.

Image by Anastasia Shuraeva