QUICK LINKS: How Much do Australians Spend on Average? | How Much Does a Custom Engagement Ring Cost? | What is the 1 Carat Diamond Worth? | What is the Cost of a Gemstone Engagement Ring? | 3 Month Salary Rule | Do you know your budget but can’t find the perfect ring? | Â Tips to Consider | Custom or Retail? | The Long Term Value of Your Diamond | Safeguarding Your Diamond Engagement Ring
You’re ready to commit and have been considering the engagement ring styles you like. Now it’s time to get serious about getting your perfect ring, but how much should you invest? What should be the cost criteria for buying an engagement ring? Why are some engagement rings more expensive than others?
In this article, we’ll answer all your questions about budget, average prices, how much to spend, the desirable 1-carat diamond and more.
So, read on…
How much do Australians spend on an engagement ring on average?
In 2025, the average cost of an engagement ring in Australia has seen some fluctuation, largely due to inflation and shifting consumer trends toward lab-grown diamonds and sustainability. According to the latest report from Australian jewellery insurance provider Q-Report, referencing Australian wedding and jewellery industry data, the average amount spent on an engagement ring in Australia was $5,854, with many couples spending between $5,000 and $15,000. This includes all types of engagement rings, from retail store cast-made rings to custom-made pieces.
Interestingly, it appears the cost across Australian states remains competitive. In Qreport’s comparison, the average cost of a white gold round diamond solitaire engagement ring in Victoria was $12,299 and in South Australia it was $13,898. You can read the Qreport article for more details here.Â
How Much Do Australians Spend on an engagement ring in 2026?
Depending on your selection of diamonds and gemstones, a handmade engagement ring can cost anywhere starting $5000 going up to $20,000 or even more. The intricacy of design and the time a jeweller spends in hand-making it affects the cost.
Protip #1: Hand-assembling and hand making are two different jewellery-making techniques.
- Hand-assembling is when a jeweller puts together cast pieces. The band or the setting are made in moulds and assembled, and a diamond or gemstone is set into that setting. It is a different technique to Bell & Brunt’s custom handmaking process.Â
- Hand making is when a jeweller creates a ring from start to finish at his bench. Every single claw is created by hand, using the traditional rolling, hammering, and soldering techniques to create the ring design. Â
What is the cost of 1 carat diamond?
The beloved 1-carat diamond continues to be a significant choice for many couples getting engaged. However, as with all diamonds, its value depends on the 4 Cs: cut, colour, clarity, and carat weight. According to the August 2026 data extracted from the PriceScope Index, a 1-carat premium natural diamond ranges in cost from approximately AUD $5,961 for an I-colour, Internally Flawless stone up to AUD $11,181 for an F-colour, Flawless stone.Â
According to diamond industry authority Rapaport, data for 2025 showed that the average price of a one carat lab-grown diamond was approximately US $1,000 or less at that time. Lab-grown diamond prices have also continued to trend downwards, with De Beers reporting that both the cost and price of lab-grown diamonds are expected to fall further as the sector matures.Â
Not sure how to begin your search for the perfect diamond engagement ring? Read our blog for some tips on selection of diamonds.Â
What is the cost of a gemstone engagement ring?
The average cost of a gemstone engagement ring is hard to determine. The larger and rarer gemstones such as natural alexandrite push the price higher while smaller garnets tend to be relatively cheaper.
The cost depends on the carat weight, clarity, and rarity of the gemstone. Sapphires, rubies and emeralds are popular alternatives to diamonds and offer a wide range of colours, characteristics and price points. Pricing varies considerably depending on the gemstone, its rarity, size, origin, treatment and quality.
Protip #2: Gemstone engagement rings are growing in popularity for their personalised touch. In particular, coloured gemstones like teal sapphires and padparadscha sapphires have emerged as highly sought-after choices for engagement rings due to their vibrant, unique hues.
Should you follow the general 3-month salary rule while buying an engagement ring?
Couples today prefer to spend based on what they’re comfortable with and what matches their personal values. Many are opting to choose lab-grown diamonds or gemstones to create a ring within their budget.
What if you know your budget but can't find the perfect engagement ring?
If you know how much you want to spend on an engagement ring, but can’t find the perfect one, have a personalised engagement ring designed and created just for you. Many bespoke jewellers in Adelaide and across Australia have qualified ring designers to help you design what you desire.
At Bell & Brunt, we have jewellery designers, gemmologists and a jewellery workshop all under one roof. As manufacturing jewellers, we love to know our customers’ preferences before offering design advice. Our team loves to educate and guide our customers through a diamond selection process. Then, we hand sketch the ring to scale before it goes to the jeweller’s bench.
Watch our behind-the-scenes video about our custom process.
Tips to consider when buying an engagement ring
Quality of the stone and make of the ring should be key considerations when buying an engagement ring. Investing in high-quality materials is essential to ensure that your engagement ring will last a lifetime. The most critical factor is still selecting a fine-quality diamond (D-G colour and VVS-SI1 clarity), which with appropriate care can maintain its brilliance even with wear.
With the surge in lab-grown diamonds, make sure to balance personal values with long-term wearability. Natural and lab-grown diamonds have different supply dynamics and secondary-market considerations, so we recommend choosing according to your preferences, priorities and budget.
Should you buy a custom engagement ring or an off-the-shelf retail ring?
A handmade custom engagement ring may require a greater initial investment, reflecting the time, skill and craftsmanship involved in creating a piece individually for you. With appropriate care and ongoing maintenance, a well-made ring can be enjoyed for many years and may become a meaningful piece to pass down through generations.
Cast and ready-made rings are produced using different manufacturing methods and can vary considerably in quality, construction and durability. Rather than suggesting that one method has a specific lifespan, we believe the important consideration for an engagement ring is how it has been designed and constructed for long-term everyday wear.
At Bell & Brunt, our handmade approach allows our jewellers to carefully consider the structure, proportions and setting of each individual piece, with the intention of creating jewellery that can be worn and treasured for years to come.
Learn more about the custom and retail jewellery in our blog. Click below
How to measure the long-term value of your diamond engagement ring?
Diamond and gold prices can fluctuate over time in response to changing market conditions, supply and demand, and broader economic factors. The value of an individual piece of jewellery can also be influenced by factors such as the quality and characteristics of its diamond or gemstones, precious metal content, craftsmanship, condition and provenance. While future values cannot be guaranteed, choosing quality materials and considered craftsmanship can contribute to a piece that can be enjoyed, maintained and treasured for generations.
How can you safeguard the long-term value of your diamond engagement ring?
Choose a quality diamond with recognised grading documentation, invest in considered craftsmanship, and have your ring professionally inspected and maintained regularly. Keeping your purchase records, diamond grading report and an up-to-date valuation can also provide important documentation for insurance and future reference. With appropriate care and maintenance, a well-made engagement ring can be enjoyed for many years and potentially passed down through generations.
The engagement ring market is evolving, with more options available for those seeking both value and personalisation. Whether you opt for a handmade custom ring, a natural gemstone or a lab-grown diamond, the most important aspect is that your ring reflects your personal style and values.
If you’re ready to design the perfect engagement ring for your proposal, Bell & Brunt is here to guide you through the process. Our team of experienced jewellers and designers can help bring your dream ring to life.
