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How Much to Spend on an Engagement Ring in Melbourne?

Congratulations! So you have decided to pop the question to your partner, this is the first step in an exciting new journey!

Now you’re probably wondering where you can buy a diamond engagement ring in Melbourne, and of course how much you should spend on your engagement ring. Here at Janai, we have been helping couples create their dream Engagement Rings for over 35 years! We’re often asked this question and the truth is there is no exact number. However, we can provide you with all the necessary information to guide you to YOUR magic number!

The famous saying that you should spend one month’s salary on your diamond engagement rings 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 one-month rule slowly evolved from one to two months, then three. Which rule you decide to follow in 2020, if any, is up to you!

The average income of someone living in the Greater Melbourne area as of 2017 is $60,711. Based on this data, these are the average monthly salary rules 1, 2 and 3.

1-month salary $5,059.25

2-month salary $10,118.50

3-month salary $15,177.75

Therefore, going by this ever-changing rule, you are looking to spend somewhere between $5000 and $15,000 on a diamond engagement ring in Melbourne. 

According to one survey, the average amount spent on an engagement ring in Australia was just above $6000 – which would fit into the traditional 1-month salary rule. This study was conducted in 2016, due to inflation and social influences there’s been a growing demand for higher-end pieces, having the current average sit more closely to $7,000 – $8,000.

(Please remember, this is simply a guide, and how much you decide to spend on your engagement ring is a very personal decision and no matter what your income is, everyone decides to spend their money differently)

Everyone is in 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.

At Janai, we believe there is more to purchasing your engagement ring than the dollar value. Although people do invest in diamonds, 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 stock standard ring off the shelf, will ensure that your engagement ring is unique in design, and hold sentimental value for both you and your partner. You could add your birthstones, initials or a meaningful symbol into your design to add an extra touch of authenticity.

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