Will be spending $3-4000 in a diamond ring. Any tips for a cashback? Rewards?

Hi OZb,

I will be spending around 3-4 grand for an engagement ring online. I was wondering if anyone here knows a deal or a rewards program that I can use?


  • +21

    Love shall be your reward!

  • +1

    Credit card points.

    • Thanks! I/m looking at them atm. There are several cards that offer Qantas points.

  • +3

    Your partner will reward you I'm sure.

  • +6

    $3-4000 is only the upfront cost.

    "How would you like to pay the remaining half of your assets, sir? Would that be in cash, car(s) or home(s)? Or all of the above?" I believe the reward system for that would get you a lawyer's bill! hahaha

    • You forgot the savings if you had to pay for all the r**ts.

      And if you enjoy the by-product of the r**ts, they're priceless.

      • +1

        You forgot the savings if you had to pay for all the r**ts.

        I heard all that sort of activity stops after marriage anyway.. :p

  • What's the "point", you will be paying a lot more during divorce so $4000 is basically pocket change.

  • +3

    Ideally, I would recommend choosing a good jeweller in the suburbs.
    I'm in Vic, we found a good manufacturing jeweller in the outer Eastern burbs of Melbourne. Prices were definitely a hell of a lot better than the well known CBD stores and what they produced was great and fit perfectly.

    Something they suggested considering, not sure it works in times of Covid and travel restrictions, was claiming on the Traveller Refund Scheme if you are honeymooning.
    Not sure if this is still possible and/or legal. We didn't claim as I'm too cautious.

    • I did this with the Mrs engagement ring. I went though a local jeweller in the SE for both diamond and setting. Was a price competitively and got to pick and customise to how she wanted. The jeweller also accepted card payment, so signed for one of the cc with bonus points for $xx spend and paid for the ring.

      Then claimed TRS on the ring as a gift for family at the airport to catch our flight for our Proposal trip.

      Also used the CC to pay off some of the major aspects of the trip to maximise the earn as well

      • how did you get the ring back in the country without paying back the GST?

        • We didnt declare it. Mrs wore the ring on the way back in.

          • @Neilzy: YOu are a luck fella. I have read stories about TRS counter checking hte ring when you get back to Aus. There are people who got fined for this! :)

    • Which jewellery did you go to, if you don’t mind me asking? I need to get my ring made too. Thanks! :)

      • +1

        I went to Ralf Fisch fine jewellery in the Basin.
        Prices were excellent, very happy with workmanship/quality. The Basin was a bit of a drive, but happy with the result.
        Substantially cheaper than any of the more flashy CBD or inner suburban places.

        • +1

          Thank you for the response, I’ll check them out :)

  • +1

    Buying it online from one of the diamond merchants in the diamond district in NYK. Even after paying GST it will still be a lot cheaper

  • +4

    Fairly wide budget, wouldn’t bother for $3 :)

  • +1

    Purchase the diamond from Blue Nile.

    Then get it set here.

    If you get an ANZ Rewards card from one of the recent deals, this purchase satisfies the required spend and get $450 of benefits.

  • +11

    Don’t. Buying a diamond ring is a modern tradition, a waste of money and a scam.

  • Secrets rings. Manufactured diamonds

  • metal detector on beach. there saved you 3 grand

  • go to the local pawn shop knowing the persons "ring finger" size purchase at very reduced cost, just make sure there is no inscription

  • +2

    Diamonds are pretty much worthless, they have no intrinsic value. Not to mention their price is artificially inflated due to supply being constrained significantly.

    • OP should go straight to De beers and ask for a discount - just bend over and I'm sure they will give him a good deal.

  • +2

    Boxing Day Sales, check shopback and cashrewards for jewellers like shiels, last 2 sales has 10% off online prices

  • +4

    Sweet Jesus. 3k-4k? I think you accidentally strayed onto the wrong website, muchacho …

    Aaaany-hooo, if you are in fact serious … bide your time then 'quietly' buy a manufactured diamond (new technology has facilitated these). They are absolutely 100% real diamonds, i.e. they are 100% compressed carbon that conforms to the definition of a diamond, and (arguably) more importantly they also look/test exactly like a naturally-formed (mined) diamond to all but the absolutely most highly-trained eye under magnification.

    Thus, the only real/practical difference will be price. They will cost you about 20% of what a mined diamond would cost you. About $800 based on your above price range.

    • you could also supposedly have it made using a lock of each of your hair

  • Fly to Dubai and get one half price, might be hard to do with Covid atm

  • Curious to read all this about diamonds. Can anyone recommend a place that sells manufactured diamond rings?

  • +1

    3-4 won’t really get you something flashy to show off unless you only care about size and will sacrifice the other qualities. May as well just go artificial. Looks the goods and unless u or the misso to be will carry around a GIA Cert, who cares?

  • -1

    If this is how you feel about the value of your future wife, then maybe you should consider not getting married at all.
    Why not substitute the diamond with a indiscernible fake. No one will know - right?
    Then control the finances and dictate what your partner can and can not buy. But I bet you already consider that.

    • +1

      you're making assumptions about his/her income level
      can only people making like 140k a year get married?

    • +1

      Sorry mate but suggesting spending only $3-4k is a predictor of financial abuse is a very long stretch and more than a little insensitive.

      For people on an average wage with rent or mortgage to pay that’s a great deal of money.

  • +1

    Congratulations on finding someone to spend the rest of your life with.

  • You didn't mention if you will be buying the ring together or apart.
    Consider waiting to purchase a ring until after you have proposed and your love has said yes. This can avoid multiple problems.
    Also consider getting an engagement ring with your love for yourself - I always think that's nice - and why should only one person wear one?

  • +2

    Import a diamond from the US and have it set locally OP. If you are looking for round rilliant stones there are a lot of resources to assist you. My wife preferred Princess cut so I purchased a branded stone from White Flash in Texas.

    Edit: If you give an idea as to what you are looking for, forum goers can assist you to find a stone/setting.

    Edit2: Don't buy something from a chain jeweller like Michael Hill.

  • +1

    Ask if you can split the transaction for $300 max.

    If so, use ZIP 10% Saturday offer and save $300-$400.

    If not, ask if you can pay in instalments of $300 (or credit) and just instantly pay $300 multiple times

  • +1

    Buy diamond from overseas. Don’t forget to factor in GST. Be careful with your credit card’s forex conversion fees.

    Acquaint yourself with the 4 Cs. You’re going to have to sacrifice a couple at your price point, probably clarity (no one can see inclusions with the naked eye) and G colour is imperceptible. Don’t sacrifice cut - a 0.9 carat cut well will look a lot nicer than a 1 carat cut poorly.

    Make sure to get your partners input. Yes it’s romantic to surprise her and all of that, but it’s something she’ll be wearing for a long time so better be sure it’s a design she likes.

    Tactfully discuss the budget with her. Very unromantic but better than risk her being upset about not having a house deposit because too much $$ are tied up in a piece of jewellery. My missus said my suggested number was too much and pulled it down to a lower number.

    Finally - as someone pointed out above stay away from the chain stores. Overinflated RRPs and fake discounts.

  • https://youtu.be/hpTHwsRCeC0

    Worth a listen, it's about Diamonds.

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