Here comes an age old question/debate… as the title suggests, how much did or would you spend on an engagement ring? Whether it be an amount you thought was appropriate and reasonable, or whether you copped some pressure from the Mrs etc.
Looking forward to hear some opinions or experiences :-)
No one wants to marry me so I'll never know.
You're not proposing with big enough rocks.
There has to be a carat-number that you could pop out to a stranger girl on the street that'd get a "Yes" answer.
Just over 10k. Got high quality loose diamonds from overseas when AUD was much stronger, got it set here in Australia in a custom designed setting that we both liked and she loves it. If I were to have bought the diamonds here of same quality, it would have cost a lot more. Ring is valued just under 30k.
Missus didn't put any pressure, however I know she likes her fancy jewelry and I myself like a lot of bling, so was happy to buy her that ring. And I could afford it on my salary without much stress. If I had to get a loan for it, go into massive debt to afford it, then I wouldn't have done it.
"Just over 10k."
"Ring is valued just under 30k."
So, high yield investment then ?
will the shop take off your hands for 30k ?
As someone who has bought multiple engagement rings, I don't look at it as investments. It's just something nice to give to someone and I would not expect any return from it
Ring itself won't be worth much as everyone has different tastes so it'll just be raw metal value. But quite confident I can get back at least what I paid for the loose diamonds, mainly because Aussie dollar has weakened significantly since I bought the diamonds. Won't be getting 30k if I sell it, that's for sure.
Multiple engagement rings? Did your exes break it off with you before the weddings or after?
@goodbuy: after proposal, but before wedding. contrary to fairytales and mills & boons novels, relationships in the real world do break down. Nothing to do but pick up the pieces and progress along in life. Happily married now with the recipient of the second engagement ring.
dude that's how they get valued.. diamonds always get valued way over the price of what you pay. doesn't mean it's worth that and doesn't mean that's what you would get if you sold it.
if it's not valued for selling , what is it valued for ?
insurance claim ?
@phunkydude: you insure your car for 30k in 2018 - you change your mind and try and sell your car at a dealer or privately you will not get 30k
I always wondered how they value a ring, it is always certainly much higher than the replacement value.
What size, colour, cut etc. if you don't mind me asking.
One bigger diamond set between two slightly smaller diamonds. All 3 brilliant cut. Bigger diamond was 0.75ct, two smaller ones were 0.45ct. Think the bigger one was VVS1, two smaller ones were VVS2. Colour wise, bigger and one of the smaller were D, the other one was E. All AGS ideal cut, almost perfect hearts-and-arrows patterns on all three. The H&A stuff is probably a bit on the gimmicky side but hey, it's supposed to indicate a more perfect symmetric cut in order to show the hearts and arrows patterns so why not use that as an additional differentiator between multiple stones that are otherwise the same. On the clarity aspect, VVS1 and VVS2 was probably overkill, but price difference between them and VS1 and VS2(what I would consider acceptable) was negligible at that point. My previous engagement ring that I had made had a D, IF rock so maybe I didn't want to dip too far below that bar
Brian Gavin diamonds is the US website I got my loose diamonds from. Very good service and fast delivery.
I find the whole valuation of a ring complete bogus and purely to drive insurance premiums up. Would take all of them with a grain of salt as it definitely does not cost a jeweller that amount to replace the ring
Thanks for sharing, you definitely have done your research.
Did you pay any GST or import duties?
You had another engagement ring made? different fiance?
@JB1: more than welcome. I don't like to do things by halves, so once I started researching, I delved really deep into the subject and wanted to make sure I was getting value for money. Going onto pricescope forums, looking up what was best angles for different cuts, etc Niceice.com was another site that aided a lot in my research, gave me ideas of what to look for, etc.. After getting my diamonds, I helped a lot with friends when they were getting their rings. What to look for, what to prioritise, cut vs size, etc. I actually enjoy looking at diamonds and blingy stuff so it was fun for me
Yup, paid GST on the diamonds. No import duties on loose diamonds if I recall correctly and there was some documentation with the package that outlined why.
Had another engagement ring made almost 20 years ago for a different partner. A fiancée that ceased to become one a few years later down the track. That ring was also custom made with the stones sourced from wholesalers in Antwerp. Had a Belgian friend who was shopping for his ring at the same time and he helped me out with sourcing the stones. Again, much cheaper than what I could get them for here in oz. when I got the ring valued, many comments about where I got the rocks from as Australian tastes at the time didn't warrant such high quality stones(D, IF, etc)
The hearts and arrow isn't just for symmetry. The ideal cut also allows more light to pass through and gives the diamond more chances to sparkle. I would rate this over size (ct) and perhaps clarity (especially if it's not visible to the naked eye). Colour and cut is more important.
Grade the diamonds. Weigh the gold. Labour to make it.
Yeah I understand how they value it, but I meant how do they come up with a figure which is always astronomically high.
I.e. a ring that has a sticker price of $10k cannot be valued at $20k. If you can buy it brand new for $10k, the most it should be valued at is $10k.
I guess it makes people think they are getting a bargain and it's what they want to hear… I hear people boasting how much their diamond ring was valued at and how they didn't pay that much- more often than not, it's at the cheaper end of engagement ring market.
I won't disagree there but there is no way a ring that retails at $10k in a store can be valued any higher than the retail price of $10k, yet all valuations are always higher.
I've always wondered what the insurer actually pays out on jewellery where the valuation cert nominates $10k, yet brand new comparable items retails at $7k, i.e. same size/quality diamond, precious metal setting etc.
@JB1:
" won't disagree there but there is no way a ring that retails at $10k in a store can be valued any higher than the retail price of $10k, yet all valuations are always higher."
If someone bought a ring for 10k, then got it independently valued for 10k, then that's a sure sign they got ripped off when they bought it. Not ripped off like the jewelry store robbed them blind, but they paid RRP for something which is almost never sold for RRP. Then again some people buy cars and white goods for RRP without haggling even though the RRP price is pretty much put out there as a starting point to be haggled down.
'If someone bought a ring for 10k, then got it independently valued for 10k, then that's a sure sign they got ripped off when they bought it.'
For all other assets if you bought it for X and it was valued at X, that would mean you paid fair value for it. Why should jewellery be different? The whole 'independent valuation' is flawed and should be taken with a grain of salt.
For any other asset, If I paid $10k for something 'independently valued' at more than $15k, then the store got ripped off ;)
@JB1: that's the thing with jewelry though, it's valued differently to any other asset. Probably because it's an "asset"(and I struggle to use the word here) that serves no other function other than to look nice and a lot of its value is very subjective.
I spent about 12k all up for the ring from the US. I wanted to get her a ring that she'll be proud to wear and not one where she'll feel secretly ashamed to have on her finger. Her face when she tells me shes received another compliment on the ring is worth the price tbh.
As others have said, it all comes down to the individual lady. I know what would make my wife happy, so I was prepared to spend what was necessary.
Exactly the same for me. So many comments from other impressed women, and the happiness and how proud it makes the wife, make it worth it.
Not that I encourage people to spend more than their comfortable with, but you intend to only by this once, and your pay will most likely increase, so my advice is, don’t skimp on the last 10 or 20%. You’re unable to ‘upgrade it’ like you might a TV.
Nice! This is exactly how the luxury industry works.
I do not disagree. Keeping up with the joneses is a game that everyone plays one way or another..
not necessarily with this. its been around 2-3 months pay (guide) for a long long time
@boostpak: it’s not even keeping up, it’s mostly being in. As long as there are losers without an expensive ring on, you get a kick out of having one.
Quick correction - the "guide" has been marketing drivel for a long time, it's not actually what consumers spend in real life. It's a "guide" that has nothing to do with reality and is about as relevant as IWC telling you that the guideline for a decent watch is 6 months of salary or BMW telling you that the guideline for a decent car is your annual salary.
The unfortunate side effect of the engagement ring "guide" is that some gullible consumers actually believe it and then feel pressured into spending a ridiculous amount of money on a ring or guilty that they resisted the irrational urge.
@hayne: it's not marketing drivel, it actually came about from generation to generation of what people actually considered the common thing to do. I don't hear any other guidelines for any other product also like your IWC or BMW example. That's complete dribble coming out of you.
Surely she wouldn't be ashamed of a $4000 ring?
exactly, guys on here aren't even thinking about that aspect - how she would feel deep down secretly and only thinking with their cobweb filled wallet mindsets.
After tax? That is almost $15k on the average salary of $75k
After tax, and it's the general rule. And yes, it's almost $15k on a $75k salary… but $15k for an engagement ring is around the average. (Average not being OzBargain users).
I agree I would say $20k or under :)
15k is absolutely not about average.
After tax, and it's the general rule. And yes, it's almost $15k on a $75k salary… but $15k for >an engagement ring is around the average. (Average not being OzBargain users).
Whoa, where is some data based evidence saying that $15k is around the average? Other than you making it up or a completely unscientific article in Marie Claire which quotes a single jewelry store?
So I don't think it would be easy to find data from the ABS or a similar national body, but if you do a quick search and find some online and/or retail relevant surveys run by entities who aren't jewellers (who tend to be biased and spruiking their wares), the average looks much lower:
See links below for the various surveys.
So if you assumed the average spend is around A$6k (which seems on the high side compared to the above), and the average salary in Australia is somewhere between $65k - $70k per year, that feels like the reality is more like one month's salary. And keep in mind that's not a guide, it's an average.
There's really no such thing as a guide other than what each individual feels comfortable spending.
https://thenewdaily.com.au/life/relationships/2017/07/08/how…
https://www.vogue.com.au/brides/trends/this-is-how-much-mill…?
https://www.sbs.com.au/yourlanguage/german/en/article/2017/0…
https://www.mamamia.com.au/how-much-should-you-spend-on-enga…
https://www.independent.co.uk/life-style/engagement-rings-ho…
https://www.independent.co.uk/life-style/engagement-rings-ma…
https://www.nytimes.com/2014/02/01/your-money/with-engagemen…
https://www.nationaljeweler.com/independents/retail-surveys/…
https://www.cnbc.com/2018/05/15/markles-ring-and-how-much-am…
Sounds about right based on what my mates have told me. Anything beyond that is questionable.
Is it about making sure the recipient is able to hold their own in bragging rights?
I'm sure my partner felt let down as we got married when we were young and poor, and a lot of our friends got married when they were older and earning more.
Yes, it's all about materialism and showing off. Largely why I have little interest in wedding "traditions" - and hope a future wife would too!
No, because if you're poor, 3 months of pay is still going to be a pittance. It's a combination of things - but generally it shows ability (financial and self discipline) to save, and it's about how much you should be spending proportional to other things like the wedding/honeymoon/etc.
Diamonds… an inflated market practically controlled by one company. We're all suckers.
I get the hate for diamonds and the DeBeers company, I don't get the extra hate for them over that for say, every other luxury brand name in existence. The Gucci bag you get is identical to the knock off that sells for 0.1 of the price, just for the badge. Same with Chanel, Louboutin, Hermes.
Hell - even guys don't get off scot free - watches? Does the Tag Heuer watch really tell time better than a $10 from AliExpress?
Because - blood diamonds.
DeBeers has actually cleaned up their supply chain. Though I'm pretty sure that's not at the core of your objection to diamonds - do you also complain about dirt cheap clothes and goods from South East Asian sweatshops?
since when do people propose with a handbag or perfume? diamonds are almost a requirement, where everything else is a luxury
Does the Tag Heuer watch really tell time better than a $10 from AliExpress?
Erm, technically, yes it does. Far more accurate but whether or not that makes it's price tag worthwhile is a different story. Agree with your general point regarding designer brands.
?
The costly Tags are mechanical, and dramatically less accurate than a $10 quartz.
@mskeggs: All $10 watches have failed in about 6months. Good watches look better and last longer. There’s practical side of owning quality things such as better features, longevity, cost of failure etc
No one here cares for Gucci bags and that sort of jazz, we all know the scam behind those too. As for watches, well, a precision instrument is worth more than some old rock that was held in a vault until a company decided the little people would be allowed to purchase it.
No one here
This is a long comments thread, but I did say elsewhere "Average, as in not OzB." From a pure practical utilitarian perspective you're of course correct. But from that perspective no one would get married in the first place, so I feel that's an invalid premise to be arguing from.
From just a utilitarian perspective, some people derive happiness from others showing affection by giving them shiny rocks, or labels, or things with visible gears in them. You can't really control what makes you happy, so you just have to go with it, and aim for maximum marginal happiness from your dollars.
Lots of ways to look at this.
so what? a watch still does what it is intended to do - tell the time. a ring does the same. both have the same sentiment. So why is one in your eyes seen as okay to spend highly on, but not the other… maybe because you aren't getting the ring and don't value it yourself. Naive way of thinking.
@srr: google what a ring can mean to someone?! doesn't have to have a physical function to have sentiment
I would never ever pay that much for a bag but that simply isn’t true. Yes the prices are way overinflated but the workmanship on the bag would be vastly different from a knockoff.
Nope. Some knock offs are extra unauthorised pieces made from the exact same factory using the same materials and workmen as the authentic thing. These also can cost thousands themselves, but would be a fraction of the real cost of tens of thousands.
< $100.
My wife would have been upset if I had spent more - we had far more important things to spend money on like a deposit on a house
Burger rings?
That's a lot of Burger Rings.
Smart wife
Zero… use a spark plug gasket, much cheaper
Coke can tab!
Upon advice from a jeweler.
If you cannot tell the difference between a cheaper or more expensive diamond with your naked eye, buy the cheaper one.
All other things being equal a 1.2 carat E/G colour diamond is going to be more impressive than a 1.00 carat D colour diamond. They will cost roughly the same.
Last tip, unless you take the diamond out of a ring to weigh it, it's impossible to tell the difference between 0.99 and 1.00 carat diamond but the price difference is significant.
I second this. The price jump to get to round number of 1.00 ct is so not worth it. It's massive jump for not much gain
Marriage, haha
Good joke haha
Obviously some people aren't suited to/worth marriage. No need to feel like it's something you should do. Better to not make someone unhappy just to 'keep up with the Jones's'. On the other hand, it takes a real piece of shit to mock other's relationships because you're incapable of achieving it yourself.
https://en.wikipedia.org/wiki/Moissanite A lot cheaper!! Still brilliant. Or try for a synthetic diamond.
I remember watching a doco on synthetic diamonds or "lab diamonds" as they call it - I mean they're essentially just diamonds but recreated in an artificial setting right? It's all about perception though… because it's unnatural one would automatically think they're "fake".
No - diamonds are highly sought after because they're expensive. If you buy a cheap one, it… defeats the purpose.
Depends on what is the purpose? I mean if a large part of your life and self-esteem revolves around a rock then yeah you might want to spend a little more.
@raptormesh: It's 3 months' worth of pay - that isn't, and shouldn't, represent a large part of anything. An important part, yes - and it's more what the rock symbolizes to some people, not in and of itself. People can be sentimental, would you believe it?
@HighAndDry: I don’t disagree I mean it’s a free market if it plays a sentimental role then it’s worth whatever you want to pay for it.
Yup, the entire concept behind diamond rings is perception. Even before we had artificial diamonds there were girls trying to tell me the concept is the same as gold, silver, platinum etc terms of inflation and rarity. All I did was point to a periodic table and show me where the diamond is and explain why it has any real value to the public. And then artificial diamonds came out and the same people convince themselves their natural diamonds are somehow more "real".
its not real unless some african slave dug it out of the ground
They're super pretty and definitely my choice over a silly (stupidly overpriced) diamond :)
I've picked my ideal ring (sapphire and moissanite) on EBay and it's so much more cheaper than the diamond ring in a similar cut and setting :)
Most people would probably mistake moissanite for top quality diamond. It really is visually superior.
$1 for everytime you two have had sex together
Oh damn am I glad I'm not marrying my hand…
Don't bother.
50/50 it'll end in divorce. Save your money, or to be politically correct, get her to buy you a 'token of your endless love' of equivalent value.
https://www.perfectring.ie/need-know-moissanite-engagement-r…
I wait for eBay 15% off site wide to pick up a second hand ring from a divorcee.
I bought a "decoy" engagement ring for Mrs Altomic for when we went travelling.
it cost $2 from aliexpress.
2ct "diamond" on white gold.
looked great.
she got more compliments for that ring than the real engagement ring - a 1.5ct diamond with 2 1.2ct rubies on white gold which we designed ourselves (with assistance from a jeweller).
if I ever get married again then it will be a $2 engagement ring from aliexpress.
Link to the $2 ring?? Want to put one away for the future wife
ill use one of these rings to update our wedding fingers in the future. Just let us know when the cashback is high
AliExpress FTW
My missus bought her own (with her CC, for the points ;)).
I basically said that it's a personal thing, and she should get what she likes. I was with her when she bought it, and agreed with her choice.
I have strong feelings about diamonds. They're abundant and their price is set by a cartel. Their resale value is terrible. The whole 'diamonds are a girls best friend' and 'it should cost 3 months salary' were all early-mid 20th century advertising campaigns designed to boost sales of what was at the time, a low-value stone. People get an awful shock when things go pear-shaped and they try to resell the ring and can only get a tiny fraction of what they bought it for.
That said diamonds are pretty. If I was getting married now (at the time I opted for a sapphire) I'd get a lab-made one, De Beers are about to start selling them anyway. Have to undergo special training to tell the difference between them and naturally occurring ones. And I know that there's the sentiment that something that's been created over billions of years is special etc, but I personally find it far far cooler that mankind has advanced to the point of being able to create them in a lab.
I agree the diamond industry sucks in a million ways, but the stones (real or lab) are pretty.
I guess if the recipient is the kind of person who shares those feelings, they will be pleased with a lab stone or non-diamond, and they can talk about how that is their preference and the fortnight in Bora Bora they took with the left over cash.. But if they are concerned about comparisons to OMG Becky's ring, that likely won't cut the mustard!
Agreed with both comments. I said the same thing in a reply to a comment above. It's mostly just public perception and the fact that the whole 'precious stone' thing has been ingrained into our brains since ages ago. It's almost guaranteed that most people would prefer a "natural" diamond compared to a lab one. The minority are those who don't really care for stuff like this.
I don't really disagree with the rest of it. Weddings are 90% about emotions anyway so if you kind of have to consider it, or otherwise the logical conclusion is to just skip the whole thing altogether.
But
People get an awful shock when things go pear-shaped
You can't really go into a wedding considering this - or rather, if you are considering this, you probably shouldn't be getting married.
No you can't and shouldn't but when both sets of parents are divorced, your mind naturally goes there.
Wouldn't mind a pink diamond though, I hope we get some lab ones of those at a decent price soon.
I spent just under 16k for a custom made 1ct ring. And spent nearly 5k on the wedding bands I believe.
A nice 1ct diamond will set you back around $6k - you spent $10k on the band?
sounds so thoughtless tbh