Diamond engagement rings face more scrutiny on price than any other piece of jewellery. Why is that? Because it’s often the most expensive jewellery purchase you’ve ever made, and you understandably want to get it right. 

It can be tricky to figure out what budget you should set aside for this precious piece. The stakes are high to make the best choice financially and emotionally to mark such a special occasion. So let’s ask the experts! Larsen Jewellery Sydney is here to answer all your ring-shaped questions. 

What can affect the price of a diamond engagement ring?

The cost of an engagement ring can be less than $1,000, right through to an ‘I could buy a yacht with this’ price point, depending on a few factors. 

The Jeweller

Engagement rings from renowned jewellery brands or designers often command higher prices due to their reputation, craftsmanship and exclusivity.

The Design

Whether you work with a jeweller on a custom engagement ring over multiple design consultations or select from their existing collection will also affect the price. 

The Stones

Multiple diamonds will naturally drive up the cost of a piece of jewellery, and round diamonds often clock in as the most expensive.

The Band

The material you choose for your engagement ring band also impacts its price. Silver and palladium bands present more affordable options, while gold and platinum bands will usually cost you more.

What are Australian couples spending on engagement rings?

A survey conducted by Easy Weddings projected that the average Australian couple will spend approximately $6,000 on their engagement ring in 2023.

You’ve likely heard the old adage that your engagement ring spend should be equivalent to three month’s worth of your salary. But does this stack up by today’s standards? Let’s test the notion against the real spending habits of modern Australians.

According to data collected by the Australian Bureau of Statistics, the average weekly earnings for 21 to 34-year-old Australians is $1,127.60, while the average earnings for 35 to 44-year-olds is $1,503.70. 

Using the 3-month rule, those in the 21 to 34-year-old age bracket should be spending a whopping $13,531. The 35 to 44-year-old bracket is on the theoretical hook for $18,044. It’s safe to say that the 3-month rule has well and truly been left behind by modern newlyweds!

What’s the best way to decide an engagement ring budget?

Pinning the price of an engagement ring to your earnings originated from a marketing strategy devised by the De Beers diamond company. The campaign marked one month’s salary as the proper amount to invest, but you should never feel pressured to spend beyond your means. 

So assess what you can afford for an engagement ring purchase outside of what’s needed for your living expenses. There are lovely choices available in any price range! If you’re more price sensitive, focus your search on cost first. If you have more disposable income, you can explore the options without a hard budget going in.

How do the 4 C’s impact the price of a diamond engagement ring?

When shopping for diamonds, there’s one letter to keep in mind: C. The 4 C’s of diamonds are cut, colour, clarity and carat weight. Here’s how each of them affects the price of an engagement ring.

Does a diamond’s cut affect its price?

Cut refers to the proportions and facetting of a diamond which affects its ability to return light to the eye. Diamond cuts fall into four categories, as determined by the Gemological Institute of America (GIA): Excellent, Very Good, Good, Fair and Poor.

Symmetry is a factor in determining a diamond’s cut grade. A diamond with a low symmetry grade will be more affordable than one which offers perfectly aligned facets, as this can affect its brilliance and ability to hide inclusions.

While cut does affect the price of the diamond, its impact is more limited than other factors. So unless you’re on a tight budget, don’t go for diamonds with a cut quality lower than Very Good.

What difference does colour make to the cost of a diamond?

The colour of a diamond is measured on a scale from D-Z, with diamonds graded as ‘D’ being completely colourless, and diamonds graded as ‘Z’ having strong hues. There is a strong correlation between higher-graded diamonds and price, so prepare to shell out more money for colourless diamonds or fancy colours like blue, purple, pink or red.

Fluorescence is exhibited in 25% to 35% of diamonds and refers to the way they react to UV light. For diamonds with I to M colour grades, a stronger reaction is considered desirable and will cost more. But the GIA says the opposite is true for diamonds in the D to H range. Even though their colour is most likely unaffected by their fluorescence, these diamonds often sell for less and can offer good value for money.

Does diamond clarity impact its cost?

Clarity is a way of measuring any blemishes or imperfections in a diamond on a scale from ‘Flawless’ to ‘Included’. Flawless diamonds have no visible imperfections at 10x magnification and naturally carry the splashiest price tags of any diamond.

Your beloved’s eyes probably aren’t quite that good though. In fact, it’s very difficult for the human eye to distinguish between the top tiers of diamond clarity, so keep that in mind during your shopping.

How does carat weight affect a diamond’s price?

Perhaps the most discussed aspect of any diamond is its carat weight. Simply put, the larger the diamond, the higher the price. Carat weight can present difficulties for soon-to-be-engaged shoppers. Your partner might love the idea of a higher carat weight diamond, but don’t let this get in the way of the overall aesthetic. 

Everyone’s tastes may differ, but most of us aren’t rushing to put marble-sized stones on our fingers. Before buying a huge diamond for your other half, especially if it’s going to be a surprise purchase, consider whether this is a stone size they would normally wear. 

What diamond engagement ring budget is right for you? 

Remember that shopping for a diamond engagement ring is a deeply personal experience, with many different factors to consider alongside cost. As with any purchase, you get what you pay for, but an experienced jeweller can help by understanding your design and budget preferences so you choose an engagement ring that will delight your partner every day.

Professional jewellers like Larsen Jewellery can help you make a selection that best suits your partner’s taste and lifestyle as well as your budget. Thank you to the team for sharing their insights!

The post How much does a diamond engagement ring cost in Australia? appeared first on The Wedding Playbook.

On a solo engagement ring shopping mission for your partner? Naturally you want to choose a design they love so much they’ll never want to take it off! Your search for the one ring to woo them all should start with:

• What you know about their likes and dislikes
• The sneaky intel you can gather from family and friends
• Some pro tips to make sure they’re stoked with your choice!

By finding out the answers to the next six questions, you’ll have all the info you need to select a spectacular engagement ring design your partner can’t help but admire at every opportunity.

What’s your partner’s personal style?

What’s hanging in your partner’s closet can give you some clues as to the style of engagement ring they’d like most. Do they stick to the classics, follow what’s trending, shop for vintage pieces or experiment with eclectic looks? Understanding their personal style will help you figure out what ring style will be a winner! 

Vintage admirers are likely to be drawn to antique styles or heirloom rings, while classic dressers may prefer a simple, timeless engagement ring design. Lovers of the latest may be besotted by a glittering cluster of stones and free spirits may appreciate a one-of-a-kind salt and pepper diamond creation. 

What’s already in your partner’s jewellery collection?

Take a closer look at what jewellery your partner has chosen for themselves, and note whether you’re seeing simple or intricate shapes, larger or more delicate settings. If they have a favourite piece, ask them what they love most about it and you’ll learn a little more about what catches their eye.

Do you see white gold, yellow gold, rose gold or platinum jewellery in their collection? Metal choice plays an important part in not only the look but durability and price of the engagement ring design you choose. If your partner has a mix of metals in their jewellery box, check what they wear most often. An engagement ring is an everyday accessory, so it should be something that goes with their most commonly worn jewellery pieces. 

Just keep in mind that dress ring styles don’t necessarily represent what type of engagement ring design your partner would prefer, as these pieces tend to only be worn for specific outfits or occasions.

What feature stone would your partner like in their engagement ring?

This is the centrepiece of your engagement ring design and the most eye-catching element that you’ll need to understand your partner’s preference for. 

Diamonds, whether mined or lab grown, are frequently chosen for engagement rings, but other meaningful options such as birthstones or a gemstone that reflects their favourite colour are a modern and increasingly sought-after choice. One thing to consider for coloured stones is that some gems are less resistant to scratching or chipping and require greater care to maintain their beauty over time. 

Diamond alternatives like moissanite engagement rings are a popular pick as they offer a greater brilliance and fire (aka sparkling rainbow reflects) with a hardness second only to diamonds. Lab grown as a colourless or coloured stone, they’re a sustainable and durable choice that can handle everyday wear. If you know your partner is leaning towards a larger stone as the centrepiece of their engagement ring or an intricate design featuring many stones, moissanite is a beautiful and budget-friendly option! 

What engagement ring designs does your partner like most? 

Once you’ve got an idea of the type of stone they’d like, the shape is the next big question. There are a number of stunning options including oval, round, pear, emerald, princess, asscher, marquise and cushion cut. It’s also time to figure out whether your partner would prefer a solitaire, halo, trilogy or asymmetrical setting.

Has your beloved been not-so-subtly dropping ring clues when you’re window shopping together? Take note of what they point out to you and any comments about what they like and dislike for different designs. 

Do they follow particular jewellery designers on social media or have they got a collection of images saved as inspiration? These are the best clues as to what they might like to see sitting on their ring finger one day. 

Finally, ask family and friends (who are sworn to secrecy of course) for any ring intel they may have. They might have been shopping with your partner in the past, have a good sense of their style or had conversations with them about what they might like as an engagement ring. 

What lifestyle factors might affect which engagement ring your partner can wear? 

Whilst an engagement ring can always be taken off if you want to protect it, it’s good to think about the day-to-day practicalities of how your partner would wear their ring so they can enjoy it as much as possible! The type of work they do, their hobbies and whether they have young children can all affect what type of engagement ring design will suit them best.

Some stones can scratch more easily, raised settings can snag and softer metals can bend which can increase the risk of losing precious stones, so check that the ring you choose is fit for its life ahead.

What’s your partner’s ring size? 

There’s no greater anti-climax than trying to put the engagement ring on your partner’s finger only for it to jam on a knuckle or slide straight off! Get closer to the mark by using a current ring as a guide, or ask a friend or family member for help in finding out the correct size. A loved one with similar sized fingers could always help out as a hand model too!

When in doubt, go with a slightly larger band as this can be resized more easily. Some designs can’t be as readily resized, so check with your jeweller about this prior to purchase. 

If your partner truly won’t mind knowing a ring is on its way, just ask them for the correct size straight up. There are plenty more surprises to come! 

With so many incredible engagement ring designs to choose from, gathering as many insights as you can before starting your search will have you well prepared to pick the perfect ring for your partner. 

Thanks to our story sponsor Kristin Coffin for supporting the content we love to write to help you plan the wedding you want!

Bringing a modern take to timeless engagement ring design, Kristin Coffin is a not-so-hidden gem of a find! Alongside her team of talented artisans, she creates unique designs that will reflect your style using ethically sourced materials. Visit her online shop and we guarantee you’ll not only be inspired but spoiled for choice!

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Photography: Sophie Kaye Photography | Engagement Rings: Kristin Coffin

The post How to Choose an Engagement Ring That Fits Your Partner Perfectly appeared first on The Wedding Playbook.