How Much Should an Engagement Ring Cost in 2024?

As a jewellery designer at Morgan & Co, I often get asked, “How much should I spend on an engagement ring?” It's one of the most common questions, and understandably so — buying an engagement ring is a deeply personal and emotional investment, and the financial aspect can be daunting. In 2024, the answer to this question remains as nuanced as ever, but let me break it down for you.

 

 

Forget the "Three Months' Salary Rule"

You’ve probably heard the traditional rule that suggests spending three months’ salary on an engagement ring. While this might have been a guideline in decades past, I believe it’s outdated in today’s world. Everyone's financial situation is different, and it’s important that you find a balance between choosing a meaningful, high-quality ring and staying within your personal budget. At Morgan & Co, we always recommend that you don’t go into debt to buy a ring — there are so many options that can suit your style without stretching your finances too thin. We work within your budget to recommend styles and options that best suit your desired ring and price range, ensuring you get a design you love without exceeding what you're comfortable spending.

Average Engagement Ring Costs in 2024

In 2024, the average cost of an engagement ring can vary widely depending on where you are and what type of diamond or gemstone you choose. On average, many people spend between $5,000 and $10,000 on an engagement ring, but there's no one-size-fits-all number. Some might opt for a simpler, more affordable design in the $2,000 to $3,000 range, while others might choose to invest in a higher carat diamond or intricate custom designs, pushing the cost upwards. At Morgan & Co, our custom designs start from approximately $5,500 and depending on diamond or gemstone size and quality, it goes up from there. 

It's also worth mentioning that lab-grown diamonds are increasingly popular and can provide a more affordable option while still offering the same brilliance and durability as mined diamonds.

 

 

What Should You Prioritise?

When deciding on how much to spend, it's important to consider what you value most. Is it the carat size of the diamond? The cut? Perhaps you're more interested in a unique design that suits your partner's personal style, or maybe you’d rather focus on ethically sourced materials like lab-grown diamonds.

At Morgan & Co, we work closely with each client to find the right balance. We’ve had clients fall in love with a lower-carat diamond that’s perfectly proportioned, while others might prioritise clarity and cut over size. It’s really about finding what resonates with you and your partner.

Sometimes a client may come in wanting a trilogy engagement ring, for instance, but their budget is around the $6,000 mark. In this case, we might recommend putting the money into one solitaire diamond so you're not spreading your money over three diamonds. 

Book your free engagement ring design consultation with our Sunshine Coast team. 

Customisation Without the Premium Price

One of the best things about 2024 is the range of options available to fit any budget. At Morgan & Co, we offer fully customisable engagement rings that allow you to choose from a variety of metals — 14ct, and 18ct yellow, rose, or white gold, as well as platinum. You can also choose between natural and cultured diamonds, both of which offer beauty and quality at different price points. This flexibility ensures that we can create something truly special without going overboard on cost. We don't recommend 9ct gold for engagement rings, however they are a good choice for necklaces, pendants, earring, bracelets and other pieces of jewellery. 

 

 

Other Factors to Consider

Don’t forget to factor in additional costs like insurance, which we always recommend for peace of mind. There’s also the option of adding custom engraving or selecting a matching wedding band, which can influence the total investment.

It’s important to remember that while the ring is a symbol of your love and commitment, the price tag doesn’t define its value. The thought and care you put into choosing or designing the ring speak far more than the dollar amount spent.

Final Thoughts

Ultimately, the "right" amount to spend on an engagement ring is deeply personal and depends on your financial situation, your partner’s preferences, and what feels comfortable for you. At Morgan & Co, we believe that everyone deserves a beautiful, meaningful ring no matter their budget. With the variety of options available today, from diamonds to metals, and custom designs, we can create something perfect that doesn’t break the bank.

If you’re unsure where to start or what budget to set, feel free to book a consultation with us. We’re here to help you navigate this special purchase and ensure you walk away with something that will be cherished for a lifetime.

To book your complementary consultation with our team in Buderim to discuss your engagement ring, please book here.