I don't: Britons are spending a fifth less on engagement rings than they did a decade ago

Emma Haslett
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Rings like Amal Clooney's £450,000 rock might be over-budget for Londoners... (Source: Getty)

It seems the nation's proposals are getting stingier, after new research found Britons are spending a fifth less on engagement rings than they were 10 years ago.

A study by insurer Protect Your Bubble found the amount spent by grooms- (and brides-) to-be on engagement rings has fallen 19 per cent since 2007, from an average of £1,333 to £1,080.

Meanwhile, 18 per cent more couples now choose engagement rings costing less than £500.

And it seems the old adage that you should spend three months' salary on a sparkler is being firmly ignored. The figures showed 47 per cent of rings were worth less than three weeks' salary, while 13 per cent were valued at less than a week's wages.

However, things could be about to look up for the diamond industry: the report suggested 16-24 year-olds are the spendiest generation, splashing out an average of £1,433 on an engagement ring - compared with 45-54 year-olds, who spent an average of £691.

Northern Ireland was the flashiest part of the UK, with couples splashing out an average of £1,722. Couples in Scotland, meanwhile, were at the bottom end of the scale, spending a miserly £862 for an engagement ring.

Still, they could do worse: they could present their partners with this 22-carat gold pizza slice engagement ring, unveiled by Domino's in February. Here's how to do it properly...

Read more: This flawless pink diamond has fetched a record-breaking price at auction

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