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How Much Do I Spend on an Engagement Ring?

August 01, 2022

How Much Do I Spend on an Engagement Ring?

An engagement ring is a special piece of jewellery. It’s a symbol of love and a promise to spend eternity with a partner. It’s also an investment that couples can pass down to generations after them, which is why people will spend thousands of dollars for the right piece. But what is the right price for an engagement ring? The answer ultimately depends on what you can spend and what piece is right for you. It could be a simple piece, a dazzling oval diamond engagement ring, or a colourless diamond with multiple accentuating jewels.

Average Cost of an Engagement Ring

There used to be a belief that you should spend the equivalent of two months of your annual salary on an engagement ring. This means if you’re earning $60,000 a year, you were expected to spend a whopping $10,000. In recent times, people have become more discerning and practical.

Most people spend somewhere between $1,000 to $7,000 for an engagement ring, with the average being around $3,000 to $5,000. That said, there are also rings on either side of that range.

Tips for Buying an Engagement Ring

Even if you’re only looking at the lower range of prices, an engagement ring is still expensive. While you’re looking at the best places to buy an engagement ring, remember that you don’t have to go into debt to find the piece that’s right for you. Here are some tips to get the most out of your budget and find the perfect engagement ring for your partner:

Do Your Research

You can be easily duped into buying an overpriced ring if you don’t know some jewellery basics. Do your research or ask for help from trusted jewellers, such as those from Holloway Diamonds. Learn about the different factors that affect the price of the ring, including the diamond, the setting, and the precious metal. Keep in mind that you can always have a ring custom-made, as long as you plan for the time it takes to make an engagement ring.

Discuss With Your Partner

What you’re spending on an engagement ring concerns both you and your partner. It’s wise to discuss how much you’re spending so you can decide how much of a dent you can handle in your finances. 

Set a Budget

The sky doesn’t have to be the limit when shopping for an engagement ring. The best pieces aren’t always the most expensive ones, so you can put a cap on how much you’re willing to spend. There are plenty of rings in each price range, and setting a limit can help you narrow down your choices.

Consider the Four Cs

There are four Cs that determine the quality of a diamond: carat, colour, cut, and clarity. The most valuable diamonds are the biggest, clearest, and cleanest-cut, but you can also find magnificent pieces that tick off just one of these qualities. Pick a ‘C’ that you think is the most important, then focus your search on those that fit your criteria. For example, you could prioritise carat, then figure out the right balance of colour and clarity that fits your budget.

Consider Shopping Local

Sometimes, the best place to get an engagement ring is a local jeweller like Holloway Diamonds. You can find unique pieces with trusted quality to ensure your piece will remain beautiful and valuable for a lifetime.

Find the Right Engagement Ring for You

Holloway Diamonds is one of the most trusted jewellery shops in Australia, and has an excellent selection of diamond engagement rings that can fit any preference and budget. Peruse our collection to find the right piece for you and set an appointment with one of our experts to craft the perfect piece to symbolise your promise of forever.

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