I had a client come in recently and we were discussing engagement rings. I asked what his budget was and his response was – I’m not sure, what do people usually spend?
This is a really hard question to answer as it varies quite a bit, and rightly so. I think it is really important to have a budget and try to stick to it. So to try to answer his question I have looked at the average spend per engagement ring so far in 2019 for Hope Diamonds. To calculate this I added up the total value of all of the engagement ring sales and divided them by the number of sales to get my average sale value. Turns out that Hope Diamonds client’s average spend on an engagement ring for 2019 so far is $6,823.
This is probably a fair average and a good representative of what is the “most common” budget. I would say between $5,000 – $7,000 is the most common spend. There was an old rule when I was younger that would dictate that you should spend 2 or 3 times your monthly salary. I don’t think many people worry about that anymore. The tricky part about engagement ring shopping and the thing that sets it apart from shopping for other items is the emotion involved.
Different people think of it in different ways. I think it is very important to know the expectation of your bride to be. Is the engagement ring something that she has been dreaming of her whole life and believes this is the most special piece of jewellery she will ever own? Or is she more practical and would hate for you to spend too much at a time when most people are starting to build a life together.
There is definitely no right or wrong answer but I do feel it is important that both parties are in agreement about the expectation for a spend and what the ring means to each of them.
It is such an exciting time in a couples life and it is the best part of my job making rings come to life and handing them over. At Hope Diamonds we can really work with any budget and there are many ways to personalise and really make a ring special and unique. Almost all of our rings are bespoke and therefore we can choose the diamonds that will work with your budget.
For more information on anything to do with engagement rings get in touch with Julie via email at Julie@hopedimaonds.com.au or by phone 1300 67 57 87.