Are you ready to kneel down, open that tiny box and pop the big question to the love of your life?

Let’s back up a minute. First, you need to find the perfect engagement ring!

But how much are engagement rings? That's like asking, "How long is a piece of string?" It all depends on the options!

Just like each love story is unique, so is every engagement ring.

Believe it or not, when it comes to price, it isn't just about the size of the diamond or stone that you choose.

The cost of an engagement ring is also dictated by factors such as the
      • Quality of the diamond simulant or gemstone simulant.
      • Type of metal.
      • Jeweller's brand.

Engagement rings can cost anywhere from $500 to $50,000 and more. In Australia, the average price of an engagement ring is approximately $6,000.

It's important to know that you shouldn't feel pressure to pay an exorbitant sum. An engagement ring is about expressing your love and commitment, not meeting some societal standard. You should be guided by whatever works best for you and your partner based on your preferences and budget.

That said, we acknowledge that there are certain traditions and expectations some people might want to meet. In this article, we'll walk you through those traditions and how they influence ring prices, plus give you the lowdown on getting the most sparkle for your hard-earned dollar.

Are you ready to kneel down, open that tiny box and pop the big question to the love of your life?

Let’s back up a minute. First, you need to find the perfect engagement ring!

But how much are engagement rings? That's like asking, "How long is a piece of string?" It all depends on the options!

Just like each love story is unique, so is every engagement ring.

Believe it or not, when it comes to price, it isn't just about the size of the diamond or stone that you choose.

The cost of an engagement ring is also dictated by factors such as the
      • Quality of the diamond simulant
        or gemstone simulant.
      • Type of metal.
      • Jeweller's brand.

Engagement rings can cost anywhere from $500 to $50,000 and more. In Australia, the average price of an engagement ring is approximately $6,000.

It's important to know that you shouldn't feel pressure to pay an exorbitant sum. An engagement ring is about expressing your love and commitment, not meeting some societal standard. You should be guided by whatever works best for you and your partner based on your preferences and budget.

That said, we acknowledge that there are certain traditions and expectations some people might want to meet. In this article, we'll walk you through those traditions and how they influence ring prices, plus give you the lowdown on getting the most sparkle for your hard-earned dollar.

The 1-Month Salary Rule

The "1-month salary rule" has been a well-known benchmark for engagement ring buying for decades. It suggests that a person should spend the equivalent of one month's gross income on an engagement ring.

In the 1930s, the major diamond company De Beers launched a highly successful marketing campaign introducing the 1-month salary rule. The campaign aimed to boost diamond sales during the Great Depression.

As clever and impactful as this campaign was, at its heart, it was a marketing strategy designed to drive up sales and prices. In other words, the 1-month salary rule was more about business profits than expressing love or commitment.

You might choose to follow this rule, or you might not. It's entirely up to you!

As a point of reference, an adult's average full-time monthly earnings in Australia is approximately $7,570.

At Secrets Shhh, our high-end engagement rings are priced well under this 1-month salary average. That's because we use diamond simulants and gemstone simulants. These ethically lab-grown stones offer the same brilliance and sparkle as natural diamonds at an affordable price.

When choosing an engagement ring, consider your financial situation and values, as well as your partner's preferences. Remember, the most important thing is that the ring symbolises the start of your lifelong journey together.

The 3-Month Salary Rule

As the name suggests, the "3-month salary rule" states that a person should spend the equivalent of three months' gross income on an engagement ring.

As mentioned above, the 1-month salary rule originated from the De Beers diamond company's marketing campaign. Later, in the 1980s, this diamond conglomerate pushed the idea of spending two months' salary on a ring to increase diamond sales.

The campaign was so successful that it's continued to influence societal expectations around engagement ring purchases to this day, with the “rule” now up to 3 months' salary.

However, just like the 1-month rule, the 3-month salary rule should be taken as a suggestion, not a strict standard you must follow. The decision of how much to spend on an engagement ring must feel right for both you and your partner.

At Secrets Shhh, most of our engagement rings are affordably priced below $2000. We have an extensive selection of diamond and gemstone simulant rings available in 10 or 14-carat white, yellow, and rose gold. And your choice of stone cut is endless, including
• Emerald
• Marquise
• Oval
• Pear
• Princess
• Radiant
• Round Brilliant

The Once-in-a-Lifetime Rule

The "Once-in-a-Lifetime Rule" shifts the focus from the ring's cost to the piece's significance and originality. It's a less well-known but equally valid approach to purchasing an engagement ring, stemming from the idea that an engagement ring is not just a piece of jewellery but a lifetime symbol of a couple's love, making investing in a unique piece worthwhile.

Unlike the salary-based rules, the Once-in-a-Lifetime Rule doesn't have a clear origin in a marketing campaign or societal norm. Instead, it's more of a mindset some couples adopt.

The Once-in-a-Lifetime Rule can greatly influence engagement ring costs. For those adhering to this rule, the focus isn't necessarily on spending a particular amount but on finding or creating a deeply personal and symbolic ring, even if that comes with a higher price tag.

The ring could include elements such as a family heirloom, a particular type of gemstone with symbolic meaning, or a design element that is significant to you as a couple.

If you’re wondering where to find unique engagement rings, look no further. Our expert team will help you choose a vintage-style ring or a ring with modern, alternative stone cuts, colours, and settings.

The Budget Priority Rule

The "Budget Priority Rule" is a more practical approach to the engagement ring purchase, focusing on broader financial goals rather than investing heavily in a single piece of jewellery.

For some couples, spending a fortune on an engagement ring isn't a priority, as they would rather channel funds towards their wedding, honeymoon, or other aspects of their future together, like buying a house or building a nest egg for financial security.

The Budget Priority Rule also doesn't have a defined origin in marketing or tradition. It's more a reflection of changing societal attitudes towards marriage and financial management. Over time, as couples increasingly began to plan and manage their financial futures together, this savvy rule began to gain more acceptance.

In terms of engagement ring costs, adhering to the Budget Priority Rule can significantly bring down prices. You might choose a smaller diamond, a less expensive gemstone, or a simpler design.

A less expensive ring doesn't mean you love your partner any less; it's just a different way of expressing and planning for your shared future.

Secrets Shhh has a range of beautiful, budget-friendly engagement rings starting at just $500!

How is this possible? Our diamond and gemstone simulants are virtually indistinguishable to the naked eye from the rarest white diamonds and come without the hefty price tag of said natural diamonds.

Make the Right Choice for Your Engagement Ring

So how much are engagement rings? It depends!

When purchasing an engagement ring, you may choose to follow the well-known "1-month" and "3-month salary rules", the memorable and extraordinary "Once-in-a-Lifetime Rule", or the balanced financial approach suggested by the "Budget Priority Rule".

Selecting an engagement ring is a journey as unique as your love story. Remember, those rules are just suggestions, not rigid standards you must follow. The focus should always be on what the ring symbolises- the promise of a loving, long life with your partner.

Your budget, personal preferences, shared values, and long-term financial goals should guide your decision.

Secrets Shhh's range of exquisite, high-quality engagement rings caters to every taste and budget. Whether you're planning to surprise your loved one or you're shopping together, we invite you to explore our selection of engagement rings.

Browse online, then visit a Secrets Shhh store near you to see and try on our dazzling diamond simulant engagement rings set in 10 and 14-carat white, yellow, and rose gold.

Whether you're after a bold statement ring or an intricate, elegant ring, we have it all.

Discover the Secrets Shhh difference today!