There is no set amount you should spend on an engagement ring. The right budget depends on what matters most to you — the size and quality of the diamond, whether you choose a natural or lab-grown diamond, and the design and craftsmanship of the ring itself.
At KUSH Diamonds, we don't believe in the old rule that an engagement ring should cost a certain number of months' salary. Instead, we recommend starting with a budget you are genuinely comfortable with and working backwards from there.
What can I get for my engagement ring budget?
This is one of the most common questions we are asked during our Melbourne diamond consultations.
Two people with the same budget can end up choosing completely different rings. One may prioritise a larger diamond, while another may prefer a rarer natural diamond, higher colour or clarity, or a more detailed custom-made setting.
The biggest difference in what your budget can achieve is often whether you choose a natural diamond or a lab-grown diamond.
How much should I spend on a natural diamond engagement ring?
With natural diamonds, price can change significantly depending on carat weight, cut, colour, clarity, shape and the individual characteristics of the stone.
This is also why we don't recommend choosing a natural diamond from a certificate alone. Two diamonds can appear very similar on paper but look quite different when viewed in person.
At KUSH Diamonds, we prefer to show clients a selection of diamonds within their budget so they can actually compare them side by side and decide where they see value.
How much should I spend on a lab-grown diamond engagement ring?
Lab-grown diamonds have made larger diamond sizes and higher specifications accessible at significantly lower prices than equivalent natural diamonds.
However, we believe clients should understand what they are buying. Lab-grown diamond prices have fallen considerably over time, and we don't recommend spending unnecessarily on extremely high specifications simply because they appear impressive on a certificate.
Our approach is to help you choose a beautiful diamond rather than simply the highest specifications available.
Is a bigger diamond always better?
No.
Carat weight tells you how much a diamond weighs — it does not tell you whether it is a beautiful diamond.
Cut, proportions, shape, light performance and the individual appearance of the stone all matter. A well-selected smaller diamond can be far more impressive than a larger diamond chosen purely because of its carat weight.
This is one reason we encourage clients to view diamonds in person rather than simply comparing specifications and prices online.
Does a custom engagement ring cost more?
A custom-made ring allows the design to be created around your diamond, preferences and budget rather than choosing from a mass-produced setting.
At KUSH Diamonds, our engagement rings are individually made in Melbourne in 18ct gold or platinum. During your consultation, we can discuss the overall budget for the ring — including both the diamond and the setting — before deciding where it makes sense to allocate your money.
So, what is the right engagement ring budget?
The right amount is the amount you are comfortable spending.
Rather than starting with an arbitrary rule, decide on an approximate budget and then compare what that budget can achieve.
A knowledgeable diamond specialist should be able to explain why one diamond costs more than another, where spending more will make a visible difference, and where it won't.
At KUSH Diamonds, clients can compare natural and lab-grown diamonds in person at our private Melbourne showroom. We are diamond wholesalers and bespoke manufacturing jewellers, and our role is to educate and guide you through the options rather than simply sell you a ring.
