Forget everything you’ve been told about how much you should spend on an engagement ring (particularly that ubiquitous three month’s salary myth) – it’s completely possible to find a beautiful band on a smaller budget. In fact, the selection of great cheap engagement rings on offer has increased in both size and quality in recent years, so no matter how much you have set aside to spend, don’t panic: you’ll still be able to find a precious piece that'll really wow your partner when you open up that box.
If you want to keep things traditional, then a small but still dazzling diamond is within reach. Alternatively, there are lots of other precious and semi-precious stone alternatives that still give that classic look, as well as more accessible gemstone options that can add plenty of colour, sparkle and personality to the design.
From high street jewellers to more affordable engagement rings from high-end designer names, plus a plethora of independent designers on sites like Etsy and Not On The High Street, here’s our pick of the best budget engagement rings to shop for this year. Now all you’ve got to do is figure out exactly how you want to propose…
Cheap Engagement Rings Under £250
If you have an engagement ring budget of £250 or less, then take a look at these stunning designs which won't break the bank.
1. White Gold and Amethyst Ring – £200, Goldsmiths
To push your budget further, consider swapping a diamond for another semi-precious stone. This pretty design from Goldsmiths includes an eternity band of diamonds with a round-cut amethyst taking centre stage.
2. Solid Gold and Simulated Diamond Engagement Ring – £179.99, Yefvm
If you know your other half wants the look of a traditional diamond then you could consider a simulated diamond. We adore this modern oval-shaped stone mounted onto a solid gold band.
3. Nine-Carat Gold Moissanite Diamond Ring – from £163, The Ivy Bee Handmade
Moissanite is another word for a simulated diamond, so be sure to include this in your search terms too. You'll stumble across lots of lovely options like this Ivy Bee Handmade stacking ring, which has a moissanite stone in a hammered nine-carat yellow gold band.
4. Quartz and Diamond Ring – £150, Amazon
How stunning is this rose quartz engagement ring surrounded by a halo of diamonds? The pretty pink stone gives a warm glow and suits the rose gold band beautifully.
5. Blue and White Sapphire Engagement Ring – £207, Amelia May
This blue and white sapphire ring from Amelia May is a brilliant option if you’re shopping for an engagement ring on a budget. An oval blue sapphire is nestled between two white sapphires and set on a nine-carat gold band – it's incredibly elegant and unique.
6. Nine-Carat Yellow Gold Diamond Solitaire Ring – £249, H Samuel
Choosing a 9ct gold ring like this H Samuel offering instead of 18ct gold or platinum is a great way to save some money but still get a lovely ring - the quality is different but 9ct gold is still hard-wearing and will last a lifetime (just like your marriage!).
7. Wwake Posy Gold Sapphire and Diamond Ring – £230, Net-A-Porter
If your fiancé-to-be really knows their stuff when it comes to fashion, don't overlook sites like Net-a-Porter for some hidden gems (pun intended) like this Wwake posy ring. They'll love that it's such a chic twist on the typical engagement ring look.
8. Nine-Carat White Gold White and Blue Topaz Ring – £200, Goldsmiths
Cheap Engagement Rings Under £500
With an engagement ring budget of £500 you could choose a subtle diamond ring or look into other centre stone options, which often give you more bang for your buck.
9. Marquise Diamond Engagement Ring – £218.63, JSV Concepts
We love the regal style of a marquise diamond and this elegant design also includes two small solitaire diamonds on either side. You can choose from a white gold, yellow gold or rose gold setting.
10. Naava Brilliant Solitaire Engagement Ring – from £294.95, Amazon
Keep things classic and traditional with a simple solitaire ring. The timeless design includes a certified diamond mounted onto a 9ct white gold polished band.
11. Jenny Packham White Gold Ring – £200, Goldsmiths
Yes, you really can get an engagement ring designed by renowned wedding dress designer Jenny Packham for less than £500! This dainty design features a collection of baguette-cut diamonds and we love the nod to 1920s jewellery style.
12. Oval Morganite Engagement Ring – £272.58, Brilliant Forever
Morganite is a beautiful alternative to a traditional diamond and it has a lovely peachy tone that gives a subtle glow. This morganite ring from Brilliant Forever has an oval centre stone that is flanked by six tiny solitaire diamonds.
13. North Star Diamond Engagement Ring – £399, Chupi
The sentiment behind this solid gold signet ‘I’d be lost without you’ engagement ring is so meaningful – the design is inspired by the North Star and is there to be your guiding light through life.
14. Moissanite Engagement Ring – £117.21, Shy Fine Jewelry
If you think your other half would love an engagement ring that is timeless and elegant, then this emerald-cut moissanite set onto a sparkling eternity band is perfect for the sophisticated sweetheart in your life.
15. White Gold, Diamond and Opal Engagement Ring – £399, Ernest Jones
Opals – with their milky white pearlescent appearance – are the perfect unusual choice for an engagement ring. In this Ernest Jones engagement ring, a pear-shaped opal is surrounded by a halo of diamonds and sits on a 9ct white gold band (plus it’s a very affordable £450!).
16. Diamond Heidi Storybook Engagement Ring – £445, Alison Moore Designs
Practical but still incredibly pretty, this Alison Moore Designs engagement ring uses a solid gold setting on a contrasting silver band. Everything is handmade in Alison's workshop in Orkney, which means each ring is one of a kind.
17. Behrianna Gold Cocktail Ring – £390, Not On the High Street
We love this design from Ana Verdun. A stunning green stone sits in the gold acorn cup and is eyecatching without being overly showy, perfect for your partner if they want something unique.
18. White Gold and Diamond Illusion Set Solitaire Ring – £499, Ernest Jones
For a simple and elegant engagement ring under £500, this design from Ernest Jones could be exactly what you're searching for. A dainty 9ct white gold band leads to a single solitaire diamond in a delicately designed four claw setting that really helps the diamond sparkle in the light.
19. Rose Gold and White Sapphire Engagement Ring – £433.41, Ring Only
Here's a nifty insider tip: swapping a central diamond for a white sapphire will give you a similar look but with a much more affordable price tag. This rose gold and white sapphire engagement ring from Ring Only exemplifies just how gorgeous this money-saving hack can look.
20. Crescent Diamond Ring – £410, Not On the High Street
Is this a traditional engagement ring? No. Do we think it's worth considering anyway? Absolutely! The way the glistening diamonds sit on the crescent of the gold band is such a fun, inspired update – this is the ultimate cool, contemporary piece for fashion-forward couples.
Cheap Engagement Rings Under £1,000
If your engagement ring budget is roughly £1,000 then a traditional diamond engagement ring is certainly within your budget. Alternatively, stones such as sapphires, rubies and morganite with diamond accents would also be a gorgeous option.
21. Vintage-Style Moissanite Engagement Ring – £603.55, Amanda Fine Jewellery
You can instantly see the vintage inspiration behind this striking moissanite engagement ring. The cluster halo design is so unique – we'd rank this very high on the wow factor stakes.
22. Atelier VM Gold Principesca Diamond and Rose Tourmaline Ring – £570, Liberty London
If your soon-to-be spouse loves pink, dainty jewellery, then this might be the one. The style of this rose-coloured ring from Liberty London will give plenty of sparkle without blowing your budget.
23. Hera Ethical Diamond Engagement Ring – £990, Lebrusan Studio
24. Round Solo Ring Fine – £980, Shimmell and Madden
For something slimmer and more dainty, but still with a real diamond centre, Shimmell & Madden's 18ct gold engagement ring is an excellent choice. The setting is slightly raised so that it can be worn comfortably with your chosen wedding band slotted underneath.
25. Nine-Carat Gold and Amethyst Guinevere Ring – £585, Alison Moore Designs
For an engagement ring that stands out from the crowd, this nine-carat gold and amethyst Guinevere ring from Alison Moore Designs is a beautiful choice. An elegant emerald-cut amethyst sits in a four-claw setting on a textured 9ct gold band - a dream come true for anyone who definitely doesn't want a ring that looks like everyone else's.
26. White Gold and Sapphire Engagement Ring – £725, Caroline Brook
Need something even more outside of the (ring) box? Forgo the traditional polished band and solitaire diamond – this white gold rustic style ring is cast from a twig with a glistening blue sapphire as the centre stone.
27. Brilliant Cut Diamond Solitaire Ring – £700, Goldsmiths
It’s hard to believe this gorgeous traditional style engagement ring from Goldsmiths is just £700. A 2.5-carat solitaire diamond is held in a four claw setting on a polished 9ct gold band - it really ticks all of the 'great engagement ring' boxes.
28. Uncut Grey Diamond Engagement Ring – £950, Caroline Brook
The translucent charm of grey diamonds is really starting to grow in popularity and it’s easy to see why when you look at this ring from Caroline Brook. A raw uncut grey diamond is encased with a four-prong claw setting of 18-carat white gold – the textures really play off each other for a magnificent finish.
29. Salt and Pepper Diamond Ring – £950, Alexis Dove
A stone doesn't have to be clear and sparkling to be jaw-dropping - just look at this salt and pepper ring from designer Alexis Dove. It's also available in rose gold if you've got a quirkier metal in mind.
30. Elphin Pear Diamond Engagement Ring 18k White Gold Solitaire – £741.82, Angelic Diamonds
There are literally hundreds of diamond engagement rings under £1,000 on the Angelic Diamonds website, and because the process is custom, you control how much or how little you spend on the finished product. We're particularly smitten with the pear-shaped Elphin ring.
31. Mars Ring – £950, Laura Lee Jewellery
Three precious stones for under £1,000? It can be done, thanks to Laura Lee Jewellery's gorgeous 18-carat gold Mars Ring. Emeralds make an especially thoughtful engagement ring for anyone born in May, as it's also their birthstone.
32. Nature Inspired Engagement Ring – from £823, Aardvark Jewellery
This rustic-style engagement ring features moissanite stones set into a rough-finished gold band with intertwining leaves and twigs. Choose from a yellow gold, white gold, rose gold or platinum band – everything except 18-carat gold and platinum comes under the £1k mark.
33. Emerald and Diamond Ring – from £978, Aardvark Jewellery
Just squeaking in under budget – add some 1920s glam with this emerald and diamond engagement ring. A lab-grown emerald sits in the centre with tapered baguette diamonds and six dainty solitaire diamonds surrounding the stone.
34. Relic Diamond Engagement Ring, £695, Not On the High Street
The chicness of the unusual grey diamond in this dainty Katie Lees Jewellery ring is unrivalled for the price tag. It's feminine, alternative, and bound to stand the test of time.
35. Green Amethyst Forest Jewel Ring – from £995, Alex Monroe
You've probably come across plenty of purple amethysts on your search, but how about a green one? This trillion cut stone slots seamlessly into the twig textured band – the ultimate ring for nature lovers who want something distinctive and individual to celebrate their engagement.
36. Delicacy Solitaire Engagement Ring – £636, 77 Diamonds
Brides who like to keep things simple will absolutely love this delicate design by 77 Diamonds. The stone is showcased with grace and subtlety, with its size and brilliance enhanced by a tapered band.
READ MORE: Cushion Cut Engagement Rings – Our Top Picks
37. Ava Fine Ring in Rose Gold– £676, Ruberg Jewellery
Ruberg's jewellery prices can range up into the tens of thousands, but scour the website thoroughly and you'll find a smaller selection of more affordable options too. There's nothing we don't love about the Ava – the slim, symmetrical design makes it a crowdpleaser you can't go wrong with.
38. White Gold and Diamond Halo Engagement Ring – £599, Ernest Jones
If you’re buying an engagement ring on a budget but you still want some serious bling then an illusion setting or halo setting are the most cost-efficient ways to make the ring appear bigger. This white gold and diamond engagement ring from Ernest Jones features an illusion setting around the centre stone and a halo of diamonds – they'll be so excited to slip this beauty onto their finger.
If you are still looking for your dream engagement ring then take a look at our ultimate guide to buying an engagement ring.