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Engagement Rings: How Much Should You Spend?

June 24, 2019

Can you put a price on love?


Some engagement ring shoppers feel that the price of the ring must somehow correlate to the depth of their love, especially if they spend too much time on Instagram. As celebrities post their rings online, experts weigh in about how much the ring supposedly cost.


For instance, it took about 24 hours for Cosmopolitan to weigh in on the estimated cost of Jennifer Lopez’s ring after she posted it on Instagram. But does Alex love JLo more than you love your beloved? Indeed, love can’t be measured in carats, but if you’re reading this, you’re still wondering how to decide how much to spend on the ring.


You may have heard the “salary” rule for buying an engagement ring. It started as a marketing strategy around the start of World War II, and it went something like this: “You should spend one (or two or three) month’s gross income on an engagement ring.” While such a rule may work for some people, it won’t apply for everyone. Therefore, ignore the rules and consider the following.


Your Personal Financial Situation

Whether you’ve saved for the purchase or plan to finance the ring, it’s wise to take a hard look at your personal finances before deciding on a budget. Consider your current income and bills as well as future obligations. Will you have other wedding expenditures to manage? Honeymoon? A change in accommodation?


By customising your engagement ring budget to your unique financial situation, you can maximise your purchase without inflicting undue stress upon yourself.


Your Partner’s Expectations

You want your partner to love her ring; after all, she’ll be wearing it as a constant reminder of your devotion. If you don’t already know, find out what kind of jewellery she loves. You can do this by going window shopping, talking to her friends and family or sneaking peeks at her Pinterest boards.


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A traditional solitaire may be perfect for your partner, but maybe she’d prefer something that suits her personality or lifestyle better. For example, some women prefer not to have a diamond because of their highly active jobs or hobbies. Others would love to use a family heirloom ring instead of a brand new ring.


Still, others would like a bespoke ring designed with elements that have special meaning in their relationship. For instance, Prince Harry chose to use two of the diamonds from his mother’s collection in his design for Meghan Markle’s engagement ring. Such meaningful touches are thoughtful, but they also need to be considered as you’re creating your budget.


Cost Factors

Once you determine your overall budget for an engagement ring, you’ll probably need to weigh the factors and prioritise your must-haves. Let’s take a look at some of these cost factors.


Clarity and Colour

You’ll pay more for diamonds with high clarity and colour scores, but how do you know which trait to prioritise? Again, this is a highly personal decision, but it will affect the cost.


Alternative Gemstones

Instead of opting for a traditional diamond, consider an engagement ring that features colourful gemstones like rubies, sapphires or emeralds. Depending on the stone, you may get more ring for your money.


Diamond Shape

The prices of different diamond shapes vary depending on trends, availability and difficulty of the cuts. Generally, round and oval diamonds are the most expensive cuts, while asscher and marquise cuts are more affordable.


Precious Metals

Platinum tends to be more expensive than gold and silver, but these aren’t the only precious metals showing up in engagement rings today.



For some brides, an antique engagement ring is a dream come true. With Australia’s rich vintage inventory, you’re sure to find a piece worthy of your partner.



Does the size of a diamond matter? That depends on personal preference and your budget. Some diamond shapes (like pear and marquise) appear larger for their carat size, so you can get more visual bang for your buck.


When budgeting for an engagement ring, it’s important to factor in jewellery insurance. Whatever you choose to spend, we have a jewellery insurance policy sized to match. Get in touch with us to learn more about engagement ring cover. Enjoy peace of mind with JewelCover.


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