Diamonds may be a girl’s best friend, but what does that mean when it comes to engagement rings? You may have heard the saying that an engagement ring should cost between one to three months salary, but this old-school mentality doesn’t necessarily ring true in the modern world. With technological advances, raw material costs and sourcing methods, the price of an engagement ring can vary from the very affordable to the wildly expensive. So does the price of engagement rings matter? How much should you spend? And what do you need to look out for when choosing this special piece of jewellery? Let’s take a look at some of the myths and misconceptions surrounding engagement rings. What’s the average cost? In 2020, the average amount Australian couples spent on their engagement rings was just under $5,000. Although these figures can be helpful in determining a ball park, it’s important to look at your own situation before making such a significant purchase. There are a few factors that play into just how much customers are willing to spend on a ring. Budget, lifestyle and personal preference should all be taken into account when choosing your perfect piece – don’t spend more than you want to, just because other people think you have to! Cost doesn’t always equal quality While it might be tempting to go completely overboard, a high price tag doesn’t guarantee that your ring will stand the test of time. In fact, it’s better to go with a smaller stone and simpler setting from a quality jeweller than choosing something showy that will chip or tarnish over the years. Come to your jewellery maker with a design and budget in mind, and be aware of the prices behind stones and metals when making your decisions. Sentimental value trumps monetary cost Weddings are expensive, and the jewellery you wear is only one part of your special occasion. At the end of the day, you want a piece of jewellery that reflects the love that you and your partner share. While a glitzy rock the size of your fist may seem like a good idea in the moment, it can take away from other celebrations that you want to share with family and friends. Diamonds are forever…or are they? Diamonds may be the most iconic stone choice for engagement rings, but they are far from the only option! Today, alternatives like moissanite and lab-grown stones allow couples to choose stones that fit their style, but don’t break the bank. Lab-grown gems in particular reduce the cost by up to 40 per cent, and are indistinguishable from mined stones to the naked eye. Let Catanachs help choose a ring for your lifestyle! Regardless of style and budget, you deserve an engagement ring that makes your heart sing. At Catanachs, we understand the importance of choosing a timeless piece that you will cherish for years to come. Our experienced jewellers will be with you every step of the way, from the setting and band to selecting a cut and colour of your stone. Contact us today, so we can start your journey towards a ring that you and your partner will love.