How Much Should I Spend On An Engagement Ring?

Mar 3, 2017

"Well congratulations-you have either asked her to marry you or you are about to do so. Now your concern is how much is a diamond engagement ring going to cost?

The engagement ring represents an important romantic symbol, especially to your partner who will be wearing the ring during your lives together-so this is an important purchase on many levels.

The greater portion of your budget will be the diamond as opposed to the ring.  The diamond’s value is based on its size and quality known as the ‘Four C’s’.  I suggest you learn about the 4C’s (more here) to make an informed decision with your diamond selection.

As a price guide the diamond mining giant De Beers used a clever marketing campaign that served as a starting point with the slogan “can you make two months' salary last forever?” This is just a guide-I recommend you spend as much as you can comfortably afford.

The most popular diamond shape is the round brilliant cut due do its pleasing shape and outstanding brilliance.  It is my experience that most women aspire to a one carat diamond which can range from NZ$7,000 up to NZ$27,000 depending on the quality.

If this is above your budget, half carat diamonds range from NZ$2,000 up to NZ$5,000.  Obviously diamonds between a half carat and one carat size are priced accordingly.  The second most popular diamond shape is the square shaped ‘princess cut’ which is slightly less expensive than the round brilliant cut diamond. For specific prices you can use our Search Diamond Inventory Tool to view over 35,000 loose diamonds with prices in NZ dollars all with grading certificates to view.

Although it is true the male partner is very much concerned with how much a diamond will cost, his partner is just as concerned about the ring design.  This is understandable as she is the one who will be wearing the ring and will be excited to show it to all her family and friends.  So my suggestion, if you are not certain of the ring setting she wants, is to purchase and give her the diamond in a temporary ring setting (she will be able to try it on and enjoy its beauty however it is unsafe to wear).  Doing this will allow you both the romantic experience to select the ring of her dreams-with the diamond you could afford-the perfect win/win.

On the other hand you may know the exact ring setting she wants or you may go through this process together.  Either way it’s important for her to have input with the ring selection.  In general terms a ring will cost between NZ$1,500 and $3,000 depending on the metal used and whether it’s cast or hand made.

I know this is a wonderful and exciting time in your relationship and I want to wish you and your partner the very best.  I’m happy to assist with any questions you might have so feel free to contact me Dan Robinson at dan@thediamondshop.co.nz"