Engagement Ring Cost by Country 2024

Engagement traditions vary from country to country, and this is certainly the case when it comes to spending money on an engagement ring. The countries that spend the most on engagement rings are the United States and Hong Kong, where engagement rings typically cost between $5,000 and $7,000. Switzerland spends a similar amount: $4,000 to $6,000. No additional countries have a spending range that extends past $5,000, but several approach it.

Many Western countries wear engagement rings on the left hand, a throwback to Roman times when it was believed that the fourth finger had a vein that connected right to the heart. However, while diamonds are the go-to stone in the United States, they are a relatively new trend and many countries, such as France, prefer more colorful gems. Rubies, sapphires, and emeralds are all popular gemstones for European engagement rings.

In Sweden, couples spend $2,000-$3,500 on a wedding ring. This number is significantly lower than what one would expect to spend in the United States, but certainly not a small amount of money. This aligns with the Swedish custom of keeping engagement rings for both partners simple, but presenting a diamond to the bride on her wedding day.

On the other end of the data set, Pakistan, Bangladesh, Myanmar, Nepal, and Cambodia all spend between $300 and $800 on an engagement ring. However, the cost is not the most important aspect of an engagement ring. Most important is what the ring symbolizes: the love and commitment of two people.

In Ireland, for example, the average cost of an engagement ring ranges from $1500 to $3500, but in place of a jeweled ring, the traditional Claddagh ring is still an immensely popular choice. The Claddagh ring is more than a simple band, it is shaped into two hands holding a heart, with a crown on top. How you wear the ring can signify your relationship status. Wearing the ring on the right hand with the crown pointing away from the wearer indicates that the person is single. When that person enters a serious relationship, they can flip the ring so the crown points toward them. Similarly, if the person gets engaged, they can wear the ring on the left hand with the crown pointing away, flipping the ring on the left hand when they get married.