In the world of engagement ring shopping, there are a lot of myths and misconceptions about what you should spend on an engagement ring. While it’s true that some people spend more than others, there is no one-size-fits-all approach when it comes to buying an engagement ring. Here, we’ll explore some of the most common myths surrounding engagement ring spending and debunk them once and for all.
The “Three Month Rule” Myth
One of the most pervasive myths about how much to spend on an engagement ring is that you should spend three months’ salary on an engagement ring. This myth has been perpetuated in pop culture over the past few decades, with many people believing that this is a hard and fast rule they must adhere to when shopping for an engagement ring. It was originally started by the DeBeers diamond company in the 1930s as part of an ad campaign that tried to instil the idea that men could only show their true love and commitment by spending 1 month’s salary on their betrothed’s engagement ring. By the 1980s it had doubled and eventually became what is now known as the 3-month rule. However, this rule is not a reflection of modern times. With inflation and the high cost of living, the 3-month rule may not be practical for most Australian couples. Instead, consider your personal expenses and existing debt when determining the budget for your engagement ring. While an expensive engagement ring may be beautiful and even a status symbol, you’ll still need to budget for other wedding expenses and the honeymoon. Spend what you can afford and don’t feel guilty if it doesn’t add up to three months’ salary—there is no right or wrong amount to spend on an engagement ring.
The Bigger Is Better Myth
Yet another popular myth about engagement ring spending is that bigger is always better. While diamonds come in all shapes and sizes, the reality is that size isn’t everything when it comes to choosing an engagement ring. Instead of focusing solely on size, consider other aspects such as clarity, colour, cut, and setting style—these are often just as important as size when selecting a diamond. The 4 C’s will also greatly influence the price of the engagement ring, which also means you can play around with these factors to create an exquisite ring your loved one and your budget will love. You’ll also need to take your partner’s preferences into account. Some people prefer dainty and intricate rings, while others prefer bold and flashy pieces. Your partner’s preference will be one of the most important factors that determine how much you should spend on an engagement ring.
The Diamond Myth
Another misconception is that all engagement rings must have diamonds as the centre stone. While diamonds are certainly classic, they aren’t the only option when it comes to buying a ring. There are many alternative stones such as sapphires, rubies, or emeralds that can be just as beautiful and meaningful as diamonds—and often more affordable too. An added benefit is that they also make your engagement ring unique, since most couples opt for diamonds as their centre stone. Another fantastic option is lab-grown diamonds. Lab-grown diamonds are identical to mined diamonds to the naked eye but cost less, which means you can get a bigger diamond without the price tag of a natural diamond. Don’t let tradition limit your options. Explore other stone options to see what fits your partner’s personal style and your budget.
The “Average Spend Rule” Myth
Another popular myth about how much you should spend on an engagement ring is the Average Spend Rule. This rule entails that you spend the same amount on your engagement ring as the average engagement ring spend in your country. As of 2020, the average engagement ring spend for Australians is $5367. This would mean that you would have to spend around $5000 on your fiance-to-be’s ring. However, this rule is as outdated as the 3-month rule. Averages are not a reliable way to gauge how much you should spend on an engagement ring since wealthier people will drive the averages up. This rule also doesn’t take into account the costs of the wedding bands, the wedding, and whether you’re willing to go into debt to buy an engagement ring. When deciding how much to spend on the engagement ring, it’s best to discuss a budget with your partner. After all, your financial decision surrounding the engagement ring will affect your wedding budget and financial affairs once you’re married.
The Most Overlooked Aspect of Engagement Ring Shopping
Couples often place a disproportionate emphasis on the design and cost of the ring and pay little attention to the calibre of the jeweller they are entrusting their engagement ring with. While your budget and preferences are important, a reputable jeweller who provides excellent value for money and takes pride in their work is equally important. Partnering with a jeweller who provides high-quality craftsmanship and expertise will ensure you get the best engagement ring your money can buy. Although engagement rings can be pricey, at Charles Rose, we offer exquisite engagement rings, skillfully handcrafted by our master jewellers starting at as little as $3500. This means you can find an engagement ring your loved one will adore and cherish without spending a fortune.
How To Set Your Budget
Now that we have debunked some myths and misconceptions about engagement rings, how do you determine your budget for your partner’s ring?
We can’t dictate to you how much you should spend on your engagement ring, but here are some factors to consider when setting your budget:
-Your income, expenses, and debts
-Any savings you have
-Whether you’re willing to go into debt to purchase the ring
-The design your fiance wants
-The centre stone of the ring
-The metal for your setting
-The 4Cs of the diamond if you choose a diamond as your centre stone
-The budget you have in mind for your wedding and honeymoon
While surprise engagements can be exciting and beautiful, it’s best to have a discussion about marriage with your significant other before you pop the question. This will also allow you to assess your partner’s expectations around the cost of the ring and can help you get a better idea of what type of ring they want. You may find that your fiance would prefer a custom-designed ring as opposed to a ring from the case, which will also influence your budget.
How much you choose to spend on an engagement ring depends entirely on your personal financial situation. There are no hard and fast rules—don’t let yourself be swayed by outdated myths or misconceptions. Instead focus on finding a jeweller that you can trust who provides high quality craftsmanship and value for money that will suit your budget.
At Charles Rose, we have expertly trained consultants who can help you find a magnificent engagement ring for your soul mate. Alternatively, explore our comprehensive selection of engagement rings or contact one of our designers to help you create a bespoke ring for your loved one.