Study claims average engagement ring costs £5,250

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New research by Assetsure shows prices are rising for engaged couples.

The financial cost of getting engaged is on the rise with the average engagement ring priced at £5250, according to new research by specialist jewellery insurance provider, Assetsure.

According to their report, the average age of an engagement ring wearer is 31 and, when planning a surprise proposal, the majority of men will still opt for romantic breaks in Paris, followed by Mexico and South America.

Research also shows that the responsibility of insuring an item of jewellery falls to the woman once it has been gifted.

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Assetsure Managing Director, James Farley, commented: “Too many couples fail to realise when the monetary value of their ring falls outside the maximum cover provided by most standard home contents insurance policies, finding themselves sadly under-protected in the unfortunate event of loss or damage.”

Another study by Axa discovered that 15,000 UK women will receive a temporary engagement ring in 2014 from partners who are afraid of making the wrong choice.

16% of women are disappointed with their partner’s engagement ring choice, with the average groom-to-be spending one month’s salary or £1,373 on a ring, according to the study. 

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