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TL;DR
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The traditional "3 months' salary" rule would suggest spending $22,500 on an engagement ring with a $90,000 income. This outdated guideline ignores Sydney's high cost of living, where median house prices exceed $1.4 million and rental costs consume a significant portion of income.
Modern financial experts recommend the 1-2.5 month approach for Australian couples, particularly in expensive cities like Sydney. This allows for:
Building a house deposit while planning your future
Covering wedding expenses (the average Australian wedding costs $36,000)
Maintaining emergency savings for unexpected expenses
Investing in experiences and relationship building
Conservative approach: $3,000-$4,500 (1-1.5 months)
Moderate approach: $4,500-$6,750 (1.5-2.25 months)
Premium approach: $6,750-$7,500 (2.25-2.5 months)
Factor in $700+ weekly rent for couples
Account for $150+ weekly transport costs
Consider higher dining and entertainment expenses
Plan for future property purchase deposits
Lab-grown diamonds (30-40% less expensive than mined)
Moissanite stones (brilliant alternative at a fraction of the cost)
Sapphires and emeralds for unique, affordable options
Vintage and estate pieces with character and value
Round brilliant cuts offer better value than fancy shapes
VS2 clarity and G-H colour grades balance quality and cost
Platinum alternatives like 18k white gold reduce expenses
Simple solitaire settings highlight the stone affordably
While planning your ring purchase, consider how you'll cover your investment. Q Report offers comprehensive jewellery insurance specifically designed for Australian couples:
2,000+ 5-star reviews from satisfied Australian customers
Annual revaluation to keep your cover aligned with the current market value
Worldwide cover including travel and honeymoon
No excess on theft claims
Australian-owned with local claims processing
Some home contents policies may place limits on your cover
Travel insurance can sometimes exclude valuable jewellery from your policy unless it is listed separately
Some general home and contents insurers may not understand jewellery-specific risks
Set a realistic budget based on a 1-2.5-month income guideline
Research Sydney jewellers and read reviews
Learn basic diamond education (4 Cs: Cut, Colour, Clarity, Carat)
Consider your partner's style preferences and lifestyle
Get a written certification for diamonds (GIA or equivalent)
Request a detailed receipt with specifications
Understand warranty and sizing policies
Ask about maintenance and cleaning services
Secure comprehensive jewellery insurance coverage
Register the purchase with the jeweller for warranty
Plan proposal timing and location
Your engagement ring represents love and commitment, not financial competition. Remember that the most meaningful rings reflect personal connection rather than lofty price tags. Focus on quality, craftsmanship, and your partner's preferences while maintaining smart financial boundaries.
With a $90,000 Sydney salary, a $3,000-$7,500 engagement ring budget allows you to purchase a beautiful, quality ring while maintaining financial health for your shared future.
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.
