For over centuries, there have been countless weddings taking place. However, the answer to the eternal question regarding how much should be spent on engagement rings is still unknown. Most people say that it equates to a “three-month salary” to make a starting point. However, a quick search in Google is going to reveal several other variations that include “one-month salary” or “two-month salary” or “median price then split the difference” and so on. An engagement ring calculator even exists, too.
A challenge for couples
For the modern couples, the lines already became so fluid which means that finding the correct and quick rules to apply is such a challenge.
For Eliza O’Hare, the bride editor for Harper’s BAZAAR Australia, the rules always revolved around a man being wise to spend one month’s salary on that diamond engagement ring, but a lot of factors are included in this equation which rely on his salary. She added that it is somehow insensitive to talk of money in terms of love, and this is why this current trend of the engagement watches, having sentimental inscriptions hidden in their back face, still make a lifelong investment, but with a practical purpose, too.
The influence of social media
Nicola Cerrone, director of Cerrone, mentioned that her family’s business saw a strong connection between social media and how much a groom-to-be is willing to shell out for an engagement ring.
She also said that couples are spending around $15,000 – $20,000 on average for engagement rings, with the influence of social media prompting more spending of almost an additional $10,000 compared to a couple of years ago. According to her, the celebrities are seen with huge diamonds or those designer engagement rings. Men might feel the need for them to keep up or that women are expecting to get a decent sized one which just furthers the idea that diamonds are a statement for an engagement, according to Cerrone.
Average cost of engagement rings
Even if the median price is at the $4,000 AUD mark, the engagement rings sold at luxury jewellers are still quite higher. For example, Van Cleef & Arpels indicated that their most-sold ring has a 0.7 carat diamond, clarity level VVS2 and colour grade E that retails at $15,700 AUD.
So, to sum up, there is no average price. The most essential thing involves being educated, knowing what is it a person wants, and being happy with the final result.