How much should an engagement ring cost? 6 local jewellers weigh in
IMAGE VIA LUCY FOLK
WORDS BY KAYA MARTIN
“In commissioning a custom piece, having a jeweller that can help you find out what your goals are is more valuable than a big budget.”
Cars, houses, and engagement rings – these will typically be the most important purchases you will make in your lifetime. The thing about an engagement ring, though, is that you usually (hopefully) only buy it once, so the stakes are pretty high.
The perfect ring can be the difference between your partner showing off their hand with glee and you getting rejected altogether (take it from this guy). Of course, what matters most is not the ring, but your timeless romantic connection, etcetera etcetera. But let’s be honest, the ring is kind of important too.
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If everything goes well, your partner will be wearing it every day for the rest of their time on this sacred earth. It’ll become a family heirloom, passed down through the generations. But if you’re the kind of person that doesn’t know their Asscher from their emerald cut, settling on a ring can be a tad stressful. And on a financial note, how much money should you save if you’re thinking about popping the big question?
Everyone’s financial situations are different, and the same goes for everyone’s expectations of how much a ring should cost. Some may have their hearts set on a specific style or a dramatic, eye-catching rock, while others may be just as pleased with a prize ring from a gumball machine. You know your partner better than we do. If you have any questions about their preferences, it’s always best to speak with them before hitting the jewellery shop.
While we’re hesitant to throw out a number, we will say that according to a survey by Diamondport Jewellers, the average price of an engagement in Australia is $5367. To get the scoop on how much is normal to spend on a ring, we asked a handful of local jewellers to weigh in.
Anna Rossi, founder of Anna Rossi Jewellery
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For me, there are no rules. No price brackets. No price too high or too low. It’s a very personal decision depending on one’s financial situation [and] values. It’s all about what feels right for the couple.
Alex Lily, founder of Bonus Prize
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People have all different price ranges for engagement rings, and materials themselves can also have a huge range. I would say personally between three to eight weeks of your total salary will give you good options. In commissioning a custom piece, having a jeweller that can help you find out what your goals are is more valuable than a big budget.
I always try to help clients to find the qualities they are looking for in a ring so I can prioritise the best result within their budget. Is it the otherworldly spark of a diamond that makes you feel reminded of love? Maybe go lab-grown. Is it knowing that it’s really valuable? Then stay with earth grown, for example.
Yonna Derofe, co-founder of Temple of the Sun
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For us at Temple, it’s your connection with, and not [the] cost of your engagement ring, that truly matters. An engagement ring is symbolic of the deep bond and commitment between two lovers, so we believe it most important that they choose rings with symbology or gemstones that resonate with them and their relationship. Love is timeless and priceless, and your engagement ring should reflect that too.
Ada Hodgson, founder of Ada Hodgson Jewelry
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There once was a silly rule about how much should be spent on an engagement ring, but really you should spend all that on your honeymoon. Find a ring that is beautiful and meaningful and tells your love story, pack your swimmers and sunscreen and bon voyage.
Olivia Cummings, founder of Cleopatra’s Bling
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In order to draw precious minerals out of the ground in a sustainable way (both from a human rights and environmental perspective) we need to ensure that we are working with suppliers whose costs reflect their commitments. This is at the foundation of our pricing structure.
Outside of these fundamental limitations, however, we are happy to work with clients with a wide variety of budgets. For our team, it’s about connecting with the couples to understand their story and their aesthetic, and transmitting their love through the symbolism of the ring’s design. If it’s within your means, budget $3,000 to $13,000 for a ring in 18K gold with precious gems. The more you are able to invest in a ring, the more creative freedom we have to realise your vision.
Emma Gott, Head of Jewellery Design at Lucy Folk
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You should spend whatever you like! Design and longevity should always be considered first. When I am designing an engagement ring, I am wanting to design a piece that will become a future heirloom and will hopefully outlive the person I am designing it for. This informs the quality of materials, sure, but there are no rules when it comes to price. The best advice here is to go for premium ingredients and scale the piece to your budget.
This article was originally published on November 30, 2022.
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