You would want to mark your loved one’s engagement with a beautiful ring that stays with them for a lifetime. However, predicting the cost of the ring can be quite difficult at times – especially with so many options around. But how much should you really spend on a ring?

Let us begin by looking at various factors that influence a ring’s cost, as this would give us a better idea.

Cost-Determining Factors

There are a lot of factors that can help determine the cost of a ring. These include the quality of the diamond, its size, the metal used for the band, and additional work done on the ring. Some of the most important factors that help determine the cost are:

• Quality of the diamond: The quality of a diamond helps determine its cost. You might go for a 0.5-carat diamond, a 1-carat diamond, or more. All these diamonds have different qualities. However, the higher the quality – the higher the price. The clarity and cut of the diamond are other important determining factors.
• Size: Just like in the case of quality, the price of a diamond increases with size. Larger diamonds are obviously more expensive than smaller ones. Many people choose to go for small diamonds of high quality. However, for people choosing larger diamonds – the quality is even more important as any flaws will be easily visible to the naked eye.
• The metal band: The material of the band is also an important factor, and most people usually go for metal bands. Gold bands are considered good quality – with yellow gold and white gold being the popular choices. However, a platinum band is more expensive than a gold band. 
• Other factors: Another important factor that determines the cost of a wedding ring is the amount of customisation that goes into making the band. If you add custom designs and engravings to your ring, the cost will be higher. However, the customisation costs are usually lower than the cost of the diamond. Many Melbourne engagement ring designers offer cost-effective customisation for more expensive rings.

Ideal Budget for an Engagement Ring

There is honestly – nothing like an ideal budget. What that really means is that there isn’t one size that fits all when it comes to budget for rings, (which is a huge reason custom engagement rings exist). An ideal budget depends on several factors, such as your own financial condition (salary and savings), the wedding budget and most importantly – the value of an expensive ring in the life of the wedding couple.

An engagement ring is one of the most important items in a couple’s life. However, it is not necessary that it always needs to be the most expensive ring on earth. If the couple really values a high-quality ring with a premium band, then the investment is worth it. However, if they are not that much obsessed with the quality – going for cheaper options is wise.

Spending a few months’ salary on a ring is not a bad option. Even spending half a year’s salary is not a bad idea if one of the partners is really demanding a high-quality ring. However, biting more than what you can chew should not be an option. Don’t extract a huge sum out of your lifetime’s savings if that money can be used for more important things according to you.

Many of Melbourne’s engagement ring designers offer high-quality rings for as low as AUD 5,000. But an engagement ring can be as expensive as AUD 50,000 or more. You can find a good ring anywhere between this range with proper research. Just make sure you choose what you like and research and compare enough before breaking the bank.

Remember that living in Australia can be expensive and saving money for more important activities is always a good choice. Choose a sustainable path and find a good balance between expenditure and value.

Wrapping Up

Always consider the preferences of the partners before making a choice. Spending a large sum on an engagement ring isn’t a bad idea after all – especially because it stays with the couple for decades. A thing that lasts that long should really be of high quality, but proper research should be made before spending any money on it.

It is great to discuss things with the person the ring is being chosen for. Even if it is a surprise, you can get hints with the help of indirect conversations. Just know that you can always find a priceless ring without it being the most expensive ring on earth.