From the sparkle in her eye, gleaming smile and warm personality, trying to find an engagement ring that matches your partner’s beauty inside and out is a huge testament to your adoration. Asking your forever love to marry you is one of life’s biggest and most rewarding questions — until you research how much the cost of an engagement ring should be.
Since the dawn of time, men have sought something to dazzle their loved ones in the pursuit of marriage. And when you’re in love and lost for words to describe your feelings, say it with a unique engagement ring.
Are you ready to start looking for an engagement ring? When amping up to pop the question, get it right with a unique
engagement ring and a fervent proposal you will remember. After all, the ring and memory will last a lifetime.
While there isn’t a one size fits all rule for choosing a ring, in the article below, we will discuss all the factors you should consider when investing in an engagement ring. From the quality of the stone, what can influence the price, the percentage of your salary, general guidelines and budgeting, our guide will help you determine how much you should spend on the cost of an engagement ring to ensure your soon-to-be fiance will fall in love all over again.
Be particular in your choice of diamonds
It has long been said that a diamond is a girl’s best friend; for many, it is also their most expensive piece of jewellery. According to a 2020 report from Wedded Wonderland, an Australian wedding directory, the average cost of an engagement ring in Australia has risen to $12,700 — enough to make any prospective suitor blush.
When hunting down the perfect ring, you’re not simply choosing between designs — you need to balance the cost of the centre stone against the overall cost of the ring and band. You’ll also need to consider the value and quality of every element, including the percentage of gold in the band, the stone’s cut, clarity, shape and colour — these can dramatically influence the cost of an engagement ring.
Factors that influence the cost of your diamond engagement ring include:
- Shape — While different shapes come in and out of fashion throughout time, round diamonds are considered to be the most valuable, commanding a 20% premium over the princess, cushion, or radiant cuts.
- Colour — A stone that boasts spectral transparency is highly prized. This is the one time you will want to score a D on a test, with a D to Z colour scale measuring from colourless to the least desirable, yellow. For greater cost savings, diamonds between G to I offer a near colourless appearance that won’t be visible to the naked eye.
- Clarity — There’s a reason why people say things are crystal clear. The more imperfections evident result in lesser value. However, it all depends on the size of the diamond. 1.5 ct to 3 ct stones can get away with a VS2 rating as your eye won’t be able to detect imperfections.
- Carat weight — The larger the carat weight, the higher the value and the price. Jewellers and the diamond market also tend to favour ‘magic numbers’ that set different prices when you select a rounded number, such as 0.5ct, 1ct, 1.5ct and 2ct. To receive the same look at a slightly smaller price, try selecting a diamond that falls directly under that band.
- Band — Whether you opt for a more affordable 9-carat gold band or a setting in platinum, the quality and precious metal you choose will influence the cost of your engagement ring.
Buying a ring according to a percentage of your salary
Since De Beers — the diamond miner and jeweller — debuted their 1930s marketing campaign “diamonds are forever”, the rule that the cost of an engagement ring should match a percentage of your salary has become lore. In fact, it proclaimed it should cost one month of your salary, which soon grew to two and three months.
For many, this became a rule of thumb. However, there is no hard and fast rule or etiquette you need to follow. Like your love, an engagement ring is forever and a one-time purchase, so some people want to invest more. However, choosing a ring and design that matches your partner’s personality is far more important, no matter if it falls below your intended budget.
If you need further guidance in selecting a ring budget that matches your salary, check out our
engagement ring calculator.
Consider a bridal set
Bridal sets offer a complete collection of jewellery that will cater to your partner at this special time in your life. Sets include a coordinating engagement ring and wedding band that features a unique interplay between the shape, design and contours of both settings. To avoid searching for a separate
wedding ring later, bridal sets allow you to select a matching design and enable you to budget for the whole set.
Another factor to consider is whether you need to consider two engagement rings for the woman in your life. If your love has no bounds or budget, having a statement piece to wear on special occasions and an ‘everyday’ ring will allow you to give your beloved everything she has been dreaming about while accommodating for daily life activities.
Establish a budget
While every suitor wants to give their partner everything they desire, the best ring you can propose with is one you can afford. Whether you have a small budget or one worthy of royalty, allocating an amount you can spend without incurring debt will help you make responsible decisions and have the added benefit of narrowing down your options.
When deciding on the cost of an engagement ring, you’ll also want to account for other expenses such as living costs and the cost of your wedding, honeymoon and house. A unique engagement ring shouldn’t come at the cost of your lifestyle and future.
What if you can't afford the engagement ring of your dreams?
Engagement rings for women are a costly investment. And at the time, you may not be able to afford the ring you desire; however, that shouldn’t stop you from starting your new life as husband and wife. Remember, a special ring doesn’t have to mean expensive either. Some ways to obtain an affordable and unique engagement ring include:
- Diamonds are great, but they aren’t the only precious stone you can use. Rubies, emeralds and sapphires offer a more affordable price while delivering a unique and high-impact ring your loved one will treasure.
- Consider purchasing a starter ring you can replace with a more lavish style at a significant anniversary.
- Try incorporating an existing diamond from an heirloom ring. This offers a unique, one-of-a-kind touch that will include your whole family in your union.
Discover timeless engagement rings worthy of your love at Diamonds Factory
If you’re looking to embark on a momentous journey in your life as husband and wife, Diamonds Factory has a range of engagement rings to fit every style, personality and budget. From sparkling princess cuts you can customise to gleaming
bespoke cushion cut diamond rings, you’re sure to find a design in our range to represent your love and union. View our collection online or
book an appointment at our Sydney, Melbourne or Adelaide jewellers today.
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Since the dawn of time, men have sought something to dazzle their loved ones in the pursuit of marriage. And when you’re in love and lost for words to describe your feelings, say it with a unique engagement ring. Are you ready to start looking for an engagement ring? When amping up to pop the question, get it right with a unique engagement ring and a fervent proposal you will remember. After all, the ring and memory will last a lifetime.
While there isn’t a one size fits all rule for choosing a ring, in the article below, we will discuss all the factors you should consider when investing in an engagement ring. From the quality of the stone, what can influence the price, the percentage of your salary, general guidelines and budgeting, our guide will help you determine how much you should spend on the cost of an engagement ring to ensure your soon-to-be fiance will fall in love all over again.Be particular in your choice of diamonds
It has long been said that a diamond is a girl’s best friend; for many, it is also their most expensive piece of jewellery. According to a 2020 report from Wedded Wonderland, an Australian wedding directory, the average cost of an engagement ring in Australia has risen to $12,700 — enough to make any prospective suitor blush.
When hunting down the perfect ring, you’re not simply choosing between designs — you need to balance the cost of the centre stone against the overall cost of the ring and band. You’ll also need to consider the value and quality of every element, including the percentage of gold in the band, the stone’s cut, clarity, shape and colour — these can dramatically influence the cost of an engagement ring.
Factors that influence the cost of your diamond engagement ring include:Buying a ring according to a percentage of your salary
Since De Beers — the diamond miner and jeweller — debuted their 1930s marketing campaign “diamonds are forever”, the rule that the cost of an engagement ring should match a percentage of your salary has become lore. In fact, it proclaimed it should cost one month of your salary, which soon grew to two and three months.
For many, this became a rule of thumb. However, there is no hard and fast rule or etiquette you need to follow. Like your love, an engagement ring is forever and a one-time purchase, so some people want to invest more. However, choosing a ring and design that matches your partner’s personality is far more important, no matter if it falls below your intended budget.
If you need further guidance in selecting a ring budget that matches your salary, check out our engagement ring calculator.Consider a bridal set
Bridal sets offer a complete collection of jewellery that will cater to your partner at this special time in your life. Sets include a coordinating engagement ring and wedding band that features a unique interplay between the shape, design and contours of both settings. To avoid searching for a separate wedding ring later, bridal sets allow you to select a matching design and enable you to budget for the whole set.
Another factor to consider is whether you need to consider two engagement rings for the woman in your life. If your love has no bounds or budget, having a statement piece to wear on special occasions and an ‘everyday’ ring will allow you to give your beloved everything she has been dreaming about while accommodating for daily life activities.Establish a budget
While every suitor wants to give their partner everything they desire, the best ring you can propose with is one you can afford. Whether you have a small budget or one worthy of royalty, allocating an amount you can spend without incurring debt will help you make responsible decisions and have the added benefit of narrowing down your options.
When deciding on the cost of an engagement ring, you’ll also want to account for other expenses such as living costs and the cost of your wedding, honeymoon and house. A unique engagement ring shouldn’t come at the cost of your lifestyle and future.What if you can't afford the engagement ring of your dreams?
Engagement rings for women are a costly investment. And at the time, you may not be able to afford the ring you desire; however, that shouldn’t stop you from starting your new life as husband and wife. Remember, a special ring doesn’t have to mean expensive either. Some ways to obtain an affordable and unique engagement ring include:Discover timeless engagement rings worthy of your love at Diamonds Factory
If you’re looking to embark on a momentous journey in your life as husband and wife, Diamonds Factory has a range of engagement rings to fit every style, personality and budget. From sparkling princess cuts you can customise to gleaming bespoke cushion cut diamond rings, you’re sure to find a design in our range to represent your love and union. View our collection online or book an appointment at our Sydney, Melbourne or Adelaide jewellers today.