How Much Money Should You Spend On An Engagement Ring?

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Is it worth dipping into your saving account to buy your partner the ring of their dreams? Jeweller Lauren Chang-Sommer has some advice about buying the right engagement ring.


The age old myth has always been that men should spend 3 months of their salary on an engagement ring, and with current trends in bridal jewellery increasing the size of the rocks women want, it isn’t a surprise that many would spend this much.

Lauren Chang-Sommer, Co-Founder of Moi Moi Fine Jewellery has been helping couples find their perfect rings for over a decade.

“I have seen a huge shift in the size of centre stones that brides are choosing. For instance, in the mid 2000’s everyone wanted a 1 carat engagement ring. Today however, engagement rings are very commonly 1.50 carats or 2 carats. That’s a very big change in bride’s expectations.”

Diamonds are expensive. There is no two ways about it.

A UK survey showed that men spend an average of $7700AUD on engagement rings, however the two carat diamond of every girls dream will cost anywhere between $20k-$30k. It’s because of these insane prices that couples are choosing to go with cheaper materials, or coloured gemstones in their rings. According to Chang-Sommer though, many brides will often regret this choice.

Her advice? Moissanite is a great alternative. A one carat Moissanite jewel retails for $600 and is 95% cheaper than a diamond of the equivalent grade. The jewel is indistinguishable to diamond and has very similar chemical properties, meaning the majority of people cannot tell the difference.

"Tamara" Half carat (0.50ct) Diamond & Platinum Engagement Ring
Round Diamond accents

0.71tcw, Set in Platinum

$6,280

Moissanite

"Simona" 1.50 carat SUPERNOVA Moissanite & Platinum Engagement Ring

1.86tcw, Set in Platinum

$3,540

A Moissanite ring may mean you can get your partner the type of ring they dream about, without having to dip into your savings or wedding budget to buy it.

The important thing to remember is that one ring isn’t worth going into debt for. Studies in the US have shown that the more expensive the engagement ring is, the rockier the marriage is, and other studies show that the most common reason for divorce or marriage breakdown is financial stress.

Chang-Sommers says couples are making their own rules when it comes to engagement rings, and like many other wedding customs, tradition is going out the window. Going shopping together as a couple is becoming more common, and Chang-Sommers says it’s a great way to make sure you spend the right amount of money on the perfect ring.

If you can’t afford that $35k two carat diamond ring, don’t sweat it. There are plenty of other options to find the engagement ring right for you.

 

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