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unique engagement rings

What does the average engagement ring cost in Australia?

Some say you should spend between one and three months’ salary on an engagement ring, but these rules of thumb were devised generations ago when people married younger, home ownership was more affordable, and salaries more uniform.

In 2023 many things changed, and the gold rate fluctuated due to un-stabilised global economic conditions and different inflation rates in various countries. Thus, a buyer has to understand and figure out how to spend money wisely on wedding rings in 2023.

So, how much should you spend on an engagement ring? Well, that depends on your personal situation and all the other exciting things that are going on in your life. Whatever you spend, we don’t recommend going into massive debt. And we’ll give you some tips for getting the maximum sparkle for your investment.

We’ve established that there are no rules about how much you should spend on an engagement ring or your wedding, but people still like to know how they compare. According to a 2020 Australian wedding industry report, the average couple in Australia is spending $5,367 on their engagement ring.

Engagement Ring Budgets

The cost of an engagement ring isn’t anything to be sneered at, but where do you even begin to figure out how much to give your fiancée? The right response is complex and highly individual. Setting a comfortable budget is a crucial first step. The next step in finding the right ring is to identify criteria (such as size or quality). Because this is an investment that will remain in your possession for the rest of your life, it is prudent to allocate sufficient funds.

Setting a spending limit is one of the most practical strategies to keep spending too much on an engagement ring. According to our research, 82% of ring buyers budget before making a purchase. Fifteen percent of engaged couples said they discussed the wedding budget with their future spouse before making a final decision.

Some people found it difficult to purchase within their means, with 67% of ring buyers successful in this endeavour compared to 20% who spent more than they had intended.

Only 2% of people indicated their parents helped pay for the ring, while 3% said their significant other did. Similarly, 10% of those engaged in the past year bought their ring with their future spouse, either using a joint account or splitting the cost.

The price of the engagement ring isn’t the only factor to think about; insurance must also be included. In addition to purchasing an engagement ring, 68% of our respondents also bought ring insurance. Since engagement rings are expensive and symbolic, we constantly advise our clients to obtain insurance.

The traditional guideline for the cost of an engagement ring is to spend the equivalent of two or three months’ salary. However, this is just a rough guideline, and the actual cost will depend on your personal circumstances and priorities. Some people may feel comfortable spending more, while others may prefer to spend less. Ultimately, the most important thing is to choose a ring that reflects your love and commitment, and that you and your partner will both adore for years to come. 

If you’re on a tight budget, there are a few ways you can save on the cost of an engagement ring. One option is to consider a smaller or lower quality diamond. While diamonds are often associated with luxury and prestige, it’s important to remember that they are not the only option for an engagement ring. There are many other beautiful gemstones that can be used in engagement rings, including sapphires, rubies, and emeralds. These gemstones can be just as beautiful as diamonds and can be more affordable depending on the size and quality.

deciding how much money to spend on engagement rings

Myths Regarding the Price of an Engagement Ring

Spending the Equivalent of Three Months’ Wage

The most widespread engagement ring myth is that one should spend around three months of one’s salary on a ring. She works with clients of varying financial means because there is no hard and fast rule about how much money you should spend on an engagement ring.

What Do I Need To Keep In Mind When Buying An Engagement Ring?

Pay attention to your particular “price limit” and select an engagement ring significantly more expensive than your actual salary. Men frequently get in touch with us after sending in an engagement ring to upgrade the diamond.

The following considerations are important for any engagement ring, regardless of price:

  • White metals like silver, white gold, yellow gold and platinum are excellent choices for an engagement ring. Due to their timelessness and strength.
  • Put the higher the quality of the diamond, the brighter the ring.
  • An engagement ring is a symbol of your commitment to another person, and as such, it should reflect your partner’s taste. What exactly is it about her taste that has you doubting it? Enquire with your partner’s closest buddy (best technique) 
  • The day of the proposal has finally arrived, and everything has been meticulously prepared.

Another factor to consider is the type of ring you’re interested in. The cost of an engagement ring can fluctuate wildly depending on the metal band you look for, the type and quality of the gemstone you select, and the overall design and artistry used in the creation of the ring.

For example, a diamond ring with a larger, higher quality diamond will generally be more expensive than a smaller, lower quality diamond. Similarly, a ring made of platinum or white gold will generally be more expensive than a ring made of yellow gold or silver.

It’s worth considering this when looking at your budget. If the style of ring or gemstone is more important to you than the budget, you should narrow down those options and you will then get a vague idea of what the type of ring you want costs.

If how much you are able to spend is your main concern, the field of styles or gemstones available for you may be narrowed.

Diamond price infographic

How To Measure Yourself?

Paper Technique

If you want to simulate the feel of an engagement ring:

  1. Wrap a thin sheet of paper around your ring finger and keep it near the knuckle (string works too, but it’s not as secure because it’s so thin and can easily slip off).
  2. Be sure the improvised ring fits snugly but pleasantly.
  3. Make a little mark with a pencil at the point where the two pieces of paper meet. You can find your ring size by placing a piece of paper against a ruler and comparing the resulting measurement to the circumferences.

Printable Ring Sizer Technique

The ring sizer may be found at the end of the sizing guide and can be printed and cut out. Verify if the above dimensions are accurate by measuring them with a ruler to see if the guide was printed to scale.

Remove the tip of the sizer by cutting along the dotted line, then wrap it around the knuckle of your left ring finger and insert the pointed end. If it doesn’t fit right, give it a gentle pull and try again. Your ring size can be found by looking at the number on the sizer.

Ring Technique

Measure the circumference of your left hand’s ring finger by holding a ring you own to a ruler. Take the ring’s internal diameter and check it against the chart.

Alternatively, you can print off a scaled-down version of the guide and compare the actual ring to the ring photos to determine the ideal diameter and ring size.

how to measure your finger for ring size

How to Get Professionally Measured

If you don’t trust your judgement, don’t worry. You can always turn to a professional jeweller for an accurate engagement ring measurement.

Most jewellers use sizing rings, a large keychain with a set of rings in each size that you can try on in-house to quickly determine the most reliable fit. The type of sizing rings vary by jeweller, though.

Some jewellers will have a standard set, which tends to be thicker than the average women’s band size, and some jewellery shops will use sizing rings that more closely reflect their in-house designs and bandwidths.

You can also buy your own inexpensive plastic ring sizer from Amazon for the same effect. Try to shop for rings from the same jeweller that sized you or see if they have engagement ring styles similar to what you envisioned.

This will help ensure that the size effectively translates into your desired band. Keep the sizing rings’ width in mind, as well, since that could influence your band measurement.

How to Guess Your Partner’s Size

Even though more people now seem to involve their partners in the engagement ring selection, some still want to maintain the element of surprise before a proposal. But, if you don’t know your significant other’s ring size, don’t fret. Talk to their mom or friends if they know about the proposal.” If you don’t have any resources, she recommends bringing a photo of your significant other where their hands are visible to your jeweller. This visual of his or her hands can help them gauge a ring size range.

You can also try to base the measure on one of their current rings, but this isn’t always the most foolproof method.

Every finger is a little bit different.” If you’re completely clueless about your partner’s ring size, he advises turning to coworkers with similar frames and statures for a more accurate estimate.

No matter what, always try to go a few sizes up so the ring can at least fit on your partner’s finger for the proposal; it kills the mood if it’s too small to slip on. You can still surprise them and simply bring it back to the jeweller later for resizing.

In the end, it’s about finding the right gem for the right person – not necessarily the most expensive gem. If you have the means and the desire, buy whatever you want and spend whatever you want.

It is your money, your life, and you shouldn’t have to get permission to do things your way.

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