Brace Yourself: Engagement Ring Prices Are Skyrocketing Worldwide

• Global diamond prices have climbed by 15% in the past year, owing to supply shortages and post-pandemic demand increases.
• Gold prices have risen by 18% globally, increasing the cost of engagement rings with gold bands.

Earlier this year, a close friend decided to propose. He walked into a boutique in Paris expecting the usual options. Instead, he walked out stunned after seeing prices 20% higher than last year. Across New York, Dubai, Tokyo, and Paris, engagement ring prices are climbing. You may be in for the same surprise. Have you budgeted these growing prices into your plans?

Diamonds Are Not Forever… Affordable

De Beers’ latest report shows a 25% decline in rough diamond output compared to 2019. Mines are closing, operating costs are rising, and consumer demand is booming again post-pandemic. In Tokyo’s Ginza district, jewellers report low inventory levels leading to bidding wars over top stones. Scarcity is becoming the new norm. Will scarcity push you towards alternative stones?

Lab-Grown Diamonds Are No Longer the Budget Option

A jewellery shop in New York shared that lab-grown diamond prices have jumped by 10% over the last year. Higher energy costs and rising consumer trust are key drivers. Even synthetic options are no longer “cheap”. Would you still pick lab-grown if it cost nearly as much as mined?

Gold and Platinum Prices Keep Rising

According to World Gold Council data, gold prices are up 18% and platinum prices are up 12%. Travellers in Dubai’s Gold Souk saw prices rise week-to-week in early 2025. Choosing between metals might become a bigger decision than you expected. Would you compromise on the metal to stay within budget?

Big Brands Are Charging More

Luxury houses like Cartier and Tiffany raised engagement ring prices globally by around 10%. A buyer from Singapore suggested paying £2,000 more for an identical Tiffany setting than in 2022. Prestige now commands a premium in all markets. Would you look at independent jewellers for better value?

The Rise of Pre-Owned and Vintage

In Paris, auction houses report record sales of vintage engagement rings. Secondhand markets like The RealReal and 1stDibs noted a 30% uptick in diamond ring sales. One couple from Sydney bought a 1920s Art Deco ring for half the cost of a new one. Would you be open to a ring with a past?

Bespoke Rings Are Getting Pricier

In Cape Town, a bespoke jeweller mentioned a 25% rise in custom ring costs due to skilled artisan shortages. Unique designs now demand a premium across global markets. Bespoke is no longer a budget-friendly alternative. Are you willing to spend more for something one of a kind?

Smart Timing Can Save You Money

Globally, engagement ring prices spike before the holiday season. The best months to buy are January to March, when demand is lower, and August, when mid-year sales happen in some markets. Shopping in the off-season can make a notable difference. Would adjusting your proposal date save you thousands?

Currency Fluctuations Matter More Than Ever

A weak currency impacts international diamond prices. In markets from London to Hong Kong, local currency weakness pushed prices up 5%-10% for imports. Savvy consumers time their purchases to take advantage of advantageous exchange rates. Are you following forex movements as part of your engagement strategy?

Ethical Sourcing Costs More

Consumers worldwide are pushing for transparency. Jewellers in Zurich, New York, and Melbourne now certify their diamonds for ethical sourcing. Compliance adds around 7% to 10% to retail prices. Ethical buying is becoming a larger part of the conversation. Would you prioritise ethics over price?

Practical Steps to Stretch Your Budget

Consider alternative stones like Moissanite and sapphires. Explore pre-owned and vintage options. Shop in off-peak seasons and choose minimalist designs. Always negotiate and compare offers internationally. One Global Brands Magazine reader saved £3,000 buying a sapphire halo ring from Bangkok instead of London. Would you travel for the right ring at the right price?

Final Insights

The landscape for buying engagement rings in 2025 is changing quickly. Prices are up, supplies are tighter, and buying decisions are becoming more complex. If you are serious about popping the question and purchasing an engagement ring, planning early and exploring all your options is no longer optional but is beyond essential. You can still find value and meaning in your purchase by staying flexible, looking beyond the obvious choices, and being smart about timing and sourcing. In a market that demands more from buyers, being informed gives you the edge to make a decision you will be proud of for years to come. Oh, and your fiancé will be super thankful too!