Wondering how much to spend on an engagement ring?

Hey! That must mean you’re thinking about popping the question right? Or thinking it’s high time someone started looking? Congratulations! That’s so exciting! 

We’re a bunch of romantics at Hoskings, so there’s nothing we love more than helping you choose the perfect engagement ring.  In fact, we wrote a whole other blog post to help you choose the best engagement ring for you here. That post will help you discover more about diamonds and different styles of engagement rings. But if you’re wondering how much to spend on an engagement ring, you’ll find some helpful answers here.

I have no idea how much to spend on an engagement ring. Help!

OK, don’t panic. We’ve got you. We’ll give you pointers about what the average cost of an engagement ring is and will share some great suggestions to help you stick to your budget.

Let’s just start by saying that there’s no right or wrong amount to spend on an engagement ring. First and foremost, the ring should be a choice driven by personal taste and within a budget you’ve set for yourself.

We know that there’s a certain weight of expectancy that comes with choosing the perfect engagement ring. After all, this is your “happy ever after” we’re talking about. There’s a good chance you’ve already imagined the look on your partner’s face when you pop that question and we know you want to get that right! And, yes, it’s definitely helpful if you’re sealing the deal with the perfect ring. That’s when the magic happens.

Let’s face it, an engagement ring is one of life’s most important purchases so it’s going to be a bit of an investment. Remember it is a symbol of your relationship and future together, so it needs to be meaningful, but it doesn’t have to break the bank. 

So, let’s take a look at the fundamentals of choosing how much to spend on an engagement ring.

How to determine your budget?

It’s a very good idea to start by taking a critical look at your current financial circumstances. If you have savings and are feeling pretty content about your bank balance, then you might be happy to worry less about the budget and more about what your partner will think about the ring. But, if you’re imagining the look on your bank managers face, instead of your loved one, then it might just be a better idea to set a budget that works for you and what you can truly afford (you can always upgrade later).

One rule of thumb that’s been shared over the years is that the groom-to-be ought to spend up to 2 month’s salary on the engagement ring. So, if your annual salary is $40,000, you might want to consider spending up to $6,000.

But, let’s face it, this is not just a financial decision. Proposing to your life partner is one of the most emotional and memorable moments of your life. So, whether your budget is restricted or completely unlimited, there’s more than money to consider. As my old man says: “You’ll forget how much you spent, but that moment will never leave you”.

How much do people usually spend on an engagement ring?

Although it’s interesting to find out what others might spend on an engagement ring, it’s important to remember that everyone is in a very different financial situation and it’s not always a good idea to compare your situation with theirs.

Over the last few years, industry surveys in Australia suggest that the national average spend on engagement rings usually sits between $5,000 and $15,000. But the cost of engagement rings varies widely. We know that James Packer spent approximately $13million on the ring he bought for Mariah Carey. But this is the real world and most of us can’t afford to splash that kind of cash! Nor do we have to, as there are some great value options available. For example, this beautiful white gold diamond engagement ring is priced at only $1,250. Whereas this absolutely stunning 1.5 carat halo diamond ring is $16,300. The difference in cost is down to the 4Cs that we discussed in a previous blog post.

How to choose the best value diamond engagement ring

Rule number one is always purchase your engagement ring from a reputable jeweller. Buying from an engagement ring specialist like Hoskings, means you can rest-assured that what you’re getting is the real deal. Many of our diamonds have been hand selected by Hoskings family members to ensure their quality.

Rule number two is to do your research (this is a good place to start) and decide which of the 4Cs is the most important to you and your partner. If your partner likes a larger ring, then choosing an engagement ring with clusters of smaller diamonds like this pear-shaped diamond ring will be easier on your wallet than a similar sized ring with an individual large stone, like this stunning pear diamond halo ring.

But if you’re pretty sure that partner has their heart set on an individual stone, then it’s good to know that the cost of diamonds tends to increase with every half-carat mark and particularly at 1 carat. Therefore, choosing a diamond that’s slightly under 1ct will make it more affordable without looking very different.

What if my partner doesn’t seem to like standard rings? Will I have to sell a kidney?

Please don’t! The really wonderful thing about buying an engagement ring is that no matter what your budget, there’s always a ring that’s going to be perfect for you. Hoskings has been helping couples choose engagement rings for more than 75 years! We have a range of rings that look like a million dollars but are far more affordable, like this white gold diamond cluster ring that’s less than $3,000.

We’ve all heard that diamonds are a girl’s best friend, but if you’re on a budget, it’s worth considering other options. Precious gemstones like ruby or sapphire are the next most popular and are usually lower in cost. Though no-one would ever think it, especially with amazing rings like this created sapphire and diamond ring.

What if I know how much I want to spend, but can’t find ‘THE’ ring?

We can help. Hoskings can help you select a diamond and custom make your dream ring for you. Because we believe that quality and value go hand-in-hand, we’ll work within your budget, to design a unique ring just for you. And let the happy ever afters begin.

If you do need to stretch the budget a little, we have finance options including Humm and lay-by available. Talk to us about how we can set this up for you.

We hope this has helped you answer some questions about how much to spend on an engagement ring. If you’d like some help choosing the perfect engagement ring, when you can, simply pop in store or call our friendly customer service team and we’ll do our very best to help.

In VIC/ NSW/ QLD & TAS call 1800 819 796. Or call (08) 8981 8895 if you’re in NT/WA or SA.

 

Written by Niamh Hislop