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TL;DR
With a $150,000 annual income in Melbourne, many Australian couples are spending between $5,000 and $11,800 on an engagement ring—around one to two and a half months’ salary. This range balances beauty, sentiment, and long-term financial priorities without overspending. |
The traditional “three months’ salary” suggestion would set your engagement ring budget at $37,500. For most Melburnians, that’s not only unrealistic—it doesn’t reflect how modern couples make financial decisions.
Melbourne remains one of the most expensive cities in Australia. With a median house price of around $922,500, weekly rent for an inner-suburb one-bedroom topping $550, and transport costs of $100–$180 per person each week, it’s easy to see why couples are choosing more measured ring budgets.
Opting for a budget in the one to two and a half months’ salary range allows you to invest in a beautiful ring while keeping future priorities—like home savings, travel, and wedding costs—on track.
Here’s a practical breakdown for a $150K salary:
Conservative: $5,000–$6,500
Moderate: $6,500–$9,000
Premium: $9,000–$11,800
This range gives flexibility to select a ring that reflects your partner’s style while ensuring other financial goals remain in sight.
Inner-suburban rent: $550+ per week
Average VIC wedding: ~$37,000
High cost-of-living index compared to other Australian capitals
Want your budget to go further? Consider these options:
Lab-grown diamonds: Often 30–40% less expensive than natural stones with similar specs
Coloured gemstones: Sapphires, emeralds, or moissanite can create standout designs at accessible prices
Vintage or estate rings: Unique designs with potential savings over new retail prices
Prioritise cut: A well-cut 0.95ct diamond can look almost identical to a 1.00ct for less
Balance clarity and colour: G–H colour and VS2–SI1 clarity offer excellent value without compromising on appearance
These strategies focus on the ring’s overall beauty and wearability, not just the size or cost of the stone.
After purchase, it’s worth considering how you’ll cover your ring against loss, damage, or theft.
Adding it to your home and contents insurance may seem convenient, but some policies include:
Low sub-limits (often $1,000–$2,000 per item)
Limited or no cover outside the home
Excess charges on claims
Restrictions on repair or replacement sources
Specialist jewellery insurers like Q Report offer policies designed for engagement rings, with benefits that may include:
Cover for loss, theft, accidental damage, and mysterious disappearance
Worldwide cover for travel and proposals abroad
Annual revaluation so your insured value reflects the current market price
The option to return to your original jeweller for repairs or replacement
$0 excess on theft claims (subject to policy terms)
Australian-based claims and support teams
This type of cover is designed for how people actually wear and value their engagement rings—daily, for years to come.
Set a budget (around 1–2.5 months of income)
Research Melbourne jewellers and reviews
Learn the 4Cs of diamonds (Cut, Colour, Clarity, Carat)
Think about your partner’s daily lifestyle and style preferences
Request a grading certificate (GIA or IGI) for diamonds
Get a detailed, itemised receipt
Photograph the ring for documentation
Confirm resizing and return policies
Consider cover with a specialist jewellery insurer
Review the Product Disclosure Statement (PDS) and Target Market Determination (TMD)
Store documentation securely
For a $150K salary in Melbourne, spending $5,000–$11,800 on an engagement ring offers a thoughtful balance between meaning and money. This range allows you to choose a ring that reflects your relationship without sacrificing other long-term goals.
When the ring is chosen, consider a specialist jewellery policy designed to cover it for everyday wear, travel, and market value changes. Because a symbol of your future together deserves cover that supports it—wherever life takes you.
To get an accurate insurance quote, please provide the amount from your purchase receipt.
Don't have the receipt?
If you don't have the receipt, you can provide the most recent valuation amount instead.
