When you’re thinking of proposing to your partner, you want to know how much an engagement rings costs and how much you should ideally spend on it. While you’re probably hoping for a simple number and answer to this question, there’s simply no answer.
How much you choose to spend on engagement rings is entirely up to you. But, providing a reasonable price and honest expectations for your engagement ring is a crucial step. If nothing else, this guide will at least give you a vague idea about this.
Average Price of an Engagement Ring
When you start shopping around for an engagement ring, it’s best to know the average price of an engagement ring in Australia. This way, you have a starting point and won’t be astonished looking at the prices.
One of the biggest engagement ring surveys was conducted in 2021 to find out the spending habits of Australians, and the average expenditure for an engagement ring was a whopping $5,367. The results were very close to the 2018 Australian Bridal Industry Report, which showed average spending of $ 5,134. But, despite this amount being the average price of a ring, most respondents spent well over $20,000 on an engagement ring!
How Much Should You Spend?
Of course, the decision on how much to spend on a ring shouldn’t be based on what others are paying. How much you spend on your ring is entirely up to you. While many say that the amount you choose to spend on a ring is an expression of how much you love your significant other, don’t let it bother you.
If your budget can’t accommodate it or you’re planning to upgrade later, there’s no need to spend excessive amounts. Maybe your other half doesn’t even want something flashy. What matters is the sentiment, not the size of the diamond.
If you’re not comfortable buying something yourself, consider taking your partner along. Almost one in every five couples buy the ring together – sometimes even sharing the cost! At the very least, you can discuss the budget with them!
Why Do They Cost So Much?
There are various factors that determine the total cost of a diamond engagement ring. Learning about the basics helps you create the dream ring in your budget!
Out of all the elements, the main one to raise the price of that ring is the quality of the diamond. Think back to the basic C’s of diamonds – cut, colour, clarity, and carat. All these elements tell you about the overall size and quality of the diamond itself.
However small or big a diamond looks, it comes down to quality to determine its price. You can get an ultra-expensive diamond that is the size of a bead!
Four other factors will severely affect the price of the ring:
- Ring Metal
- The Accent Diamonds Used
Engagement rings have become an industry in themselves. Everybody in love is either looking for the perfect ring or agonising over whether they’ve spent enough. Whether it’s three months salary or a whole three years salary, it never seems reasonable enough.
But, if you’ve sat and wondered exactly why engagement rings are so expensive, then you’re not the only one. Everything adds to the price, from the cut and clarity of the diamonds you’re using to the cost of specialised labour required to create the ring. Every aspect of the ring is unique and made with love, which costs a lot of money.