FASHION
Choosing an engagement ring that fits your budget
WORDS: Ocean Road Editorial Staff PHOTOGRAPHY Pexels
Looking for a ring they’ll love for a lifetime that won’t leave you out of pocket? Follow this guide for tips on finding the perfect piece that fits your budget.
- Calculating your budget
Wondering how much you should spend? The correct answer is – whatever you can realistically afford! Work out how much you need for your essentials and see what’s left to splurge on the ring. If possible, it’s best to save up over a few months so you’re not dipping into your long-term savings or emergency fund.
You might have heard the traditional ‘three months’ salary’ rule, but this is an outdated guideline based on a decades-old marketing gimmick. Your budget should be based on your personal finances, and with inflation going up again, you should be realistic about what you can afford. In the last year, the average Aussie has spent between AUD $5,000–$7,000.
If you’re ready to explore timeless designs across a range of budgets, viewing handcrafted engagement rings by Nick Ireland can make the decision easier. Nick Ireland offers a curated collection of classic and modern styles, helping you see what’s possible within your price range as you plan this special milestone.
- Choosing your gemstone
Diamonds are the classic choice for engagement rings, symbolising everlasting love and impressing with their scintillating sparkle. All are precious, but not every diamond is the same, and you don’t have to spend a fortune to get a beautiful stone.
When browsing diamond engagement rings, look for near-colourless options with a VS2 to SI1 clarity grade. These are perfect to the naked eye but less valuable than truly colourless and flawless stones. You could also consider lab-grown diamonds which are near-perfect at a fraction of the cost.
If your partner isn’t set on a diamond, why not look at more unique gemstones that don’t have the same high price-tag? Coloured stones are one of the major engagement ring trends for 2025, with celebrities like Lady Gaga leading the way. Sky-blue aquamarine, blush-pink morganite and lab-grown emeralds are all beautiful affordable options that will pop.
- Maximising value
Being strategic with the style, setting, shape and cut of the gemstone can make the ring look more expensive than it is, so choosing wisely will make you feel like you’re getting more for your money.
Jewellers always say that the cut is the most important consideration when choosing a diamond. The round-brilliant cut maximises sparkle, and when featured in an oval or pear shape will help make the stone look bigger. A halo setting which encircles the central stone with smaller diamonds will help to maximise the brightness and size in the mind’s eye for a glamorous, glittering effect.
- Shopping strategically
Does your partner have their heart set on a particular ring? Shopping strategically could save you a significant sum on their dream combination. Look out for seasonal sales such as around Black Friday and Boxing Day when jewellers offer substantial discounts on their best designs.
