<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=1204737666323810&amp;ev=PageView&amp;noscript=1">
q-report-logo-high-retina-v1 (1)
  • phone
  • 1300 882 018

Q Insights

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


Jewellery Insurance

What Kind of Documents Do I Need to Get My Ring Insured?

You’ve found the ring of her dreams, and now you need to protect it. Specia...

10 Ways to Secure Your Jewellery at Home

Sarah lived in a safe area and never imagined her home would be burglarised...

Where can I Get the Best Engagement Ring Insurance?

As you shop around for a bauble that will knock her socks off, one question...

Insurance Information

How Much Does Engagement Ring Insurance Cost?

Wedding costs add up fast! And worse, the list seems to grow as you approac...

12 Reasons You Should Insure Your Jewellery

Some of your possessions are easy to replace. One television is much like t...

What Does Home and Contents Insurance Really Cover?

It’s easy to underestimate the cost of replacing your home and possessions....

Luxury Watches

Luxury Watches - The Three Must-Haves for Any Collection

The luxury watch market has never been more exciting. From revivalist model...

What Does Watch Insurance Cover?

A luxury watch does more than tell the time. It brings an element of elegan...

Does Home & Contents Insurance Cover Luxury Watches?

Some people have one special watch (like their grandad’s Rolex), and others...

Jewellery Trends

20 Unique Marriage Proposal Ideas

Your partner is unique, special, one-of-a-kind. So your proposal should be ...

Our Top 10 Celebrity Proposal Stories

We all love sneaking glimpses of celebrity engagement rings on social media...

7 Luxury Watch Trends of 2019

No one “needs” a watch anymore, and maybe that explains our love of luxury ...


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

Engagement Rings

How to Resize an Engagement Ring

You searched high and low for the perfect engagement ring. It has everythin...

Engagement Ring Insurance: What to Look For

In all likelihood, your engagement ring is your most treasured piece of jew...

10 Rules to Keeping Your Engagement Ring Good as New

At first, sporting a diamond can feel like tending a newborn. It’s so preci...


Diamond Certificates Explained

Shopping for a diamond can be intimidating, especially if you haven’t done ...

Retail vs Resale: The Value of a Diamond

“It’s an investment.” You might hear this phrase as you shop around for jew...

Not Your Style? A Guide to Resetting Your Family Heirloom Diamond Ring

You’ve inherited a piece of jewellery from a beloved family member. Congrat...


Antiques Roadshow. Are You Sitting on a Gold Mine?

Have you seen the one where the long-haired man hears what his watch is wor...

How to Propose & The Best Places to Do it in Australia

Just one thing stands between you and marital bliss. You have to propose ma...

Durable Wedding Bands for the Handyman

Men’s wedding bands can take a beating. Whether you’re fixing a roof or pla...

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

It’s often the first question on the lips of anyone buying an engagement ring: “what should I pay?”

There’s no straightforward answer to this question and there’s certainly no magic number to shoot for. The old adage of “one months' salary” (or was it two or three?) doesn’t seem to match up to the current figures in Australia, and there’s no definitive source of truth to go by. However, having a budget in mind is one of the first places you should start when going down the beautiful road of diamond shopping.

So what can you base your buying decisions on? 

In this article, we look into what Australians are currently paying for their engagement rings, what global trends can tell us, what you should look for in a quality diamond and how you can find the best piece for your budget.


Average Engagement Ring Cost in Australia

A 2017 survey found that the average Australian spends just over $6,000 on engagement rings. However, Nicola Cerrone of Q Certified Jeweller, Cerrone Jewellers, says that their average order value is higher than that.

“Social media has put significant pressure on what is expected from a ring and is pushing people to spend a bit more than they would have a few years ago,” she says.

High profile proposals and celebrity engagement rings don’t give us much of a realistic yardstick either. Miranda Kerr’s four-carat stone is rumoured to have cost just shy of $200,000, which is a shadow of Kim Kardashian’s $9.9 million monster. 

If we’re to go by the “three months’ salary rule”, we can see that the numbers don’t quite add up to $6,000:

  • Median annual income in Australia: $65,500 (before tax and superannuation)
  • Annual take-home salary after tax and super: $51,580
  • Monthly salary: $4,298
  • 3 months salary: $12,895 

The truth is, it’s hard to know what the average Australian spends on their ring. Our best guess would be somewhere between $5,000 and $15,000 for the majority of the population. Of course, there’ll be the outliers like the $100,000 treasure and the simple $1,000 gesture, but for most of us, the $5,000 - $15,000 ballpark is a realistic ballpark.




What Does the World Spend on Engagement Rings?

How does Australia compare with the rest of the world when it comes to their jewellery spending? A comprehensive 2017 study of US consumers by The Knot, the ‘Real Weddings Study’, found that American jewellery shoppers spend an average of $6,351 on diamond rings.

However, the study found vast differences in average cost between US states, with Californians spending on average $10,241 on rings; $7,000 more than their Utah counterparts. Keep in mind that these figures are in USD. 


The 3 Month Rule

If you’ve been asking yourself what your ring should cost, you’ve probably heard of the ‘3 month rule’; that your engagement ring should cost three months' salary. Any less than that and you’re cheating your partner out of what they deserve, right? 

Wrong - there’s no rule that should govern how much you choose to spend on your ring. It’s one of the most personal purchases of your life and what it costs should be entirely up to you. 

In the 1930s, the marketing masters at De Beers created the idea that one months’ salary was the magic number for an engagement ring. Sometime in the 1980s, this grew to two months’ salary, and the supposed standard today lies somewhere around the three-month mark. 

To some people, a $25,000 engagement ring might seem out of reach even if they earn an annual wage of $100,000. To others, a $30,000 engagement ring is the investment they choose, even while earning an annual wage of $60,000. The point is, don’t let a preconceived notion of what is the ‘right amount’ dictate what you choose to spend.


New call-to-action


What is the Right Price?

So what is the ‘right price?’ Is there one at all? Again, that all depends on you. Ask yourself: 

  1. How much am I willing to pay to buy a great quality, genuine diamond that my partner will cherish forever?
  2. Do the quality, origins and size of the stone mean much to me? What will they mean to my partner?
  3. What do my financial circumstances allow for? If I save for another six or twelve months, will I be able to afford the ring I truly want to give my partner?

What to Look for in a Quality Engagement Ring

You might have a generous budget of $20,000 for your ring, but without a good understanding of diamond quality, you may not get the best bang for your buck. 


Every buyer should learn at least the fundamental indicators of diamond quality, the 4cs:

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

The 4cs are a great place to start your research, but there are several other factors that impact the overall quality and cost of your ring, including:

  • Ring metal
  • Diamond setting
  • Diamond shape.

If you’d like to learn all of these things and more, read our Complete Guide to Buying an Engagement Ring. It includes checklists and videos so you can start your shopping with confidence.


Protecting Your Investment 

Whether it’s worth a few thousand dollars or tens of thousands, every engagement ring is priceless when it comes to sentimental value. That’s why specialised jewellery insurance like Q Report is the smartest way to protect your jewellery investment.


With Q Report jewellery insurance, your partner can enjoy their ring knowing they’re covered for damage, theft and loss, even while they travel around the world. And unlike home and contents insurance or travel insurance, you have the option to return to your original jeweller for replacement and repair if disaster strikes. 


To see how little it can cost you to protect the things you love with 12 months worldwide cover, get an instant online jewellery insurance quote today.


New call-to-action

Jewellery Insurance Instant Quote


Jewellery Insurance Instant Quote




Related Articles

Nightmare On Claims Street Part 3

There are very few items that share the same personal significance as a wed...

Antiques Roadshow. Are You Sitting on a ...

Have you seen the one where the long-haired man hears what his watch is wor...


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

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