How Much Should Your Wedding Ring Cost? Real Prices and Smart Choices in 2025

How much should your wedding ring cost? It’s a question that comes up in every wedding conversation-sometimes over coffee, sometimes in the middle of a heated debate with family. The truth? There’s no one-size-fits-all answer. But there are smart ways to figure out what works for you, your partner, and your wallet.

Forget the Two-Month Salary Rule

You’ve heard it before: "Spend two months’ salary on an engagement ring." That rule was made up by a diamond company in the 1930s to sell more stones. It has nothing to do with love, reality, or modern finances. Today, the average Australian couple spends between $2,500 and $6,000 on an engagement ring, according to data from the Australian Jewellers Association. But that’s just an average. Some spend $800. Others spend $20,000. Neither is wrong.

What matters is what you can afford without going into debt. If you’re saving for a home, paying off student loans, or planning a modest wedding, your ring shouldn’t eat up your entire savings. A ring is a symbol-not a financial burden.

What Actually Drives the Price?

Ring prices aren’t random. They’re built on four key factors: the 4Cs of diamonds, metal type, design complexity, and brand markup.

• Carat weight: A 1-carat diamond isn’t twice as expensive as a 0.5-carat-it’s often three to four times more. A 0.75-carat stone can look nearly as big but cost 40% less.
• Clarity and color: Most people can’t tell the difference between a G-color and an H-color diamond with the naked eye. VS2 clarity is fine for most settings. You don’t need flawless.
• Metal: Platinum is durable but costs 30-50% more than white gold. Yellow gold and rose gold are often cheaper and just as beautiful.
• Design: A simple band with one stone costs less than a halo setting with side diamonds. Custom designs? They add labor costs. A $1,200 ring from a small jeweler might be better than a $3,000 one from a luxury brand.

Many couples don’t realize that lab-grown diamonds are now 70-80% cheaper than mined ones-and identical in appearance and durability. A 1-carat lab-grown diamond ring can easily be found for under $1,500. Major retailers like Blue Nile, James Allen, and even Australian brands like Zara and Pandora now offer them.

Wedding Bands Are Often Overlooked

People focus so much on the engagement ring that they forget the wedding band. But you’re wearing both every day. A simple platinum band can cost $600-$1,200. A gold band? $300-$700. You don’t need matching stones or engraving to make it meaningful.

Some couples choose to buy bands together after the proposal. Others save up for a few months and upgrade later. One Melbourne couple I know bought matching titanium bands for $200 each-then added a diamond eternity band five years later as a milestone gift. No debt. No stress. Just love.

Where to Buy Without Getting Ripped Off

Big-name jewelry stores charge 2-3 times more than independent jewelers for the same quality. Here’s where to look:

• Local independent jewelers: They often have in-house designers and can customize without the brand markup. Ask to see their inventory in person.
• Online retailers: Blue Nile, Brilliant Earth, and Australian-based companies like The Diamond Company offer transparent pricing and high-resolution images. Many let you return within 30 days.
• Secondhand or vintage: Etsy, local pawn shops, and estate sales have beautiful antique rings at 50-70% off. A 1970s platinum band with a 0.8-carat diamond? You might find it for $1,800.
• Lab-grown diamond specialists: Companies like Lightbox Jewelry (owned by De Beers) sell stunning lab diamonds at rock-bottom prices-starting at $300 for a 1-carat stone.

Always ask for a GIA or IGI certificate. It’s not optional. It’s your proof of quality. A jeweler who won’t show you one shouldn’t be trusted.

How to Budget Without Feeling Guilty

Here’s a simple way to decide: Take your total wedding budget. Subtract your venue, dress, photography, and catering costs. What’s left? That’s your ring budget. Then, take 10-20% of that for the engagement ring.

Example: Your wedding budget is $20,000. You spend $12,000 on the event. You have $8,000 left. 20% of that is $1,600. That’s your ring target. You can still get a beautiful 0.75-carat lab-grown diamond ring with a white gold setting for under $1,400.

Or-if you’d rather spend more on the honeymoon? Cut the ring budget to $800 and save the rest. You’ll still have a ring you love. And you’ll start your marriage without financial stress.

What Not to Do

Don’t let social media pressure you. Instagram is full of $10,000 rings with perfect lighting and influencers telling you it’s "normal." It’s not. Most people don’t spend that much.

Don’t let family dictate your choice. Your mother-in-law’s opinion doesn’t determine your financial future.

Don’t buy on credit unless you can pay it off in six months. Interest adds hundreds-or thousands-to the price.

Don’t assume bigger is better. A ring should reflect your style, not someone else’s expectations.

Real Stories, Real Budgets

Emma and Liam from Geelong spent $1,200 on a 0.8-carat lab-grown diamond ring with a rose gold band. They used the rest of their savings for a road trip across Tasmania.

James and Priya from Brisbane bought a vintage 1950s platinum ring for $900. It had a 1-carat diamond and a unique filigree design. They found it at a local antique shop.

Maya and Tom from Perth chose simple gold bands for $400 each. They plan to upgrade in five years when they’ve saved more. "We wanted to start our life together, not pay off a ring for ten years," Maya told me.

These aren’t exceptions. They’re the new normal.

What Comes After the Ring

Your wedding ring isn’t the end of the story. It’s the beginning. You’ll wear it every day. So make sure it’s comfortable, durable, and meaningful to you.

Consider buying insurance. Even a $1,000 ring is worth protecting. Many home and contents policies cover jewelry. If not, ask your jeweler about a separate policy-most cost under $100 a year.

Keep it clean. A dirty ring looks dull. Soak it in warm soapy water every few weeks. Get it professionally cleaned once a year.

And if you ever want to upgrade? That’s fine. But do it on your terms. Not because someone told you it’s time.

At the end of the day, the cost of your wedding ring matters less than the reason you chose it. Was it thoughtful? Was it honest? Did it feel like you? That’s what lasts.

If you’re still unsure, talk to your partner. Not about price-but about what matters. A ring that feels like "you" is worth more than one that costs more.