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How much should you spend on your Engagement Ring in 2024?

Proposing and choosing an engagement ring is a momentous decision that involves not only selecting the right diamond, but also making a sizeable financial commitment. As couples embark on the journey to find the perfect symbol of their love, they must decide on a budget and establish their financial priorities to figure out the ideal budget for their Diamond Engagement ring. 

Traditionally the diamond Engagement Ring has always been a significant financial investment to prove a man's genuine intentions. It displays a declaration of integrity and a solid sign of commitment towards the woman of their dreams. The high cost would eliminate those men who were not upfront and honest in their proposition. After all, if a man was not sincere in his loyalty and desire to marry he would not be making such a substantial financial investment. Historically it was also a sign that he is in a position to protect and provide for his future wife and family.

The long standing custom has remained to this modern day and been passed down from one generation to another. Men continue to spend generous sums on diamonds for their proposals, to present a beautiful Engagement Ring to their loved one. As couples decide on the monetary figure, many refer to the three months salary rule. This financial guideline began with De Beers diamond company and their marketing campaign in the 1930’s. This widespread belief has served as a guide for many couples now for almost a century.

Based on this rule and the average Australian salary of $73,622 the cost of a Diamond Engagement Ring would be $18,405 in 2024

The reality of this figure broadly varies as it greatly depends on the clients choice between a Lab-Grown Diamond or Natural Diamond for their Engagement Ring.

In today's modern world and with the revolution of lab-grown diamonds the budget in which couples spend doesn’t stick to such a strict rule. It is much more widely varied and based upon their lifestyle and level of income. Just like diamonds themselves which are utterly unique, so are couples’ budgets and the figure which is appropriate to spend. 

The average starting prices in 2024 are between $5,000 - $10,000 for Lab-Grown Diamond Engagement Rings and $10,000 - $20,000 for Natural Diamond Engagement Rings. 

Remember this is just average. Many choose to spend far more or far less. It is important to align your diamond preferences alongside your personal finances. Other pricing variables include their preferred carat weight and diamond quality grading against the 4C’s. These are all deeply personal priorities for every couple.

Rare diamonds with the most desirable qualities will inevitably fetch the highest prices. This means a natural diamond with a high carat weight, D colour, flawless clarity and excellent cut will command the most expensive price tags. For affluent clients spending far more than the average, the most exceptional, rare and collectable diamonds will fit their budget criteria. 

Many people are under the assumption that the bigger a diamond is the more expensive the price tag. Although carat weight is a considerable factor when it comes to pricing, diamonds are far more nuanced regarding their quality and the price they command.


There are many options for visually stunning diamonds that fall into the more affordable category by slightly varying grades against the 4Cs. For example a well cut diamond can overshadow a smaller carat weight and appear brighter and larger in real life. Certain diamond shapes can also get away with a lower grade in colour or clarity yet appear perfect to the eye.

Our diamond specialists at Janai can guide based on your specific budget and financial circumstances to select the most ideal diamond for you. Whilst flawless diamonds are exceptionally rare and expensive, those with slight imperfections can offer far more affordable options.         

Assessing your current financial situation, discussing long-term financial goals and considering expenses regarding a wedding, home, and other priorities are all deciding factors on creating a realistic Engagement Ring budget. 

Couples explore their financial commitments and priorities to create their desired spend towards their Engagement Rings. Ultimately the true value of your diamond Engagement Ring not only lies in its price but the love and commitment it represents.  

Instead of adhering to traditional expectations and being limited to diamonds already set in rings in-store, custom design your Engagement Ring in Melbourne and choose a diamond based on your own personal preferences. This allows for more flexibility in the budget and also the freedom to create the style and design exactly as you wish. Customisation controls the overall cost to achieve a truly personal Engagement Ring that aligns with the budget.  

To create your dream Engagement Ring in Melbourne please fill out the form below  

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