How Much does an Engagement Ring in Melbourne cost?

Congratulations! So you have decided to pop the question to your partner, this is the first step in an exciting new journey! Before you begin the search, you'll surely be thinking:  

How much to spend on a diamond engagement ring?

This is the most commonly asked question here at JANAI - how much should I spend on my engagement ring? 

Often, this question is difficult for us to answer for many different reasons. We need to first understand your priorities for diamond quality and your preferences for style. 

The truth is there is no exact number. However, we can provide you all the necessary information and some tips to guide you to YOUR ideal number!

How much does engagement ring in Melbourne cost?

The big question you might have to ask yourself before "popping the question" might be how much should you spend  on your engagement ring in Melbourne. There is the commonly known rule that you should spend three months salary. The famous saying was created by the N.W. Ayer advertising agency hired by De Beers in the 1940s, the same marketing team that created the “a diamond is forever” campaign in 1947.

This campaign actually started as a one-month rule, which slowly evolved from to two months in the 1980s, then finally the three we are familiar with today. Whichever rule you decide to follow in 2024, if any, is up to you!

The salary rule to decide your engagement ring budget

The average income of someone living in the Greater Melbourne area as of 2024 is AU$77,000. Based on this data, these are the average monthly salary rules 1, 2 and 3.

• 1-month salary: $6,416.67

• 2-month salary: $12,833.33

• 3-month salary: $19,250

Therefore, going by this ever-changing rule, you are looking to spend somewhere between $6,400 and $10,000 on a diamond engagement ring in Melbourne. 

According to one survey, the average amount spent on an engagement ring in Australia was just above $6,000 – which would fit into the traditional 1-month salary rule. This study was conducted in 2023, due to inflation and social influences there’s been a growing demand for larger centre diamonds, having the current average sit more closely to $7,000 – $8,000.

Spend what you feel comfortable with 

Please remember, this salary rule is simply a guide, and how much you decide to spend on your engagement ring is a very personal decision. What everyone can afford varies greatly between couples and no matter what your income is, everyone will have different priorities and choose to spend their money differently.

Every couple is at different stages of their life when they plan to propose, whether they are working full time or studying, renting or a homeowner. These factors all impact the decisions that you make towards what you spend on your engagement ring.

Let Janai Jewellery help you create the perfect engagement ring

At Janai, we believe there is more to purchasing your engagement ring than the dollar value. Although people can invest in diamonds for financial gain, we believe that your engagement ring is a different type of investment, an investment in your relationship. Sentimental value is equally, if not more important than the dollar value of your engagement ring.  There is no “right” engagement ring you should purchase, nor a “right” amount you should spend on it.

Every relationship is unique, and your engagement ring should reflect that!

Creating a custom engagement ring, rather than getting a standard stock ring, will ensure that your engagement ring is unique in design, and hold sentimental value for both you and your partner. 

Where to buy a diamond engagement ring in Melbourne?

Now you’re probably wondering where you can buy a diamond engagement ring in Melbourne, here at Janai Jewellery, we have been helping couples create their dream Engagement Rings for over 35 years! Fill out our booking form below to request your appointment with us and begin creating your dream engagement ring!

Janai Jewellery - The ultimate destination for engagement rings in Melbourne!