Buying an engagement ring is one of the most emotional – and financial – decisions you’ll ever make. In Australia, spending habits have shifted significantly over the last decade, influenced by cultural expectations, economic pressures, and the rise of lab-grown diamonds. At The Diamond Club in Joondalup, Perth, we guide clients through this important decision, balancing budget, diamond quality, and personal meaning.
Average Spend Trends in Australia
Recent surveys from industry sources (Diamondport, JewelCover, Q Report) suggest that the average spend on an engagement ring in Australia has steadily increased from just over $5,000 in 2018 to between $6,000–$7,500 in 2025. This growth reflects both rising diamond costs and Australians’ preference for high-quality, ethically sourced jewellery.
What’s the Typical Price Range?
While the average is around $7,000, many couples spend less – or considerably more. In 2025, a typical engagement ring in Australia costs anywhere between $5,000 and $10,000, depending on the size and quality of the diamond, metal choice, and custom design work.
Spend Distribution Among Australians
Not everyone spends the same amount. Surveys indicate that about a third of buyers fall into the $5,000–$7,500 bracket, while around 26% spend between $7,500–$10,000. A smaller percentage (8%) spend upwards of $15,000, often choosing premium diamonds such as Argyle pinks or large, high-grade stones.
Illustrative Spend Distribution Among Australians
Where Does the Money Go?
When you invest in an engagement ring, most of the cost comes from the diamond itself – usually around 70%. The setting and craftsmanship account for about 20%, while taxes, insurance, and additional services make up the remaining 10%.
Typical Cost Breakdown of a Diamond Engagement Ring
Jeweller’s Insight (From The Diamond Club, Perth)
At The Diamond Club, we remind clients that there is no ‘right’ amount to spend. The best ring is one that reflects your love story, suits your budget, and stands the test of time. Whether you prefer a natural diamond, a lab-grown option, or a rare Argyle pink, our master jewellers can design a piece that maximises both beauty and value.
On average, Australians spend around $7,000 on engagement rings in 2025, but the true value lies in choosing a ring that reflects personal meaning. By understanding spending trends, cost breakdowns, and the symbolic importance of diamonds, you can make a confident and informed decision.