Average Wedding Ring Price For the average Australian salary (coming in at $82,436) that means spending between $3297 and $6594 on your wedding rings.
Good news: wedding rings don't usually cost as much as engagement rings. On average, they cost about $1,100 for women and around $550 for men, according to one estimate from The Knot. But the ultimate price often depends on the metal you choose.
If you're seeking to hire wedding bands in Melbourne or Sydney, the average cost will start at about $2,500 -$3,000 for a 4-piece band. That generally includes three to four sets, an industry-standard meal and refreshment for acts longer than three hours, and all the lighting and equipment required to play the show.
Just like every love story varies, every wedding band will vary in cost based on its different features. Ultimately, you can expect to spend anywhere between $400-$12,000 on your band at either extreme. The most comfortable price range you may expect to find in 2021 is around $1,000-$3,000.
Consider Diamonds in the 0.65 to 0.75 Carat Range
With a total budget of $2,000, you'll be able to afford a good quality round diamond in the 0.65 to 0.75 carat range, provided you're willing to opt for a solitaire setting.
According to tradition, the amount you choose to spend on an engagement ring should approximate the amount of your monthly salary times two. By this measure, anyone who earns $2,000 a month should be looking at models in the $4,000 range. For someone earning $10,000 a month, a $20,000 ring would be about right.
General Rule: You should spend at least 2 months salary on the engagement ring. If, for example, you are making $60,000 per year, you should spend $10,000 on the engagement ring.
How Much Should an Engagement Ring Cost? A one carat engagement ring typically costs around $5,500, but most couples spend over $6,000—and 7 percent spend over $10,000.
Cheap Does Not Mean Low-Quality
They're all just fine. But some will last longer than others. If you choose an option made with high-quality materials, your ring can quite literally last a lifetime and be passed along to future generations.
One of the most infamous wedding etiquette rules, though, revolves around the engagement ring. It's known as the "three months' salary" rule, and it implies that a buyer should put three months of their salary toward a sparkler for their future spouse.
The Average Cost of an Engagement Ring in Australia
According to a recent Australian wedding industry report, the average amount spent on an engagement ring in Australia is $5,367.
Tradition has it that each person pays for the other person's ring. So in a traditional wedding, the groom or his family would pay for the bride's ring, and the bride or her family would pay for the groom's ring.
For women the most common ring size in Australia is an N or O. For men it is a T or U. These are the equivalent of a US 7 for women and a US 10 for men.
A $1,000 engagement ring should be simple and unflashy. But by no means does that mean you can expect a mediocre ring. While $1,000 can't afford a huge diamond or an elaborate setting, size and flair are not everything. Often the most beautiful diamond rings are the simplest.
While $6,000 is the national average cost of a ring, the spend per couple varies. Our study found that roughly one-third of all respondents are spending between $1,000 to $4,000 on their engagement ring. In fact, 8% of ring shoppers are spending under $1,000.
Wedding Bands
The average wedding ring cost is significantly less than an engagement ring. For men, the average is around $500, and for women it's closer to $1,000. Most people choose from platinum, gold, silver, rose gold, or white gold.
There's been an oversupply of rough diamonds in recent years, especially in smaller gems. Retailers are holding less inventory, forcing suppliers to keep more stock at a time that prices are falling. Banks have also been abandoning the sector, cutting off credit to an industry that has grown accustomed to cheap money.
Is it Rude to Negotiate on an Engagement Ring? I'm happy to tell you that the answer is no. It is indeed completely appropriate to negotiate the price of any piece of jewelry. Jewelers know this and will expect it.
Metal Choices
Certain metals are more precious than others, driving up the cost. Yellow and white gold are popular choices for wedding jewelry, and the karat number on the gold also impacts the cost.
Your ring's gemstones and metal should be evaluated individually for a variety of factors. The value of metals depends upon their purity. Gemstones, on the other hand, have many quality factors including clarity, cut, and color. Antique pieces are significantly more valuable than modern rings.
Your Ready to Propose!
If you're going with a pre-designed ring, make sure to purchase that at least one month before your proposal date, while two months minimum should be allotted for a custom ring.
The easiest way to determine the approximate resale value of a diamond ring is to deduct 30% from the original purchase price. There are other ways to achieve a more precise self-evaluation for your ring, which take into account market conditions, the cut of the diamond, type of precious metal, and consumer demand.
This tracks with what people are actually spending. According to a 2022 study from Credit Donkey, most couples reported wanting to spend between $1,000 and $5,000, though the average cost of an engagement ring was around $5,225.
Tradition suggests that engagement rings should be worn on the left, but wearing it on the right instead during the wedding ceremony would not cause too much concern. After the ceremony has finished, you can simply swap it back over to the correct finger to join your wedding ring.
With $10,000 to spend on an engagement ring, you'll be able to choose from a large variety of high-quality diamonds, including beautiful round and fancy shape diamonds in the 1.50+ carat range.