How Much Should You Spend On An Engagement Ring?

Over the years, the trends and preferences of people have evolved. Diamonds have always remained a fascination and yet maintained an expensive stereotype. Diamonds are often associated with qualities like “rare, precious, special and exclusive”. This makes it the best reason why relationships are built over diamond rings. Diamond Engagement rings have become a modern yet an age-old trend of conveying the importance of exclusiveness in relationships to say, “You are the One!”

So, how much does a diamond ring cost anyway? It sure is precious, however, can an average fair dinkum Australian afford a diamond ring? While this is quite debatable, we can consider a few facts before jumping to conclusions. Here are a few interesting facts that’s worth a read.

Diamond Rings That Made Headlines

While diamonds have always remained undeniably special, the news of some of these diamonds created quite a noise on the internet. The news channels and magazines could not help but report them.

       Kate Middleton, the Duchess of Cambridge wore an 18-carat oval sapphire surrounded by 14 diamonds for her engagement. It was Originally Lady Diana’s Spencer ring when she got engaged to Prince Charles. Estimated cost was close to Half a Million bucks!

       When Snap chat’s Founder Evan Spiegel made a dazzling proposal to Miranda Kerr, The model shot up hearts with a picture of her diamond engagement ring - A round brilliant cut diamond flanked by tapered baguettes on a platinum band and the price was estimated to be over A$100000.

       Hailey Bieber wore an oval-shaped diamond ring estimated between six to ten carats, estimated to be costing around Half a Million Dollars!!

       Mariah Carey received the most expensive diamond engagement ring on record, a 35-carat emerald-cut stunner. Yes, we got that right. 

Some Diamond Facts

       Not all diamonds are colourless. Diamonds come in various shades like blue, pink, brown, and green.

       Cut and Shape of the diamond is what differentiates the diamonds from one another.

       Diamonds lose half of its weight i.e. 50% of its carat weight during the cutting and polishing process. The craftsman works till he achieves the perfect scintillation brilliance in the stone.

Here are some important considerations that can help in making the right purchase.

Understanding Diamond Quality

  1. Rarity: Every diamond is unique. Rarity is what makes them valuable. Diamonds with gem qualities are rare and valuable.
  2. “The Four Cs”: It’s necessary to consider the diamond 4C’s they are Cut, Colour, Clarity, and Carat. These Four c’s determine the value of a diamond. Cut and Clarity is important whereas the colour and carat are subjective to individual preferences.

If you seek further clarifications, here’s a link to our diamond buying guide.

Diamond Buying Guide

       It’s recommended to consult jewellers who are associated with the Jewellers Association of Australia, who are aware of the standards, regulations and requirements for your preferences.

       It is always good to ask questions – Does that fit my budget? Do we have alternatives? Is this the best option for us? ASK!

       Examine the diamonds in Light. That’s when it does what it does best – reflects and shines!

       DCLA (Diamond Certification Laboratory of Australia) recommends that you get a grading certificate from the jeweller you are buying from. Check for Diamond Grading Reports or Certificates to understand the actuals about your purchase.

       You can also visit some online jewellers and compare their prices to see whether they fit your budget and meet your expectations.

       Be aware that the prices for the same stone may differ at different jewellery stores. Our recommendation is to consult private jewellers such as Diamond Story if you’re looking to avoid unnecessary retail mark-ups.

       We recommend getting a valuation certificate from a registered jeweller associated with the National Council of Jewellery Valuers. 

Expectations & Finances

  • Do you have an idea about how much you are willing to spend on your ring? Having a fixed budget can help you set a hassle-free purchasing process.
  • Stone selection is the next step. Choose from a princess cut diamond ring or a regular round ring, you can go for an oval or cushion-shaped ring with an emerald or sapphire stone in it. Check out our website for the latest collections at your set budget.

So, how much do you really need to spend on your dream engagement ring? Well, let’s plan it for you. Let’s discuss your story. We’d like to hear it. Call 03 9642 3649 and make the right choice for your budget at Diamond Story.

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