When it comes to purchasing an engagement ring, many ask themselves “How much to spend on an engagement ring?” "How do you know you’re spending enough?" Traditionally, many have heard the “three-month salary” rule. But today, outdated rules need not apply!
With this in mind, is there really an ideal engagement ring cost?
Recently, Wedded Wonderland - an Australian wedding directory - surveyed 500 brides who married in an 18-month period. These stats revealed that the 2020 median cost of a wedding is set to be more than $62,579, with the average engagement ring price climbing to $12,690. However, these figures take into account some serious outliers!
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Whether you’re looking to spend more or less than this average, it’s important to take two things into account: your fiance’s expectations and your financial situation. Although most of us have a 'dream ring' in mind, the last thing your partner will want is for you to go bankrupt in the process!
A few things to consider when purchasing an engagement ring:
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Choose something you know your partner will want to look at for the rest of their life. This doesn't necessarily mean choosing an extravagant design, but rather something sentimental, unique, or personal.
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Always consider something simple, clean and classic. And, If you’re unsure what your partner is after, ask friends or relatives.
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Think about the metal you select for the engagement ring. Yellow, rose and white gold cost less than platinum, however, need maintenance as jewellery is worn.
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Understand the quality of the diamond you are purchasing. Remember the Four C’s (cut, colour, clarity, and carat), and do some research, not only about the jeweller you choose, but the diamonds they provide. For your convenience, our free e-book is a fantastic resource, available to download here…
These considerations will ensure that the engagement ring you select is both the best fit for your fiance's expectations, and the best quality product to suit your budget.
The final answer to the age-old question? Unfortunately, there isn’t one.
The important thing is to be educated in your decision, know what you want and how much should an engagement ring cost. - and you'll be happy with your selection!
Keen to pop the question? Browse our engagement ring collection in-store or online today!
