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Explore Q Report's Content Centre for expert advice on jewellery insurance. You can also read e-guides and blogs, watch videos and more.

Explore Q Report's Content Centre for expert advice on jewellery insurance. You can also read e-guides and blogs, watch videos and more.

Jewellery, engagement ring & watch advice, plus insurance tips & industry insights. 

Watch expert tips, discover insurance benefits & hear real customer stories. 

Find answers to common questions about jewellery, engagement ring & watch insurance. 

Click here to access important policy documents - Product Disclosure Statement, Financial Services Guide, and Policy Wording.

Click here to access the Target Market Determination (TMD) document.

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How Much Should I Spend on an Engagement Ring: $90K Melbourne Salary Guide 2025

Q Report Team

Updated on August 12, 2025
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TL;DR

On a $90,000 Melbourne salary, consider spending $3,000-$7,500 on an engagement ring (1-2.5 months' income) rather than following outdated "3-month salary" rules that ignore modern cost-of-living realities.

 

The Problem with the “Three-Month Salary” Rule

The old-school “three months’ salary” rule would suggest spending $22,500 on an engagement ring if you earn $90,000 a year. For most Melburnians, that doesn’t line up with real life.

Melbourne’s living costs are high. The median house price sits at over $$922,500. Rent for a one-bedroom inner-suburban apartment averages more than $550 per week. Add transport, groceries, and other expenses, and it becomes clear—your engagement ring should fit your lifestyle, not push it to the edge.

Modern couples tend to think more practically, choosing a ring that fits within their broader financial goals.

 

Smart Spending Guidelines for Melbourne Couples

Using the one to two and a half months' salary approach, your engagement ring budget might fall between $3,000 and $7,500. This range lets you purchase a high-quality ring while staying on track for other priorities—like saving for a home or planning a wedding.

Key Melbourne considerations:

  • Inner-suburban rent: $550+ per week

  • Average wedding cost in VIC: approx. $37,000

  • Weekly transport cost for commuting: $100–$180 per person

  • Cost of living index among the top 4 in Australia

Choosing a ring within your means is one of the first financial decisions many couples make together. It sets the tone for everything that follows.

how much should u spend on an engagement ring_

Getting the Most Value from Your Budget

Want the most sparkle for your spend? These practical tips can help:

When selecting a diamond, focus on cut. A well-cut stone will look brighter and larger than a poorly cut diamond with higher carat weight. G-H colour grades and VS2–SI1 clarity often strike a strong balance between beauty and budget.

Simple designs—such as solitaires in white gold—keep the focus on the stone while offering timeless appeal.

 

Why Covering the Ring Matters

Once you've bought the ring, it's time to consider how you’ll cover it.

Generic home and contents insurance policies may impose item sub-limits or may not fully cover loss outside the home. Travel insurance can sometimes exclude high-value jewellery or limit cover based on where the item is stored.

Some insurers offer policies specifically for engagement rings and other high-value jewellery, offering policies designed for how people wear and travel with them.

 

Engagement Ring Insurance in Australia: What to Know

Jewellery-specific cover is designed with everyday use, emotional significance, and financial value in mind. Depending on the provider, this type of cover may include:

  • Loss, theft, accidental damage, and unexplained disappearance

  • Worldwide cover (ideal if you're travelling or proposing overseas)

  • Annual revaluation so your insured amount stays up-to-date

  • No excess on theft claims (subject to policy terms)

  • Option to return to your original jeweller for repairs or replacement

  • Australian-based support and claims management

Q Report is one example of an Australian-owned provider focused on jewellery insurance, with over 2,000 five-star reviews and coverage tailored to how jewellery is actually worn, gifted, and cherished.

how much are engagement rings_

Quick Engagement Ring Checklist

Before Shopping

  • Decide on a budget (typically 1–2.5 months of your income)

  • Research Melbourne-based jewellers and reviews

  • Learn the basics: cut, colour, clarity, and carat

  • Consider your partner’s style and lifestyle

During Purchase

  • Ask for a grading certificate (e.g. GIA or IGI)

  • Request a detailed receipt and specifications

  • Check the return and resizing policies

  • Photograph the ring for records

After Purchase

 

Key Takeaway

In Melbourne, where everyday costs run high and future plans matter, a ring budget of $3,000–$7,500 offers a thoughtful balance of meaning and money. This range allows you to invest in a beautiful ring without compromising your ability to save, plan, or celebrate.

how much does engagement ring insurance cost

Purchase Amount

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.

OK
Related Posts
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Jewellery Insurance

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play-audio
Listen to article
/

TL;DR

On a $90,000 Melbourne salary, consider spending $3,000-$7,500 on an engagement ring (1-2.5 months' income) rather than following outdated "3-month salary" rules that ignore modern cost-of-living realities.

 

The Problem with the “Three-Month Salary” Rule

The old-school “three months’ salary” rule would suggest spending $22,500 on an engagement ring if you earn $90,000 a year. For most Melburnians, that doesn’t line up with real life.

Melbourne’s living costs are high. The median house price sits at over $$922,500. Rent for a one-bedroom inner-suburban apartment averages more than $550 per week. Add transport, groceries, and other expenses, and it becomes clear—your engagement ring should fit your lifestyle, not push it to the edge.

Modern couples tend to think more practically, choosing a ring that fits within their broader financial goals.

 

Smart Spending Guidelines for Melbourne Couples

Using the one to two and a half months' salary approach, your engagement ring budget might fall between $3,000 and $7,500. This range lets you purchase a high-quality ring while staying on track for other priorities—like saving for a home or planning a wedding.

Key Melbourne considerations:

  • Inner-suburban rent: $550+ per week

  • Average wedding cost in VIC: approx. $37,000

  • Weekly transport cost for commuting: $100–$180 per person

  • Cost of living index among the top 4 in Australia

Choosing a ring within your means is one of the first financial decisions many couples make together. It sets the tone for everything that follows.

how much should u spend on an engagement ring_

Getting the Most Value from Your Budget

Want the most sparkle for your spend? These practical tips can help:

When selecting a diamond, focus on cut. A well-cut stone will look brighter and larger than a poorly cut diamond with higher carat weight. G-H colour grades and VS2–SI1 clarity often strike a strong balance between beauty and budget.

Simple designs—such as solitaires in white gold—keep the focus on the stone while offering timeless appeal.

 

Why Covering the Ring Matters

Once you've bought the ring, it's time to consider how you’ll cover it.

Generic home and contents insurance policies may impose item sub-limits or may not fully cover loss outside the home. Travel insurance can sometimes exclude high-value jewellery or limit cover based on where the item is stored.

Some insurers offer policies specifically for engagement rings and other high-value jewellery, offering policies designed for how people wear and travel with them.

 

Engagement Ring Insurance in Australia: What to Know

Jewellery-specific cover is designed with everyday use, emotional significance, and financial value in mind. Depending on the provider, this type of cover may include:

  • Loss, theft, accidental damage, and unexplained disappearance

  • Worldwide cover (ideal if you're travelling or proposing overseas)

  • Annual revaluation so your insured amount stays up-to-date

  • No excess on theft claims (subject to policy terms)

  • Option to return to your original jeweller for repairs or replacement

  • Australian-based support and claims management

Q Report is one example of an Australian-owned provider focused on jewellery insurance, with over 2,000 five-star reviews and coverage tailored to how jewellery is actually worn, gifted, and cherished.

how much are engagement rings_

Quick Engagement Ring Checklist

Before Shopping

  • Decide on a budget (typically 1–2.5 months of your income)

  • Research Melbourne-based jewellers and reviews

  • Learn the basics: cut, colour, clarity, and carat

  • Consider your partner’s style and lifestyle

During Purchase

  • Ask for a grading certificate (e.g. GIA or IGI)

  • Request a detailed receipt and specifications

  • Check the return and resizing policies

  • Photograph the ring for records

After Purchase

 

Key Takeaway

In Melbourne, where everyday costs run high and future plans matter, a ring budget of $3,000–$7,500 offers a thoughtful balance of meaning and money. This range allows you to invest in a beautiful ring without compromising your ability to save, plan, or celebrate.

how much does engagement ring insurance cost

Table of Contents

Introduction
Understanding the 4 Cs of Diamonds
Diamond Shapes
Choosing a Ring Style
Selecting a Ring Retailer

Understanding Mechanical Movements

Rolex-super-precision

Unlike their battery-powered quartz counterparts, luxury watches have a beating heart – the mechanical movement. First created in the 14th century, large, weight-driven tower clocks with verge escapements and foliot balances marked the dawn of mechanical timekeeping.

Today, the core concept of mechanical movements remains unchanged from its original conception. It involves an intricate arrangement of gears, springs, and an escapement powered by a wound mainspring. This precision engineering allows for smooth operation and precise timekeeping.

Manual watch movements require the wearer to wind the crown periodically. Automatic watch movements, on the other hand, utilise the wearer's movements to keep the mainspring wound, offering a convenient everyday solution.

The Patek Philippe Calatrava, with its ultra-thin manual movement, exemplifies the elegance of traditional watchmaking. On the other hand, the Rolex Oyster Perpetual, with its self-winding mechanism epitomises practicality and durability.

Whether manual or automatic, a mechanical movement imbues a luxury watch with a soul, a testament to human ingenuity and a treasured heirloom for generations to come

Luxury Watch Complications: Exploring Hidden Features & Functionality

Luxury watches often boast 'complications,' intricate mechanisms that add layers of sophistication, style and utility. Here, we explore some of the most fascinating complications created by the best luxury watch brands.

Statistic Heading

Rolex-super-precision

Unlike their battery-powered quartz counterparts, luxury watches have a beating heart – the mechanical movement. First created in the 14th century, large, weight-driven tower clocks with verge escapements and foliot balances marked the dawn of mechanical timekeeping.

Today, the core concept of mechanical movements remains unchanged from its original conception. It involves an intricate arrangement of gears, springs, and an escapement powered by a wound mainspring. This precision engineering allows for smooth operation and precise timekeeping.

Manual watch movements require the wearer to wind the crown periodically. Automatic watch movements, on the other hand, utilise the wearer's movements to keep the mainspring wound, offering a convenient everyday solution.

The Patek Philippe Calatrava, with its ultra-thin manual movement, exemplifies the elegance of traditional watchmaking. On the other hand, the Rolex Oyster Perpetual, with its self-winding mechanism epitomises practicality and durability.

Whether manual or automatic, a mechanical movement imbues a luxury watch with a soul, a testament to human ingenuity and a treasured heirloom for generations to come

Peace of Mind: An engagement ring is a significant financial and sentimental investment. Specialised engagement ring insurance provides financial protection in the event of loss, theft or damage by ensuring you can recover the ring's monetary value or repair or replace.

Peace of Mind: An engagement ring is a significant financial and sentimental investment. Specialised engagement ring insurance provides financial protection in the event of loss, theft or damage by ensuring you can recover the ring's monetary value or repair or replace.

Peace of Mind: An engagement ring is a significant financial and sentimental investment. Specialised engagement ring insurance provides financial protection in the event of loss, theft or damage by ensuring you can recover the ring's monetary value or repair or replace.

Peace of Mind: An engagement ring is a significant financial and sentimental investment. Specialised engagement ring insurance provides financial protection in the event of loss, theft or damage by ensuring you can recover the ring's monetary value or repair or replace.

Common Diamond Alternatives
for Engagement Rings

Tanzanite

Contents insurance is essential for anyone who owns valuable items, as it helps protect you should a potential loss occur in your.

Aquamarine

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Sapphire

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Luxury Watch Complications: Exploring Hidden Features & Functionality

Luxury watches often boast 'complications,' intricate mechanisms that add layers of sophistication, style and utility. Here, we explore some of the most fascinating complications created by the best luxury watch brands.

Peace of Mind: An engagement ring is a significant financial and sentimental investment. Specialised engagement ring insurance provides financial protection in the event of loss, theft or damage by ensuring you can recover the ring's monetary value or repair or replace.

Peace of Mind: An engagement ring is a significant financial and sentimental investment. Specialised engagement ring insurance provides financial protection in the event of loss, theft or damage by ensuring you can recover the ring's monetary value or repair or replace.

Peace of Mind: An engagement ring is a significant financial and sentimental investment. Specialised engagement ring insurance provides financial protection in the event of loss, theft or damage by ensuring you can recover the ring's monetary value or repair or replace.

Peace of Mind: An engagement ring is a significant financial and sentimental investment. Specialised engagement ring insurance provides financial protection in the event of loss, theft or damage by ensuring you can recover the ring's monetary value or repair or replace.

“Knowing your engagement ring is insured brings peace of mind. Accidents can happen, and insurance coverage alleviates the worry and stress of potential loss or damage.”

Unlike their battery-powered quartz counterparts, luxury watches have a beating heart – the mechanical movement. First created in the 14th century, large, weight-driven tower clocks with verge escapements and foliot balances marked the dawn of mechanical timekeeping.

Today, the core concept of mechanical movements remains unchanged from its original conception. It involves an intricate arrangement of gears, springs, and an escapement powered by a wound mainspring. This precision engineering allows for smooth operation and precise timekeeping.

Manual watch movements require the wearer to wind the crown periodically. Automatic watch movements, on the other hand, utilise the wearer's movements to keep the mainspring wound, offering a convenient everyday solution.

The Patek Philippe Calatrava, with its ultra-thin manual movement, exemplifies the elegance of traditional watchmaking. On the other hand, the Rolex Oyster Perpetual, with its self-winding mechanism epitomises practicality and durability.

Whether manual or automatic, a mechanical movement imbues a luxury watch with a soul, a testament to human ingenuity and a treasured heirloom for generations to come

Export
Expert Tip

Budget Considerations

Diamond shapes can vary in price due to popularity and demand. Round brilliants, for example, tend to be more expensive than other shapes due to their high demand. If budget is a concern, consider alternative shapes or prioritise other aspects, such as cut quality, over the shape itself.

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Jewellery Insurance FAQ

Contents insurance covers the items within your home in case they are damaged, lost or stolen. This can include furniture, electronics, clothing and other personal.  Contents insurance is essential for anyone who owns valuable items, as it helps protect you should a potential loss occur in your.

Contents insurance covers the items within your home in case they are damaged, lost or stolen. This can include furniture, electronics, clothing and other personal.  Contents insurance is essential for anyone who owns valuable items, as it helps protect you should a potential loss occur in your.
Home Security Fortification

An engagement ring is a significant financial and sentimental investment. Specialised engagement ring insurance provides financial protection in the event of loss, theft or damage by ensuring you can recover the ring's monetary value or repair or replace.

An engagement ring is a significant financial and sentimental investment. Specialised.

Travel Savvy

An engagement ring is a significant financial and sentimental investment. Specialised engagement ring insurance provides financial protection in the event of loss, theft or damage by ensuring you can recover the ring's monetary value or repair or replace.

An engagement ring is a significant financial and sentimental investment. Specialised.

Social Media Caution

An engagement ring is a significant financial and sentimental investment. Specialised engagement ring insurance provides financial protection in the event of loss, theft or damage by ensuring you can recover the ring's monetary value or repair or replace.

An engagement ring is a significant financial and sentimental investment. Specialised.

Regular Valuations

An engagement ring is a significant financial and sentimental investment. Specialised engagement ring insurance provides financial protection in the event of loss, theft or damage by ensuring you can recover the ring's monetary value or repair or replace.

An engagement ring is a significant financial and sentimental investment. Specialised.

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Contents insurance is essential for anyone who owns valuable items, as it helps protect you should a potential loss occur in your.

Luxury Watch Complications: Exploring Hidden Features & Functionality

Luxury watches often boast 'complications,' intricate mechanisms that add layers of sophistication, style and utility. Here, we explore some of the most fascinating complications created by the best luxury watch brands.

Home Security Fortification

Contents insurance covers the items within your home in case they are damaged, lost or stolen. This can include furniture, electronics, clothing and other personal.  Contents insurance is essential for anyone who owns valuable items, as it helps protect you should a potential loss occur in your.

Purchase Amount

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.

OK

This article is advisory in nature and is offered as a resource to be used together with your professional insurance advice. It is an overview only and is not intended as a substitute for consultation with your insurance advisor or other professional advice.

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