For couples getting married, an engagement ring holds an important symbol. Ancient civilizations had their versions of the engagement ring – in Rome, for example, a ring gifting ceremony symbolized ownership. The first known diamond engagement ring was that of Mary of Burgundy, gifted by Archduke Maximillian of Austria in 1477.
The bride-to-be typically wears a ring on the left-hand ring finger as a symbol of her engagement. In modern culture, the engagement ring is generally presented as the man’s betrothal gift to his fiancée. In some countries, the woman may also buy his groom-to-be, a promise ring, or an engagement ring.
The engagement ring is not only a symbol of love and promise but also a significant investment.
So, do you have plans of finally settling down and find yourself asking how much should you spend on an engagement ring? If you’re planning to buy one in Australia, you should understand the factors that influence the cost. Read on below to learn more about the value of engagement rings.
The Cost of Engagement Rings in Australia
Generations before us spend about two to three month’s salary on an engagement ring. Rules nowadays, however, are more flexible. Several factors are crucial when looking for an engagement ring. Keep in mind that there is no simple answer to the question, “how much should I pay for an engagement ring.” While there is no right price for a ring, these tips will help you purchase the best one.
What type of engagement ring are you planning to buy?
Choosing the perfect ring for your fiancée depends on several things which you should consider carefully.
- The type of gemstone: Although engagement rings typically feature diamonds, it is possible to gift your bride-to-be a ring with a different kind of gems such as sapphire, ruby, emerald, moissanite, and more. It is crucial to understand what your fiancée is expecting to receive to propose extra special. If a diamond is the gemstone of choice, keep in mind that these precious stones are not created equal. The price of a diamond engagement ring is based on the 4Cs: cut, color, clarity, and carat. The diamond’s sparkle is greatly influenced by the cut, making it the most crucial of the 4Cs.
- The carat weight: No surprise, the bigger the diamond or gemstone, the more expensive the ring is.
- The type of metal: Like the type of gemstone adorning the engagement ring, the kind of metal also influences the value of the jewelry. Platinum and gold are popular options, but depending on your budget, you can also opt for silver and palladium. Silver is reasonably priced but may not last as long as gold and platinum. Palladium is cheaper than platinum but not as common as the other metals. Titanium and tungsten is a good option for men’s engagement rings.
- The setting style: Your fiancée’s style and preference matters when choosing the ring’s setting style. Although the diamond solitaire is the most favored, there are different styles to choose from, such as bezel setting, pave setting, three-stone setting, and halo.
Buying an engagement ring in Australia is no different from buying a ring anywhere in the world; you should consider the factors discussed to decide which is the best piece of jewelry to give your soon-to-be spouse.
Where are you buying the engagement ring?
Answering the question of how much you should cough up depends on where you plan to buy it. No matter how big your budget is, it’s essential to get the best value for your money. Back in the day, engagement rings were only bought in-store or through a personal jeweler. Numerous reputable online jewelry stores let you choose the engagement ring in your home or office’s comforts. Prices may be cheaper online since the business owner has fewer operating expenses. Keep in mind, however, that you should deal with legitimate and well-reviewed online jewelry stores.
How much are you willing to spend on an engagement ring?
According to Salary Explorer, the annual salary of Australians range from 23,000 AUD to 405,000 AUD. The average monthly wage is around 7,500 AUD based on the average or median salary of 90,900 AUD. If you were to buy an engagement ring based on the traditional two to three months’ salary rule, you should spend about 15,000 to 22,500 AUD. However, there are no hard and fast rules when buying an engagement ring for your bride-to-be. You may choose to pay more or less based on you and your fiancée’s values and preferences.
An engagement ring allows you to showcase your love and commitment to your spouse-to-be. You will begin your journey as a couple with the precious engagement ring at hand. Understanding the factors that influence the prices of engagement rings will help you make a wise and informed decision.