<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=1204737666323810&amp;ev=PageView&amp;noscript=1" alt="facebook">
Q Insights

Jewellery insurance info, helpful guides, resources and industry-leading insights.


Jewellery Insurance

Is Watch & Jewellery Theft on the Rise in 2024?

In 2024, a concerning surge in theft threatens the world of luxury as watch...

The Sentimental Value of Insuring Your Jewellery

Jewellery can be more than a style choice. Our most precious pieces are a r...

Building A Timeless Legacy With Jewellery Insurance For Your Priceless Family He...

Family heirlooms transcend mere jewellery. They embody a legacy, history, a...

Insurance Information

Luxury Watches

A Beginners Guide To Buying Pre-Owned Luxury Watches

Dive into the world of pre-owned luxury watches and unlock a treasure trove...

Behind a Breitling: An Inside Look at Exquisite Swiss Craftsmanship

Step into the world of horological excellence, where Swiss craftsmanship re...

Is Watch & Jewellery Theft on the Rise in 2024?

In 2024, a concerning surge in theft threatens the world of luxury as watch...

Jewellery Trends

How To Create Stunning Looks With Pearls

Dive into the world of timeless elegance with our guide to styling pearl je...

Jewellery Trends in 2024: Big and Bold Statement Looks

Step into the world of haute couture and adornment as we unveil the hottest...

Curating a Gemstone Jewellery Collection: A Beginner’s Guide

Dive into the enchanting world of gemstone jewellery, where vibrant colours...


Keep up to date with the latest jewellery trends, insights and inspiration from Q Report.


Live Your Life in Colour: Canary Diamond Engagement Rings

Do you know diamonds come in a wide range of colours?

Lab Grown vs Natural Diamonds (What's the Difference?)

When most people think of diamonds, they think of natural diamonds.

The Surprising Science Behind Diamond Cutting

A natural diamond is as rich in history as it is in beauty. From the moment...


Proposing at Home: Do’s and Don’ts

According to a 2019 survey of 20,000 newly-engaged couples, 21 percent of p...

Are Diamonds a Good Investment?

Most people don’t consider buying diamonds until it’s time to purchase an e...

Brisbane’s Top 10 Proposal Locations

Your heart’s all a-flutter and it’s hard to sit still. So you’ve decided to...

Helpful Resources

Featured Resource

The Complete Guide to Jewellery Insurance

Access the Guide
Featured Resource

The Ultimate Guide to Luxury Watches

Access the Guide
Featured Resource

Ring Size Guide & Sizer

Download Guide

How to Buy the Best Engagement Ring Below $5,000

Q Report Team
Updated on December 13, 2022
4 min read

Everyone deserves to spoil their significant other with a stunning engagement ring. But if you’re working with a budget of $5,000 or less, it can seem like great quality is out of reach.


The truth is, with some smart shopping, you can find an excellent ring at an excellent price. It may take some more research and a few sacrifices along the way, but you can rest assured that you can turn your $5,000 into something your partner will cherish forever.


Buying an Affordable Engagement Ring: Quick Tips 

  • Learn how every element of diamond quality affects its overall price.
  • Learn the price of the ring band and the price of the gem independently.
  • Consider a cluster setting in replace of a diamond solitaire.
  • Buy just below the carat bracket, e.g. buy a 0.90 carat diamond instead of a 1.0 carat stone.
  • Opt for a gold ring metal instead of platinum, which is more expensive.
  • Consider diamond alternatives like moissanite.
  • Seek the advice of a local jeweller.
  • Compare costs and shop around.
  • Consider second-hand jewellery or a unique ring style.


Now let’s look into some of these tips in detail and outline how to buy the best engagement ring with a smaller budget.



Affordable engagement ring

Where to Buy Affordable Engagement Rings

People often assume that to buy a less expensive ring, you’ll need to avoid physical jewellers altogether. This is not the case. While some more up-market jewellery stores might not cater to your budget, we strongly recommend you find a local jeweller and get some clarity on your options.


Your local jeweller might recommend lower-cost choices like: 


  • A diamond alternative (like moissanite for example)
  • Buying a gold ring band instead of platinum
  • Sacrificing a few elements of diamond quality, like carat weight.



Quality vs. Cost: Finding the Right Balance

Like anything, higher quality diamonds come at a premium. Savvy shoppers know how each element of diamond quality affects the overall price of the ring.


Even savvier diamond buyers know how to make small sacrifices that won’t significantly change the appearance of the ring, but will reduce its price.


Before starting your shopping, it’s important to learn the essentials:




Hand-picked related content: The Complete Guide to Buying an Engagement Ring



Diamond shopping tips

How the 4Cs Can Help You Get a Better Deal

The 4Cs are a universally accepted measure of diamond quality. They are:


  1. Colour
  2. Clarity
  3. Cut
  4. Carat weight


Each of these qualities has a rating, and each grade will affect the overall price of your engagement ring. For example, a diamond with a Flawless Clarity rating, a D Colour rating, an Excellent Cut rating and large carat weight can cost a small fortune. On the other hand, a diamond with mid-range grades for each of the 4Cs can be a more affordable choice.


If you’re diamond shopping on a smaller budget, you’ll find you need to make some quality sacrifices. The trick is knowing which quality sacrifices won’t cause a significant change in diamond appearance.


For example, a 1 carat diamond of the highest colour, clarity and cut ratings can cost you above $25,000. But a diamond of the highest colour, clarity and cut ratings that is a few points smaller in size can be less expensive but similar in appearance.


Save money on engagement ring

3 Tips for Saving Money on an Engagement Ring

Knowing how quality affects price is one of the most important lessons in engagement ring shopping, but there are a few other tips to keep in mind.


1. Learn the Ring Band Price and Diamond Price Separately

When you learn the price of your ring band and diamond separately, you can make smarter sacrifices. You may find you can enjoy the same great quality stone with a less expensive ring band and still stay within your budget.


2. Buy Just Below the Carat Bracket

Diamond prices can rise once the carat weight reaches 1.0. If you’re shopping on a budget, consider buying a few points below the 1 carat mark (e.g. with a 0.90 carat stone).


3. Consider an Illusionary Setting

An illusionary setting such as a cluster of smaller diamonds set in white gold on top gives the illusion of one large diamond.



Protecting Your Jewellery

Your engagement ring may not be worth tens of thousands of dollars, but it’s priceless in sentimental value. Our Q Pocket policy is the perfect jewellery insurance option for jewellery valued $5,000 or less, and includes benefits like:


  • Instant cover for damage, theft and loss whilst you travel worldwide
  • The option to return to your chosen jeweller for replacement and repair
  • An agreed value policy.


See how little it can cost to protect the things you love; get an instant online jewellery insurance quote below:


New call-to-action

Jewellery Insurance Instant Quote


Jewellery Insurance Instant Quote




Related Articles

Tiffany & Co. Jewellery: Exploring t...

Welcome to the story of Tiffany & Co., a legendary name synonymous with...

A Beginners Guide To Buying Pre-Owned Lu...

Dive into the world of pre-owned luxury watches and unlock a treasure trove...

Behind a Breitling: An Inside Look at Ex...

Step into the world of horological excellence, where Swiss craftsmanship re...

Read what's next

Vector (25)

Engagement Ring Budget Calculator

What you need to save to meet your timeframe and budget is:

This has not taken cut, colour, clarity or carat, your financial situation or your partners taste into account. There are many factors that can reduce or increase the value of an engagement ring.

Not sure where to start?

Speak with one of our Q Certified Jewellers to find out what you can afford, what your partner is looking for and what will financially work best for you.

Find your local jeweller
How much would insurance cost?
Get an instant quote