Alongside ‘how to propose’, ‘how much to spend on an engagement ring’ may be one of the most commonly asked questions when you finally decide you’ve found the one you want to get hitched to.
We’d like to tell you there’s a simple answer. But the reality is there’s no magic number to aim for. The old two months salary rule (or was it three months?) doesn’t seem to match up to current trends when it comes to the average engagement ring cost in Australia.
However, we do know that having a budget in mind and knowing what you can expect to buy is an important first step when you start shopping for a diamond ring. And it can help to know what the average cost of an engagement ring is in Australia so you have something to start with.
What is the average cost of an engagement ring?
Earlier this year we released our results from Australia’s Biggest Engagement Ring Survey. In it, we found that the average amount spent on an engagement ring was $5,297.50. This was pretty close to the 2018 Australian Wedding Industry Report that put the average spend at $5,134.
And while that might be the average, we also found 4% of respondents to our survey spent over $20,000 on their engagement ring and 1.5% spent over $25,000.
It’s also worth mentioning that at Diamondport the average price of a ring we sell sits a bit above $9,000, but that does include outliers. At Diamondport we can cater for budgets from about $4000, right up to $60,000+.
How much to spend on an engagement ring?
Of course, deciding how much to spend on a diamond ring shouldn’t be based on what other people spend. The number one thing to remember is that the engagement ring is a gift and that you can spend as much (or as little) as you’d like.
And it may not just be up to you. Our engagement ring survey found that 1 in 5 couples buy the ring together, likely sharing the cost or at least discussing the budget.
The main thing that influences how you feel about your engagement ring is spending time researching, chatting with your partner and feeling confident about the buying process. And most people end up happy (or very happy) with their ring no matter what it cost, according to our survey.
Having said that, we know that when you first start shopping for an engagement ring it’s difficult to know what can be bought at a particular price and you want some guidance so you know you’re getting value for your dollars.
Our Ultimate Engagement Ring Guide offers a crash course in choosing an engagement ring you’ll both love. Click here to download the guide for free.
Why do engagement rings cost what they do?
Think about the last time you went car shopping. While looks are important, it’s often what’s under the hood that makes the most difference to the price of the car. The same can be said of diamond rings.
There are a number of factors that determine the cost of a diamond engagement ring and learning the basics can help you get a ring you like within your budget.
The main element that will affect the price is the quality of the diamond. You’ve probably already heard of the four Cs: cut, colour, clarity and carat. These refer to the overall quality characteristics and size of the diamond. Interestingly, a smaller diamond may cost the same as a larger one because of the colour of the stone, cut or size.
Other things to consider are the ring metal, quality of the make, style, and accent diamonds which all add up in the cost.
Of course, it’s all very well theory, but it helps to actually see the difference. The illustration below shows the sizes of diamond that you could buy with a budget of $9,000 in a solitaire setting.
The ring shows a 0.70ct G SI2 diamond, an 0.80ct F SI1 diamond and an 0.90ct H SI1 diamond in a solitaire setting in yellow gold. As you can see, a higher quality diamond (indicated by the G, F or H ranking) will cost slightly more. If size is important you can choose a slightly lower colour or clarity of diamond; whereas if you value clarity and colour then you can choose a smaller carat for your budget.
Having said that, the difference between the quality of these diamonds isn’t visible to the naked eye. So while it matters, what really matters is the overall sparkle of your ring after it’s placed in a setting. And at Diamondport we can help you choose a diamond that offers the best sparkle for your budget.
Make an appointment with us today to chat about what you’re after and choose a diamond engagement ring you’ll both love. We’re diamond experts and offer affordable engagement rings in Brisbane.