Last updated: February 13, 2024

How Much Does the Average Engagement Ring Cost?

Alongside ‘how to propose’, ‘how much to spend on an engagement ring’ is one of the most commonly asked questions by those planning to pop the question.

We’d like to tell you that there’s a simple answer to this query. However, the reality is that there’s no magic number to spend on your engagement ring. The old ‘two months salary rule’ (or was it three months?) doesn’t seem to match up to current trends of the average engagement ring cost in Australia.

We do know that having a price point in mind and accurate expectations for your ring is an important first step. When you begin engagement ring shopping, 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?

Here at Diamondport, we conducted Australia’s Biggest Engagement Ring Survey and found out exactly what Aussie’s are spending. In 2018, the average spend on an engagement ring was $5,297.50 and in 2021, the figure has increased to $5367. This finding was fairly similar to the 2018 Australian Wedding Industry Report that suggested that the average spend was $5,134.00 – backing up our findings.

While that might be the average engagement ring price spend, we also found 4% of respondents to our survey spent over $20,000 on their engagement ring and 1.5% spent over $25,000 – showing the wide diversity of spend.

Comparing this to Diamondport prices, the average price of an engagement ring sits at about $10000, but that does include outliers. At Diamondport, we cater to budgets from $4000, right up to $60,000+.

How Much Do Aussie’s Spend on an Engagement Ring?

Household IncomeAverage Engagement Ring Spend

How Much to Spend on an Engagement Ring?

Of course, deciding how much you’re going to spend on a diamond ring shouldn’t be based on what other people spend. The number one thing to remember is that what you spend on your engagement ring is entirely up to you.

Moreover, your budget might not only rely on your income. Our engagement ring survey found that 1 in 5 couples buy the ring together, likely sharing the cost or at least discussing the budget together.

The main factors that will influence your spend comfortability will be researching and consulting with your partner and Diamond experts. The better informed you are, the more confident you’ll feel throughout the buying process. At Diamondport, our experts help to inform our customers so that they feel extremely happy with their ring no matter their budget.

Our Ultimate Engagement Ring Guide offers expert guidance in choosing an engagement ring that you’ll both love. Click button to download the guide for free.

Engagement ring guide adartboard 1 610x319 1

Why Do Engagement Rings Cost What They Do?

Several key factors determine the cost of a diamond engagement ring and learning the basics can help you to achieve your dream ring within your budget.

The main element that will affect an engagement ring 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 factors that contribute to overall engagement ring cost are the:

  • Ring metal
  • Quality of the make
  • Style
  • Accent diamonds

Further Pricing Considerations

To help better understand these pricing considerations, have a look at the illustration below. The image shows the sizes of diamonds 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 the size of your engagement ring is important to you, you can choose a slightly lower colour or clarity of the diamond to balance out the cost. Whereas, if you value clarity and colour, you can choose a smaller carat for your budget with excellent clarity and colour.

Having said that, the difference between the quality of these diamonds isn’t visible to the naked eye. What matters is the overall sparkle of your ring after it’s placed in a setting. Here at Diamondport, we can help you choose a diamond that offers the best sparkle for your spend.

Diamond comparison chart

Consult the Diamond Experts

If you’re interested in chatting with an expert about designing an exceptional diamond engagement ring within your budget, make an appointment with the Diamondport experts today. We offer affordable engagement rings that you’ll both love, right in the heart of Brisbane.

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