How much do engagement rings cost? In Australia the 2024 market usually ranges from $7,000 to $20,000 depending on whether you opt for a natural diamond or a lab grown diamonds. At Stelios Jewellers, we like to sit and talk to our clients to get an idea of what their dream ring is and then what their budget is so that we can design the perfect ring at the right budget.
Deciding Your Budget for the Perfect Ring
Establishing an engagement ring budget is crucial. Nowadays, many couples make selections that truly represent who they are and align with their economic realities. In Australia, the average expense associated with procuring an engagement ring is dependant on the diamond, the colour, size and clarity and as stated already is currently ranging between $7,000 to $20,000.
When it comes time to determine how much money should be dedicated toward purchasing an engagement ring, emphasise your financial situation and tastes rather than antiquated benchmarks like spending three months’ salary—a concept born from De Beers’ marketing efforts during the 1930s.
Modern pairs frequently choose budgets rooted in practicality over following such archaic guidelines. Finding the perfect engagement ring that reflects personal style and values is essential. The key lies in striking harmony between what you deem meaningful and what is financially viable for you.
Breaking Down the Factors Influencing Ring Price
The cost of an engagement ring is influenced by several elements, with the diamond’s quality and rarity being at the forefront. The allure and value of a ring are significantly enhanced by how well the diamond is cut, as diamonds that have been finely shaped carry more value. Additionally, the diamond shape is a significant factor in determining a diamond’s price and appeal, as the choice of shape is largely based on personal preference and relates to other critical aspects such as certification, cut, carat weight, clarity, and colour.
Another important aspect impacting price is the clarity of a diamond. This indicates how many imperfections there are within it. Those with fewer flaws fetch higher prices on the market. Where a diamond falls on the colour scale from D to Z will impact both its look and cost—those closer to D (colourless) tend to be more desirable and pricier.
Carat weight plays into pricing, particularly when paired with high clarity and superior cutting for larger diamonds.
Understanding the 4Cs: Carat, Cut, Colour, and Clarity
The quartet of cut, colour, clarity, and carat weight are pivotal in ascertaining both the quality and value of a diamond. Of these elements, the precision of the cut stands paramount in augmenting the stone’s brightness and scintillating effect.
When assessing diamonds, professionals employ a standardized scale to scrutinize them based on these four characteristics. The term ‘carat weight’ is an indicator of the diamond’s mass rather than its dimensions. Thus two gems with equivalent carats may differ notably in size due to their shape or structure. In terms of hue gradation, diamonds go from D (representing colourlessness) up to Z, which exhibits perceptible hues influencing not only how they look, but also their market price.
To protect the investment made in a diamond ring, it is crucial to consider safeguarding its long-term value through proper care and maintenance. Additionally, obtaining insurance can cover potential loss or damage, ensuring the diamond ring remains a valuable asset.
We work closely with Q Report who provides cover both inside and outside your home. You will be insured for damage, theft or even loss. It is an agreed value policy with many more features and benefits.
Evaluations on purity grade scale levels gauge whether there are noticeable flaws or internal features called inclusions within such stones judged more favourably if fewer imperfections exist what might be deemed ‘eye-clean’ possess none that can be seen by unaided vision yet could have small defects under magnification those who comprehend interplay amongst all factors gain assistance selecting optimum stone aligns desires financial considerations.
Engagement Ring Styles
Engagement ring styles can vary greatly, and the cost can differ significantly depending on the design, materials, and features.
Here are some popular engagement ring styles and their estimated costs. The prices below are based on a 0.50ct Natural White Diamond.
The team at Stelios Jewellers hand picks a diamond to suit your requirements from a live data base worldwide. Stelios also sources diamonds on his overseas jewellery fair trips and from his Diamond suppliers world wide. The diamond price changes depending on the market, the US Dollar and the specifics of the stone that you are searching for.
Solitaire Diamond Engagement Rings: Featuring a single diamond that stands out beautifully.
0.50ct White Diamond – Natural Diamond starting price from $5,000
1ct White Diamond – Natural Diamond starting price from $12,000
Halo Diamond Engagement Rings: These rings have a central diamond surrounded by a “halo” of smaller diamonds, adding extra sparkle and size.
0.50ct White Diamond – Natural Diamond starting price from $6,000
1ct White Diamond – Natural Diamond starting price from $15,000
Three Stone Diamond Engagement Rings: These rings symbolize the past, present, and future with three stunning diamonds.
0.50ct White Diamonds – Natural Diamond starting price from $6,000
1ct White Diamonds – Natural Diamond starting price from $17,000
Pavé Diamond Engagement Rings: Pavé rings feature small diamonds set closely together, creating a continuous sparkle.
Price dependant on style and number of diamonds.
Vintage Inspired Diamond Engagement Rings: These rings offer intricate designs and a nostalgic charm reminiscent of bygone eras. (add cost range)
When choosing an engagement ring style, consider your partner’s personal taste, lifestyle, and preferences.
0.50ct White Diamonds – Natural Diamond starting price from $7,000
1ct White Diamonds – Natural Diamond starting price from $18,000
Custom vs. Retail Engagement Rings Costs
When selecting an engagement ring, you have the choice between a bespoke piece or one from our store which has been designed and handcrafted by our designers and jewellers. There are advantages to both. Rings that are already made in store allow for a proposal in a hurry! We have a large selection of both Natural Diamond engagement rings, Lab grown diamond engagement rings and Coloured gemstone engagement rings for those wanting something a bit more unique.
If you have a bit more time up your sleeve (4-6weeks), a custom bespoke engagement ring will allow you to sit with our designers and create the ring of your dreams. Our design process is unique. We offer a sit-down consultation with a jeweller with more than 20 years of manufacturing experience, 3D imaging of your jewellery, 3Dsilver models to try-on and then ability to make changes. We then we move to the manufacture stage in any metal you desire. Stelios Jewellers takes you through the entire process from initial concept, to sourcing the perfect stone to then sending it to our workshop to be handcrafted.
Tips for Balancing Quality and Affordability
Creating a financial plan prior to shopping can streamline the selection process, ensuring that the chosen engagement ring is both satisfying and within the expected cost parameters. By setting a predetermined price limit, attention can be centred on high-quality attributes that are of utmost importance, promoting assuredness in choosing an engagement ring.
Exploring alternate gemstones like Coloured Gemtsones or lab-grown diamonds presents substantial savings without compromising on style or beauty.
Stelios Jewellers has teamed up with Achievement Finance to help create your dream piece of jewellery. Talk to our team and we can put you in contact with our friends at Achievement Finance.
Alternative Engagement Ring Options
While traditional diamond engagement rings are still popular, many couples are opting for alternative engagement ring options. Here are some alternatives to consider:
Lab-Created Diamonds: These diamonds are up to 70% less expensive than natural diamonds and offer the same brilliance and durability.
These man-made gems are virtually indistinguishable from their natural counterparts, yet they offer a number of advantages that are making them an increasingly popular choice.
These include:
- Customisable shape and size
- Beautiful and timeless cut
- Every Woman deserves a BIG Diamond
- The price can be up to 70% less than a natural diamond
- Ethical and environmental sustainability
- Conflict free
While colourless diamonds are the most popular, lab-grown diamonds are also available in different colours including blue and pink diamonds.
Alternative engagement ring options can offer a unique and affordable way to express your love and commitment. Consider your partner’s style and preferences when choosing an alternative engagement ring option.
It goes without saying that the engagement ring you choose has to be as unique as your loved one. Now that you have a guide to how much an engagement ring will cost, come in and see our designers and Jewellers, and let’s create a ring to suit your needs and budget.
At Stelios Jewellers, we understand the importance in selecting the perfect ring to last you a lifetime. Let us be a part of your happily ever after.
Visit us at our workshop and showroom at 145 Scarborough Beach Road, Mt Hawthorn.
