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 celebrate 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 ring 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.

Each journey at Janai is unique and tailored to you. Something as special, personal and sentimental as an engagement ring, that represents your love for your partner, is worth investing your time in. Knowing that you have put this time and effort into the design process will make the ring that much more special for your partner!

The added benefit of creating a custom design is that it allows you to make your money go further, ensuring that every detail in your engagement ring is 100% perfect for you and what you desire. No matter if you are spending $3000 or $30 000, we believe that every dollar you spend should go towards a perfect ring, designed personally for you.

We want to make sure that you get the best quality engagement ring you can within your budget. We aren’t here to increase your budget, but here to make sure you get the best bang for your buck! 

The make of your engagement ring should be of the highest quality and finished to perfection to ensure its longevity. Your engagement ring is a personal piece that should be made to last and be able to be passed down through generations, which is why so many people choose Janai Jewellery.

At Janai, we take the utmost care in the finish and quality of our rings! Check out our Instagram to see what finished pieces look like! They’re stunning if we do say so ourselves! We’re not afraid to get up close and personal so you can see every intricate detail of the rings!

Making a high-quality piece like a Janai ring includes using high-quality metal alloys and finishes, as well as high-quality centre and side stones. We do not compromise on quality when we keep the prices low because we believe everyone deserves a ring.

18 carat white, yellow and rose gold or platinum are recommended for an engagement ring, for durability and a beautiful high-end finish. We use a 100% nickel-free, palladium-based alloy, which creates a very structurally sound ring that will age beautifully and are hypoallergenic! 

The finish of the ring is beautifully polished inside and out and perfectly symmetrical! Polishing the inside of the claws helps to make your diamond appear even more white and bright. The inside of the band is also fully polished and with a comfort fit, that’s so comfortable you won’t want to ever want to take it off!

The quality of your centre stone is also paramount, we like to educate you on diamond quality, value and the 4Cs so that you can pick the best diamond for you!

If getting the biggest diamond possible within your budget is the most important factor to you and your partner, Lab Grown diamonds are also an option available at Janai!

We acknowledge that with any budget, purchasing a diamond engagement ring is a large sum of money to spend in one sitting, that’s why at Janai we have a number of payment options available for you to help with this purchase!

We will work with you to make the payment options flexible, as well as offering Zip Pay as an option for longer payment periods.

Although these options are available to you, we recommend you spend an amount that is comfortable for you, as the pressure of spending money on an engagement ring should not outweigh the excitement of proposing! The proposal is not all down to the ring either, despite what we would love to think. It is down to how you propose as well! Here are some ideas on how to propose to your partner once you have your engagement ring. 

Hopefully, this has been a helpful tool in clarifying how much you would like to spend on an engagement ring. If you have any further questions or would like to discuss what sort of engagement ring you can purchase with us in your budget, please don’t hesitate to contact us! We are here to help you out!

You can book a consultation with us today, start making your partner’s dream engagement ring a reality!