It's almost impossible to talk about the value of engagement rings without mentioning De Beers. Back in the 1930s, the famous South African diamond company put out a slogan recommending that prospective grooms spend at least one month salary on the engagement ring. The effectiveness of the marketing campaign was undeniable, cementing the diamond as the stone of choice, probably leaving many men with empty pockets and certainly leaving an impression that lasts to this day.
When we compared the average value of ring to the average monthly salary in the UK, we found that the De Beers myth rings true. The average Briton insures their ring for 1.6x their monthly earnings. Breaking this down further, we found that location has a lot to do with how the UK values its rings. Torquay insures their engagment rings for almost 2x their monthly salary, while Sunderland insures their rings for just over half their monthly earnings.
So, why does Torquay come out on top? At first glance it seems the English Riviera is just full of well-off, albeit cautious, romantics. When we dug a little deeper, however, we found that two social factors affect the value of rings in a town most: the proportion of population in a higher social grade and the proportion of pensioners.
So, Torquay's blend of affluent middle-aged families and retirees makes all the difference to the insured value of their jewellery.