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How Much Should You Spend On An Engagement Ring?

Thinking of putting a ring on it? Tradition says typically anyone planning on proposing should spend three months’ salary on the engagement ring. So how do you know what you’re looking for and if you’re getting the best price for that shiny rock?

Hunting for that perfect engagement ring can be overwhelming and confusing – especially if you think cut and colour is something you get in a salon. Enter diamond dealer, Frankie McDad, founder of The Diamond Concierge.

The Diamond Concierge is an online platform where you can have your experience completely tailored to suit your every whim – everything from shape and budget to colour and clarity is determined on the individual. Clients of The Diamond Concierge are offered the highest quality diamonds at the best price, with McDad believing that modern couples should forget tradition, and make their own rules of engagement.

“There should be no set rules when buying a diamond for an engagement ring. It’s an intimate gift that is truly personal, and so too should be the experience when purchasing,” Mr McDad said.

“It’s a misconception that designing your own engagement ring is purely for those with deep pockets. That is not the case at all. We have access to up to eight million diamonds each day, so we work on sourcing the best diamond for the best price, no matter hoe much my client wants to spend on an engagement ring,” says Mr McDad.

For those in the market for a diamond, McDad has a few pointers for those whose diamond knowledge isn’t as strong as they’d like before making such a significant investment.

“When buying a diamond, no matter the budget, it’s important to understand what to look for. The 4 C’s – clarity, cut, colour, and carat are a good guide to follow,” says Mr McDad.

“Cut refers to proportions and angles of the diamond, caret is the weight, colour is a scale on how diamonds are graded from D to Z, with D being the crème de la crème, and clarity is about inclusions. For example, a flawless diamond has no inclusions whatsoever,” Mr McDad says.

So, exactly how much should you spend on a diamond for an engagement ring?

“Well, there is no right answer, however I would recommend selecting a diamond with the best cut and clarity that your budget allows. A well thought out diamond that speaks to your loved ones’ individual personality, is much more meaningful than the biggest and most expensive ring you can find,” says Mr McDad.

About The Diamond Concierge

The Diamond Concierge Gold Coast diamond dealer Frankie McDad, has been labelled the ‘King of Bling’ after selling more than 58 million dollars’ worth of diamonds in just two years of business. The Diamond Concierge was created in 2015 to offer clients the highest quality diamond for their budget and now has thirty staff peppered across Australia, Dubai, Hong Kong and Thailand.

Find out more about the four C's